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A New Metric for Banking Integration in Europe
Gropp, Reint - 2010
taking place for retail banking. Data on cross-border retail bank flows, cross-border bank mergers and the law of one price … reveal no evidence of integration in retail banking. This paper shows that the previous tests of bank integration are weak in … that they are not based on an equilibrium concept and are neither necessary nor sufficient statistics for bank integration …
Persistent link: https://www.econbiz.de/10012757853
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Behavioral Public Economics : Welfare and Policy Analysis with Non-Standard Decision-Makers
Bernheim, B. Douglas; Rangel, Antonio - 2021
This paper has two goals. First, we discuss several emerging approaches to applied welfare analysis under non-standard ("behavioral") assumptions concerning consumer choice. This provides a foundation for Behavioral Public Economics. Second, we illustrate applications of these approaches by...
Persistent link: https://www.econbiz.de/10013222646
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Is Investor Rationality Time Varying? Evidence from the Mutual Fund Industry
Glode, Vincent - 2010
We provide new empirical evidence suggesting that the marginal investor in mutual funds behaves differently across market conditions. If the marginal investor allocates capital across mutual funds rationally, then the relative performance of funds should be unpredictable. We find however that...
Persistent link: https://www.econbiz.de/10013152571
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Shadow Banking and the Four Pillars of Traditional Financial Intermediation
Farhi, Emmanuel - 2017
Traditional banking is built on four pillars: SME lending, insured deposit taking, access to lender of last resort, and prudential supervision. This paper unveils the logic of the quadrilogy by showing that it emerges naturally as an equilibrium outcome in a game between banks and the...
Persistent link: https://www.econbiz.de/10012945614
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Uninformative Feedback and Risk Taking : Evidence from Retail Forex Trading
Ben-David, Itzhak - 2016
We document evidence consistent with retail day traders in the Forex market attributing random success to their own skill and, as a consequence, increasing risk taking. Although past performance does not predict future success for these traders, traders increase trade sizes, trade size...
Persistent link: https://www.econbiz.de/10012994895
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Retail Financial Advice : Does One Size Fit All?
Foerster, Stephen R. - 2014
Using unique data on Canadian households, we assess the impact of financial advisors on their clients' portfolios. We find that advisors induce their clients to take more risk, thereby raising expected returns. On the other hand, we find limited evidence of customization: advisors direct clients...
Persistent link: https://www.econbiz.de/10013043279
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Macrofinancial History and the New Business Cycle Facts
Jordà, Òscar - 2016
In advanced economies, a century-long near-stable ratio of credit to GDP gave way to rapid financialization and surging leverage in the last forty years. This “financial hockey stick” coincides with shifts in foundational macroeconomic relationships beyond the widely-noted return of...
Persistent link: https://www.econbiz.de/10012981095
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Bank Size, Reputation, and Debt Renegotiation
Fernández, Raquel - 2011
This paper examines the effect that the coexistence of small and large banks, with different interests in the international market, has on the debt renegotiation process. Making use of a reputational model, we argue that the presence of small banks implies that debtor countries have a harder...
Persistent link: https://www.econbiz.de/10013124691
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How Much Do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data
Amiti, Mary - 2013
separate firm-borrowing shocks from bank-supply shocks using a vast sample of matched bank-firm lending data. We decompose … aggregate loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks. The high degree of … financial institution concentration means that individual banks are large relative to the size of the economy, which creates a …
Persistent link: https://www.econbiz.de/10013085124
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Corporate Misreporting and Bank Loan Contracting
Graham, John R. - 2008
This paper is the first to study the effect of financial restatement on bank loan contracting. Compared with loans …
Persistent link: https://www.econbiz.de/10012773124