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Do Underwriters Matter? The Impact of the Near Failure of an Equity Underwriter
Kovner, Anna - 2011
The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter's role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day...
Persistent link: https://www.econbiz.de/10013133233
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The Myth of the Lead Arranger’s Share
Blickle, Kristian - 2020
We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly after syndication. In...
Persistent link: https://www.econbiz.de/10012834837
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Rollover Risk as Market Discipline : A Two-Sided Inefficiency
Eisenbach, Thomas M. - 2016
Why does the market discipline that banks face seem too weak during good times and too strong during bad times? Using a global games approach in a general equilibrium setting, this paper shows that rollover risk as a disciplining device is effective only if all banks face purely idiosyncratic...
Persistent link: https://www.econbiz.de/10013007699
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COVID Response : The Primary Dealer Credit Facility
Martin, Antoine; McLaughlin, Susan - 2021
The Federal Reserve established a new Primary Dealer Credit Facility (PDCF) in March 2020, to allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households, in the face of deteriorating conditions in the market for triparty repo...
Persistent link: https://www.econbiz.de/10013211412
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Liquidity hoarding
Gale, Douglas; Yorulmazer, Tanju - 2011
Banks hold liquid and illiquid assets. An illiquid bank that receives a liquidity shock sells assets to liquid banks in exchange for cash. We characterize the constrained efficient allocation as the solution to a planner's problem and show that the market equilibrium is constrained inefficient,...
Persistent link: https://www.econbiz.de/10011893168
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MBS Ratings and the Mortgage Credit Boom
Ashcraft, Adam B. - 2010
We study credit ratings on subprime and Alt-A mortgage-backed-securities (MBS) deals issued between 2001 and 2007, the period leading up to the subprime crisis. The fraction of highly rated securities in each deal is decreasing in mortgage credit risk (measured either ex ante or ex post),...
Persistent link: https://www.econbiz.de/10013143047
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Shadow Banking Regulation
Adrian, Tobias - 2012
repurchase agreements, money market mutual funds, and securitization. Despite significant efforts by lawmakers, regulators, and …
Persistent link: https://www.econbiz.de/10013107493
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On the Market Discipline of Informationally-Opaque Firms : Evidence from Bank Borrowers in the Federal Funds Market
Ashcraft, Adam B. - 2014
Using plausibly exogenous variation in demand for federal funds created by daily shocks to reserve balances, we identify the supply curve facing a bank borrower in the inter-bank market, and study how access to overnight credit is affected by changes in public and private measures of borrower...
Persistent link: https://www.econbiz.de/10012709642
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Securitization and the Fixed-Rate Mortgage
Fuster, Andreas - 2014
mortgages are difficult to securitize. Our analysis exploits plausibly exogenous variation in access to liquid securitization … markets generated by a regulatory cutoff and time variation in private securitization activity. We interpret our findings as … securitization (private versus government-backed) has little effect on FRM supply during periods when private securitization markets …
Persistent link: https://www.econbiz.de/10013064764
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The Capital Structure and Governance of a Mortgage Securitization Utility
Mosser, Patricia C. - 2013
We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government … mutualization could address incentive misalignments arising out of securitization and government insurance, as well as how the …
Persistent link: https://www.econbiz.de/10013074595