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Do the Young British Artists Rule (or : Has London Stolen the Idea of Postmodern Art from New York?): Evidence from the Auction Market
Galenson, David W. - 2021
London the new center of the advanced art world. As Hirst reaches the age of 40, this paper uses auction results to measure … the importance of the YBAs compared to their American peers. Auction prices show that the YBAs do rule over their American …
Persistent link: https://www.econbiz.de/10013252331
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Funding Liquidity Without Banks : Evidence from a Shock to the Cost of Very Short-Term Debt
Restrepo, Felipe - 2017
In 2011, Colombia instituted a tax on repayment of bank loans, thereby increasing the cost of short-term bank credit … firms from bank liquidity shocks …
Persistent link: https://www.econbiz.de/10012962722
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An Empirical Analysis of Funding Costs Spillovers in the Euro-Zone with Application to Systemic Risk
Bonaldi, Pietro - 2015
in three steps: First, using data from liquidity auctions of the European Central Bank, we estimate the funding costs in … a given week for each individual bank. In the second step, we apply the adaptive elastic net (a LASSO type estimator) to … systemicness and vulnerability of each bank. Our measure of systemicness has quite a natural interpretation, since it can roughly …
Persistent link: https://www.econbiz.de/10013017495
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Large Banks and Small Firm Lending
Bord, Vitaly - 2018
We show that since 2007, there was a large and persistent shift in the composition of lenders to small firms. Large banks impacted by the real estate prices collapse systematically contracted their credit to all small firms throughout the U.S.. However, healthy banks expanded their operations...
Persistent link: https://www.econbiz.de/10012909114
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Does Macro-Pru Leak? Evidence from a UK Policy Experiment
Aiyar, Shekhar S. - 2012
The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro …--on both questions, using a unique dataset. In the UK, regulators have imposed time-varying, bank-specific minimum capital …
Persistent link: https://www.econbiz.de/10013110889
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Bubbly Liquidity
Farhi, Emmanuel - 2011
This paper analyzes the possibility and the consequences of rational bubbles in a dy- namic economy where financially constrained firms demand and supply liquidity. Bub- bles are more likely to emerge, the scarcer the supply of outside liquidity and the more limited the pledgeability of...
Persistent link: https://www.econbiz.de/10013130781
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Liquidity Mergers
Almeida, Heitor - 2011
We study the interplay between corporate liquidity and asset reallocation opportunities. Our model shows that financially distressed firms are acquired by liquid firms in their industries even when there are no operational synergies associated with the merger. We call these transactions...
Persistent link: https://www.econbiz.de/10013130982
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Liquidity Management and Corporate Investment During a Financial Crisis
Campello, Murillo - 2010
This paper uses a unique dataset to study how firms managed liquidity during the financial crisis. Our analysis provides new insights on the interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies...
Persistent link: https://www.econbiz.de/10013138771
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Asset Liquidity and International Portfolio Choice
Geromichalos, Athanasios - 2011
We study optimal portfolio choice in a two-country model where assets represent claims on future consumption and facilitate trade in markets with imperfect credit. Assuming that foreign assets trade at a cost, agents hold relatively more domestic assets. Consequently, agents have larger claims...
Persistent link: https://www.econbiz.de/10013121055
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How Do Firm Financial Conditions Affect Product Quality and Pricing?
Phillips, Gordon M. - 2011
We analyze the interaction of firm product quality and pricing decisions with financial distress and bankruptcy in the airline industry. We consider an airline's choices of quality and price as dynamic decisions that trade off current cash flows for future revenue. We examine how airline...
Persistent link: https://www.econbiz.de/10013122187