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Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?
Merrill, Craig B.; Nadauld, Taylor D.; Stulz, René M.; … - National Bureau of Economic Research (NBER) - 2012
transactions of non-agency RMBS by insurance companies from 2006 to 2009, we show that insurance companies that became more capital … at much lower prices than other insurance companies during the crisis. …
Persistent link: https://www.econbiz.de/10010950851
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Managing Public Investment Funds: Best Practices and New Challenges
Mitchell, Olivia; Piggott, John; Kumru, Cagri - National Bureau of Economic Research (NBER) - 2008
Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and...
Persistent link: https://www.econbiz.de/10005579916
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Does "Skin in the Game" Reduce Risk Taking? Leverage, Liability and the Long-Run Consequences of New Deal Banking Reforms
Mitchener, Kris James; Richardson, Gary - National Bureau of Economic Research (NBER) - 2013
risk, particularly in states that required banks with limited liability to join the Federal Deposit Insurance Corporation …. In the long run, the New Deal replaced a regime of contingent liability with deposit insurance, stricter balance sheet …
Persistent link: https://www.econbiz.de/10010969439
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Basel II: A Contracting Perspective
Kane, Edward J. - National Bureau of Economic Research (NBER) - 2006
Financial safety nets are incomplete social contracts that assign responsibility to various economic sectors for preventing, detecting, and paying for potentially crippling losses at financial institutions. This paper uses the theories of incomplete contracts and sequential bargaining to...
Persistent link: https://www.econbiz.de/10005248774
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Bankruptcy Reform and Credit Cards
White, Michelle J. - National Bureau of Economic Research (NBER) - 2007
From 1980 to 2004, the number of personal bankruptcy filings in the United States increased more than five-fold, from … 288,000 to 1.5 million per year. Lenders responded to the high filing rate with a major lobbying campaign for bankruptcy … reform that led to the adoption in 2005 of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which made …
Persistent link: https://www.econbiz.de/10005710594
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Efficient Recapitalization
PHILIPPON, Thomas; Schnabl, Philipp - National Bureau of Economic Research (NBER) - 2009
We analyze government interventions to recapitalize a banking sector that restricts lending to firms because of debt overhang. We find that the efficient recapitalization program injects capital against preferred stock plus warrants and conditions implementation on sufficient bank participation....
Persistent link: https://www.econbiz.de/10005000616
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Regulatory reform and risk-taking: replacing ratings
Becker, Bo; Opp, Marcus - National Bureau of Economic Research (NBER) - 2013
We analyze a reform of insurance companies' capital requirements for mortgage-backed securities. First, credit ratings …
Persistent link: https://www.econbiz.de/10010950665
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Looking Beyond TRIA: A Clinical Examination of Potential Terrorism Loss Sharing
Michel-Kerjan, Erwann; Kunreuther, Howard - National Bureau of Economic Research (NBER) - 2006
The Terrorism Risk Insurance Act of 2002 (TRIA) established a public-private program to cover commercial enterprises … insurance but only would be financially responsible for a small portion of the claims. Commercial policyholders from all …
Persistent link: https://www.econbiz.de/10005084885
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Collective Risk Management in a Flight to Quality Episode
Caballero, Ricardo J; Krishnamurthy, Arvind - National Bureau of Economic Research (NBER) - 2007
We present a model of optimal intervention in a flight to quality episode. The reason for intervention stems from a collective bias in agents' expectations. Agents in the model make risk management decisions with incomplete knowledge. They understand their own shocks, but are uncertain of how...
Persistent link: https://www.econbiz.de/10005085158
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A Brief History of Regulations Regarding Financial Markets in the United States: 1789 to 2009
Komai, Alejandro; Richardson, Gary - National Bureau of Economic Research (NBER) - 2011
In the United States today, the system of financial regulation is complex and fragmented. Responsibility to regulate the financial services industry is split between about a dozen federal agencies, hundreds of state agencies, and numerous industry-sponsored self-governing associations....
Persistent link: https://www.econbiz.de/10009323426