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A Comment Concerning Deposit Insurance and Moral Hazard
Richardson, Gary - 2007
Hooks and Robinson argue that moral hazard induced by deposit insurance induced banks to invest in riskier assets in Texas during the 1920s. Their regressions suggest this manifestation of moral hazard may explain a portion of the events that occurred during the 1920s, but some other phenomena,...
Persistent link: https://www.econbiz.de/10012778168
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Deposit Insurance and the Composition of Bank Suspensions in Developing Economies : Lessons from the State Deposit Insurance Experiments of the 1920s
Chung, Ching-Yi - 2007
Eight states established deposit insurance systems between 1908 and 1917. All abandoned the systems between 1921 and 1930. Scholars debate the costs and benefits of these policy experiments. New data drawn from the archives of the Federal Reserve Board of Governors demonstrate that deposit...
Persistent link: https://www.econbiz.de/10012778253
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Capital Mobility in a Second Best World -- Moral Hazard with Costly Financial Intermediation
Aizenman, Joshua - 2000
equilibrium. Similarly, less efficient intermediation technology (i.e. more costly risk monitoring), higher macroeconomic … would arise e insurance in circumstances where the cost of financial intermediation is relatively high, the banks' cost of … welfare reducing (enhancing) if the financial intermediation is relatively inefficient (efficient). The association between …
Persistent link: https://www.econbiz.de/10012788990
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Risk-Based Pricing and Risk-Reducing Effort : Does the Private Insurance Market Reduce Environmental Accidents?
Yin, Haitao - 2009
This paper examines whether risk-based pricing promotes risk-reducing effort. Such mechanisms are common in private insurance markets, but are rarely incorporated in government assurance programs. We analyze accidental underground fuel tank leaks--a source of environmental damage to water...
Persistent link: https://www.econbiz.de/10013158694
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Speculators and Middlemen : The Strategy and Performance of Investors in the Housing Market
Bayer, Patrick J. - 2011
Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on...
Persistent link: https://www.econbiz.de/10013130258
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Broker Incentives and Mutual Fund Market Segmentation
Del Guercio, Diane - 2010
We study the impact of investor heterogeneity on mutual fund market segmentation. To motivate our empirical analysis, we make two assumptions. First, some investors inherently value broker services. Second, because brokers are only compensated when they sell mutual funds, they have little...
Persistent link: https://www.econbiz.de/10013138769
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The Costs of Free Entry : An Empirical Study of Real Estate Agents in Greater Boston
Jia, Panle - 2011
This paper studies the real estate brokerage industry in Greater Boston, an industry with low entry barriers and substantial turnover. Using a comprehensive dataset of agents and transactions from 1998-2007, we find that entry does not increase sales probabilities or reduce the time it takes for...
Persistent link: https://www.econbiz.de/10013122430
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Intermediaries in International Trade : Direct Versus Indirect Modes of Export
Bernard, Andrew B. - 2012
This paper examines the factors that give rise to intermediaries in exporting and explores the implications for trade volumes. Export intermediaries such as wholesalers serve different markets and export different products than manufacturing exporters. In particular, high market-specific fixed...
Persistent link: https://www.econbiz.de/10013113099
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Mortgage Broker Regulations that Matter : Analyzing Earnings, Employment, and Outcomes for Consumers
Kleiner, Morris M. - 2007
As the role of mortgage brokers in mortgage origination grew from insignificant in the 1980s to dominant in recent years, questions have arisen about whether its services help or harm consumers. In response, states have increasingly regulated the business, largely by creating and tightening...
Persistent link: https://www.econbiz.de/10012775475
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Middlemen Versus Market Makers : A Theory of Competitive Exchange
Hall, George J. - 2003
market maker's entry drives all middlemen out of business, monopolizing the intermediation of trade in the market …
Persistent link: https://www.econbiz.de/10012786896