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The Chrysler effect: The impact of government intervention on borrowing costs
Anginer, Deniz; Warburton, A. Joseph - In: Journal of Banking & Finance 40 (2014) C, pp. 62-79
of the automakers’ senior creditors in violation of bankruptcy priority rules. Critics predicted that businesses would …
Persistent link: https://www.econbiz.de/10010738304
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Staggered boards, corporate opacity and firm value
Duru, Augustine; Wang, Dechun; Zhao, Yijiang - In: Journal of Banking & Finance 37 (2013) 2, pp. 341-360
We explore the effect of corporate opacity on the relation between staggered boards and firm value. We find that through mitigating takeover pressure, staggered boards become increasingly beneficial to firm value as opacity increases. In addition, we document that staggered boards reduce value...
Persistent link: https://www.econbiz.de/10010595298
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Investment policy in family controlled firms
Anderson, Ronald C.; Duru, Augustine; Reeb, David M. - In: Journal of Banking & Finance 36 (2012) 6, pp. 1744-1758
We explore the relation between family ownership and corporate investment policy. Our analysis centers on two incentives, risk aversion and extended investment horizons, which potentially influence the level and type of investments that family firms undertake. We find that family firms devote...
Persistent link: https://www.econbiz.de/10010574831
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Liquidity risk and policy options
Maddaloni, Giuseppe - In: Journal of Banking & Finance 50 (2015) C, pp. 514-527
On the basis of a liquidity management model, liquidity risks, defined as the probability of payment failures in a real-time gross settlement (RTGS) payment system, may either stem from liquidity management inefficiencies or insufficient cash balances. I will show that penalties charged on the...
Persistent link: https://www.econbiz.de/10011118095
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The impacts of standard monetary and budgetary policies on liquidity and financial markets: International evidence from the credit freeze crisis
Gagnon, Marie-Hélène; Gimet, Céline - In: Journal of Banking & Finance 37 (2013) 11, pp. 4599-4614
This paper evaluates the domestic and international impacts of lowering short-term interest rates and increasing budget spending on several indicators of liquidity, volatility, credit and economic activity. Data from the 2003–2011 period in the United States, the Euro zone and Canada were used...
Persistent link: https://www.econbiz.de/10010703242
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Do bank regulations affect board independence? A cross-country analysis
Li, Li; Song, Frank M. - In: Journal of Banking & Finance 37 (2013) 8, pp. 2714-2732
Based on the hand-collected board structure data of 277 listed banks across 55 countries, and the bank regulation and supervision database compiled by the World Bank, this paper provides the first cross-country assessment of the impacts of bank regulations on board independence of banks. In line...
Persistent link: https://www.econbiz.de/10010679271
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Bank capital, interbank contagion, and bailout policy
Tian, Suhua; Yang, Yunhong; Zhang, Gaiyan - In: Journal of Banking & Finance 37 (2013) 8, pp. 2765-2778
This paper develops a theoretical framework in which asset linkages in a syndicated loan agreement can infect a healthy bank when its partner bank fails. We investigate how capital constraints affect the choice of the healthy bank to takeover or liquidate the exposure held jointly with the...
Persistent link: https://www.econbiz.de/10010679272
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Institutional failure or market failure?
Mathur, Ike; Marcelin, Isaac - In: Journal of Banking & Finance 52 (2015) C, pp. 266-280
profits using a panel of 498 banks from 46 countries. Results show that better institutions and stronger property rights … institutions and enhanced property rights protection lead to greater flow of credit allowing firms and investors to undertake more …, credit markets fail when economic institutions fail or when governments intervene into these markets in ways that impede the …
Persistent link: https://www.econbiz.de/10011209854
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Are modern financial systems shaped by state antiquity?
Ang, James B. - In: Journal of Banking & Finance 37 (2013) 11, pp. 4038-4058
We demonstrate that existing differences in financial development between countries can be explained by the cumulative variations in their levels of state experience since 1AD. This dimension of early historical development has not been considered so far in studies that analyze the determinants...
Persistent link: https://www.econbiz.de/10010703240
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Institutional quality thresholds and the finance – Growth nexus
Law, Siong Hook; Azman-Saini, W.N.W.; Ibrahim, Mansor H. - In: Journal of Banking & Finance 37 (2013) 12, pp. 5373-5381
Using an innovative threshold estimation technique, this study examines whether the growth effect of financial development in countries with distinct levels of institutional development differs. The results demonstrate that there is a threshold effect in the finance-growth relationship....
Persistent link: https://www.econbiz.de/10010709468