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The Economic Limits of Bitcoin and the Blockchain
Budish, Eric B. - 2018
The amount of computational power devoted to anonymous, decentralized blockchains such as Bitcoin's must simultaneously satisfy two conditions in equilibrium: (1) a zero-profit condition among miners, who engage in a rent-seeking competition for the prize associated with adding the next block to...
Persistent link: https://www.econbiz.de/10012916609
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Cybersecurity Risk
Florackis, Chris; Louca, Christodoulos; Michaely, Roni; … - 2022
Using textual analysis and comparing cybersecurity-risk disclosures of firms that were hacked to others that were not, we propose a novel firm-level measure of cybersecurity risk for all US-listed firms. We then examine whether cybersecurity risk is priced in the cross-section of stock returns....
Persistent link: https://www.econbiz.de/10014258639
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Securitization and the Declining Impact of Bank Finance on Loan Supply : Evidence from Mortgage Acceptance Rates
Loutskina, Elena - 2009
This paper shows that securitization reduces the influence of bank financial condition on loan supply. Low-cost funding … the mortgage secondary market fostered by securitization has reduced the impact of local funding shocks on credit supply …. By extension, securitization has weakened the link from bank funding conditions to credit supply in aggregate, thereby …
Persistent link: https://www.econbiz.de/10012767441
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Retirement in the Shadow (Banking)
Ordoñez, Guillermo - 2019
expectancy and a major expansion in securitization and shadow banking activities. We argue they are intimately related. Agents … heavily on intermediaries that use securitization, with riskier but higher returns. A quantitative evaluation of the model … more extensive use of securitization and shadow banking.Institutional subscribers to the NBER working paper series, and …
Persistent link: https://www.econbiz.de/10012861660
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Mortgage-Backed Securities and the Financial Crisis of 2008 : A Post Mortem
Ospina, Juan - 2018
We examine the payoff performance, up to the end of 2013, of non-agency residential mortgage-backed securities (RMBS), issued up to 2008. We have created a new and detailed data set on the universe of non-agency residential mortgage backed securities, per carefully assembling source data from...
Persistent link: https://www.econbiz.de/10012921533
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Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization
Adelino, Manuel - 2015
to be affected by securitization, and to different definitions of delinquency. Our results are strongest in subsamples in …
Persistent link: https://www.econbiz.de/10013039412
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The Rise and Fall of Demand for Securitizations
Chernenko, Sergey - 2014
Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these securitizations. Using micro-data on...
Persistent link: https://www.econbiz.de/10013039755
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The History and Economics of Safe Assets
Gorton, Gary B. - 2016
Safe assets play a critical role in an(y) economy. A “safe asset” is an asset that is (almost always) valued at face value without expensive and prolonged analysis. That is, by design there is no benefit to producing (private) information about its value. And this is common knowledge....
Persistent link: https://www.econbiz.de/10012993225
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The Mortgage Rate Conundrum
Justiniano, Alejandro - 2017
We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their historical relationship with Treasury yields, leading to...
Persistent link: https://www.econbiz.de/10012948080
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Are Lemons Sold First? Dynamic Signaling in the Mortgage Market
Adelino, Manuel - 2019
A central result in the theory of adverse selection in asset markets is that informed sellers can signal quality and obtain higher prices by delaying trade. This paper provides some of the first evidence of a signaling mechanism through trade delays using the residential mortgage market as a...
Persistent link: https://www.econbiz.de/10012900310