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Why Did U.S. Banks Invest in Highly-Rated Securitization Tranches?
Erel, Isil - 2011
-rated tranches. We find, however, that banks active in securitization held more highly-rated tranches. Such a result can be …
Persistent link: https://www.econbiz.de/10013121733
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Systemic Sovereign Credit Risk : Lessons from the U.S. And Europe
Ang, Andrew - 2011
We study the nature of systemic sovereign credit risk using CDS spreads for the U.S. Treasury, individual U.S. states, and major European countries. Using a multifactor affine framework that allows for both systemic and sovereign-specific credit shocks, we find that there is considerable...
Persistent link: https://www.econbiz.de/10013125926
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Has the U.S. Finance Industry Become Less Efficient? on the Theory and Measurement of Financial Intermediation
Philippon, Thomas - 2014
I provide a quantitative interpretation of financial intermediation in the U.S. over the past 130 years. Measuring separately the cost of intermediation and the production of financial services, I find that: (i) the quantity of intermediation varies a lot over time; (ii) intermediation is...
Persistent link: https://www.econbiz.de/10013066115
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Financial Intermediation in the United States
Friedman, Benjamin M. - 2007
The principal rationales that give rise to financial intermediation are benefits of size and specialization, the diversification of specific asset risks, and the pooling of even broader classes of risk. Each is a significant factor in accounting for the U.S. economy's reliance on intermediation....
Persistent link: https://www.econbiz.de/10012777417
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Skill Biased Financial Development : Education, Wages and Occupations in the U.S. Financial Sector
Philippon, Thomas - 2010
Over the past 60 years, the U.S. financial sector has grown from 2.3% to 7.7% of GDP. While the growth in the share of value added has been fairly linear, it hides a dramatic change in the composition of skills and occupations. In the early 1980s, the financial sector started paying higher wages...
Persistent link: https://www.econbiz.de/10012759800
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Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance
Philippon, Thomas - 2010
The share of finance in U.S. GDP has been multiplied by more than three over the postwar period. I argue, using evidence and theory, that corporate finance is a key factor behind this evolution. Inside the finance industry, credit intermediation and corporate finance are more important than...
Persistent link: https://www.econbiz.de/10012759810
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Fertility and Financial Development : Evidence from U.S. Counties in the 19th Century
Basso, Alberto - 2014
The old-age security hypothesis establishes that one important reason why parents have a large offspring is to ensure that they will receive financial support from them in old age. In this paper we use data on fertility and financial development in 19th century U.S. to indirectly test this...
Persistent link: https://www.econbiz.de/10013047392
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An Autopsy of the U.S. Financial System
Levine, Ross - 2010
In this postmortem, I find that the design, implementation, and maintenance of financial policies during the period from 1996 through 2006 were primary causes of the financial system's demise. The evidence is inconsistent with the view that the collapse of the financial system was caused only by...
Persistent link: https://www.econbiz.de/10013144155
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Did Securitization Affect the Cost of Corporate Debt?
Nadauld, Taylor - 2011
This paper investigates whether the securitization of corporate bank loans had an impact on the price of corporate debt … spread than that of loans that are not subsequently securitized. To identify the particular role of securitization in loan … likelihood of securitization. We document that Term Loan B facilities, facilities originated by banks that originate CLOs, and …
Persistent link: https://www.econbiz.de/10013128899
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Securitization Without Adverse Selection : The Case of Clos
Benmelech, Efraim - 2011
For nearly a decade prior to the collapse of structured finance markets in late 2007, securitization by collateralized … whether securitization was associated with risky lending in the corporate loan market by examining the performance of … underperform the rest of the loan portfolio. Overall, we argue that the securitization of corporate loans is fundamentally …
Persistent link: https://www.econbiz.de/10013130553