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How Does Risk Management Influence Production Decisions? Evidence from a Field Experiment
Cole, Shawn Allen - 2015
controlled trial involving a sample of Indian farmers to study how an innovative rainfall insurance product affects production … decisions. We find that insurance provision induces farmers — particularly educated farmers — to shift production toward higher …
Persistent link: https://www.econbiz.de/10013032219
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Corporate Credit Provision
Boyarchenko, Nina - 2020
Productive firms can access credit markets directly by issuing corporate bonds or by borrowing through financial intermediaries. In this paper, we study the cyclical properties of corporate credit provision through these two types of debt instruments in major advanced economies. We argue that...
Persistent link: https://www.econbiz.de/10012848207
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Insurance Companies and the Growth of Corporate Loans' Securitization
Fringuellotti, Fulvia; Santos, João A. C. - 2021
We show that insurance companies have almost nonupled their investments in collateralized loan obligations (CLOs) in … capital charges, insurance companies invest more heavily in bonds and CLO tranches with higher yields. Preferences for CLO … regulatory reform, resulting in insurance companies holding more than 40 percent of mezzanine tranches outstanding in 2019. In …
Persistent link: https://www.econbiz.de/10013216628
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The Capital Structure and Governance of a Mortgage Securitization Utility
Mosser, Patricia C. - 2013
mutualization could address incentive misalignments arising out of securitization and government insurance, as well as how the …
Persistent link: https://www.econbiz.de/10013074595
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The Effect of Employee Stock Options on Bank Investment Choice, Borrowing, and Capital
Mehran, Hamid - 2007
In this paper, we test the hypothesis that granting employee stock options motivates CEOs of banking firms to undertake riskier projects. We also investigate whether granting employee stock options reduces the bank's incentive to borrow while inducing a buildup of regulatory capital. Using a...
Persistent link: https://www.econbiz.de/10012728815
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Public Disclosure, Risk, and Performance at Bank Holding Companies
Hirtle, Beverly - 2007
This paper examines the relationship between the amount of information disclosed by bank holding companies (BHCs) and their subsequent risk profile and performance. Using data from the annual reports of BHCs with large trading operations, we construct an index of publicly disclosed information...
Persistent link: https://www.econbiz.de/10012729529
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Does the Market Discipline Banks? New Evidence from the Regulatory Capital Mix
Ashcraft, Adam B. - 2006
Insurance Corporation Improvement Act of 1991 (FDICIA) reduced the ability of the FDIC to absorb losses of subordinated debt …
Persistent link: https://www.econbiz.de/10012733663
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Fire-sale Spillovers and Systemic Risk
Duarte, Fernando - 2019
We identify and track over time the factors that make the financial system vulnerable to fire sales by constructing an index of aggregate vulnerability. The index starts increasing quickly in 2004, before most other major systemic risk measures, and triples by 2008. The fire-sale-specific...
Persistent link: https://www.econbiz.de/10012905172
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Bank Complexity, Governance, and Risk
Correa, Ricardo - 2020
Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the costs of bank resolution when organizations fail, the effect of complexity on BHCs' broader...
Persistent link: https://www.econbiz.de/10012830689
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The Real Consequences of Macroprudential FX Regulations
Jung, Hyeyoon - 2021
I exploit a natural experiment in South Korea to examine the real effects of macroprudential foreign exchange (FX) regulations designed to reduce risk-taking by financial intermediaries. By using crossbank variation in the regulation's tightness, I show that it causes a reduction in the supply...
Persistent link: https://www.econbiz.de/10013323129