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How Much Do Banks Use Credit Derivatives to Reduce Risk?

Minton, Bernadette A.; Stulz, René; Williamson, Rohan - National Bureau of Economic Research (NBER) - 2005

This paper examines the use of credit derivatives by US bank holding companies from 1999 to 2003 with assets in excess … only 19 large banks out of 345 use credit derivatives. Though few banks use credit derivatives, the assets of these banks … buyers of credit protection and disclose using credit derivatives to hedge loans. Banks are more likely to be net protection …

Persistent link: https://www.econbiz.de/10005718877

On the Correlation Structure of Microstructure Noise: A Financial Economic Approach

Diebold, Francis; Strasser, Georg - National Bureau of Economic Research (NBER) - 2010

We introduce the financial economics of market microstructure into the financial econometrics of asset return volatility estimation. In particular, we use market microstructure theory to derive the cross-correlation function between latent returns and market microstructure noise, which feature...

Persistent link: https://www.econbiz.de/10008683258

Why Are Most Funds Open-End? Competition and the Limits of Arbitrage

Stein, Jeremy - National Bureau of Economic Research (NBER) - 2004

The majority of asset-management intermediaries (e.g., mutual funds, hedge funds) are structured on an open-end basis, even though it appears that the open-end form can be a serious impediment to arbitrage. I argue that the equilibrium degree of open-ending in an economy can be excessive from...

Persistent link: https://www.econbiz.de/10005710512

Managerial Ownership Dynamics and Firm Value

Fahlenbrach, Rüdiger; Stulz, René M. - National Bureau of Economic Research (NBER) - 2007

From 1988 to 2003, the average change in managerial ownership is significantly negative every year for American firms. The probability of large decreases in ownership is strongly increasing in contemporaneous and past stock returns but the probability of large increases in ownership through...

Persistent link: https://www.econbiz.de/10005714812

Governance, Issuance Restrictions, And Competition In Payment Card Networks

Pindyck, Robert S. - National Bureau of Economic Research (NBER) - 2007

I discuss the antitrust suit brought by the U.S. Department of Justice against Visa and MasterCard in 1998. Banks that issue Visa cards are free to also issue MasterCard cards, and vice versa, and many banks issue the cards of both networks. However, both Visa and MasterCard had rules...

Persistent link: https://www.econbiz.de/10005718225

Landed Interests and Financial Underdevelopment in the United States

Rajan, Raghuram G.; Ramcharan, Rodney - National Bureau of Economic Research (NBER) - 2008

Landed elites in the United States in the early decades of the twentieth century played a significant role in restricting the development of finance. States that had higher land concentration passed more restrictive banking legislation. At the county level, counties with very concentrated land...

Persistent link: https://www.econbiz.de/10005718258

Credit Constraints, Heterogeneous Firms, and International Trade

Manova, Kalina - National Bureau of Economic Research (NBER) - 2008

. Applying this model to aggregate trade data, I study the mechanisms through which credit constraints operate. First, financial …

Persistent link: https://www.econbiz.de/10005720470

Financial Patenting in Europe

Hall, Bronwyn H; Thoma, Grid L. D.; Torrisi, Salvatore - National Bureau of Economic Research (NBER) - 2009

We take a first look at financial patents at the European Patent Office (EPO). As is the case at the US Patent and Trademark Office (USPTO), the number of financial patents in Europe has increased significantly in parallel with significant changes in payment and financial systems. Scholars have...

Persistent link: https://www.econbiz.de/10005775019

Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK

Mayer, Colin; Schoors, Koen; Yafeh, Yishay - National Bureau of Economic Research (NBER) - 2003

We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the UK using a newly constructed data set. The data provide a rare opportunity to evaluate relations between funds' sources of finance and activities. We find that sources of VC...

Persistent link: https://www.econbiz.de/10005775058

Learning in the Credit Card Market

Driscoll, John; Gabaix, Xavier; Laibson, David; … - National Bureau of Economic Research (NBER) - 2008

credit card statements. We study add-on fees, specifically cash advance, late payment, and overlimit fees. New credit card …

Persistent link: https://www.econbiz.de/10005777731

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