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Capital Requirements in a Quantitative Model of Banking Industry Dynamics

Corbae, Dean; D'Erasmo, Pablo - 2021

bank risk taking, commercial bank failure, interest rates on loans, and market structure. We propose a market structure … addition to aggregate shocks to the fraction of performing loans in their portfolio. A nontrivial bank size distribution arises … consistent with untargeted business cycle properties, the bank lending channel, and empirical studies of the role of …

Persistent link: https://www.econbiz.de/10013310583

Inefficient Credit Booms

Lorenzoni, Guido - 2008

This paper studies the welfare properties of competitive equilibria in an economy with financial frictions hit by aggregate shocks. In particular, it shows that competitive financial contracts can result in excessive borrowing ex ante and excessive volatility ex post. Even though, from a...

Persistent link: https://www.econbiz.de/10012773218

A Re-Examination of the Conglomerate Merger Wave in the 1960s : An Internal Capital Markets View

Hubbard, R. Glenn - 2008

One possible explanation that bidding firms earned positive abnormal returns in diversifying acquisitions in the 1960s is that internal capital markets were expected to overcome the information deficiencies of the less developed capital markets. Examining 392 bidder firms during the 1960s, we...

Persistent link: https://www.econbiz.de/10012774899

Corporate Financial and Investment Policies When Future Financing is Not Frictionless

Almeida, Heitor - 2007

Much of corporate finance is concerned with the impact of financing constraints on firms. However, the literature on financing constraints largely ignores the intertemporal implications of those constraints; in particular, how future financing constraints affect current investment decisions. We...

Persistent link: https://www.econbiz.de/10012778099

Why Do Public Firms Issue Private and Public Securities?

Gomes, Armando R. - 2005

We examine a comprehensive set of private and public security issuance decisions by publicly traded companies. We study private and public issues of debt, convertibles and common equity securities - a total of 6 different security-market choices. The market for public firms issuing private...

Persistent link: https://www.econbiz.de/10012784686

Financially Constrained Stock Returns

Livdan, Dmitry - 2010

More financially constrained firms are riskier and earn higher expected returns than less financially constrained firms, although this effect can be subsumed by size and book-to-market. Further, because the stochastic discount factor makes capital investment more procyclical, financial...

Persistent link: https://www.econbiz.de/10012760623

Creative Destruction in Industries

Jovanovic, Boyan - 2010

Most industries go through a quot;shakeoutquot; phase during which the number of producers in the industry declines. Industry output generally continues to rise, however, which implies a reallocation of capacity from exiting firms to incumbents and new entrants. Thus shakeouts seem to be classic...

Persistent link: https://www.econbiz.de/10012760646

Phoenix Miracles in Emerging Markets : Recovering Without Credit from Systemic Financial Crises

Calvo, Guillermo A. - 2010

Using a sample of emerging markets that are integrated into global bond markets, we analyze thecollapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings...

Persistent link: https://www.econbiz.de/10012761699

International Financial Integration and Entrepreneurial Firm Activity

Alfaro, Laura - 2014

We explore the relation between international financial integration and the level of entrepreneurial activity in a country. We use a unique firm level data set of approximately 24 million firms in nearly 100 countries in 2004 and 1999, which enables us to present both cross-country and industry...

Persistent link: https://www.econbiz.de/10012751919

Do Capital Adequacy Requirements Matter for Monetary Policy?

Cecchetti, Stephen G.; Li, Lianfa - 2021

procyclical impact of bank capital requirements. By contrast, central bankers in Germany and Japan clearly do not act as the …

Persistent link: https://www.econbiz.de/10013230822

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