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Financing as a Supply Chain: The Capital Structure of Banks and Borrowers
Gornall, William; Strebulaev, Ilya A. - National Bureau of Economic Research (NBER) - 2013
We develop a model of the joint capital structure decisions of banks and their borrowers. Strikingly high bank leverage emerges naturally from the interplay between two sets of forces. First, seniority and diversification reduce bank asset volatility by an order of magnitude relative to that of...
Persistent link: https://www.econbiz.de/10010711816
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Hedge Fund Leverage
Ang, Andrew; Gorovyy, Sergiy; Inwegen, Gregory B. van - National Bureau of Economic Research (NBER) - 2011
We investigate the leverage of hedge funds in the time series and cross section. Hedge fund leverage is counter-cyclical to the leverage of listed financial intermediaries and decreases prior to the start of the financial crisis in mid-2007. Hedge fund leverage is lowest in early 2009 when the...
Persistent link: https://www.econbiz.de/10008839465
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The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
Calomiris, Charles W.; Weidenmier, Marc; Mason, Joseph R.; … - National Bureau of Economic Research (NBER) - 2012
bank failure rates in Michigan during the period 1932-1934, which includes the important Michigan banking crisis of early …
Persistent link: https://www.econbiz.de/10010950800
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Credit Default Swaps and the Credit Crisis
Stulz, René M. - National Bureau of Economic Research (NBER) - 2009
Many observers have argued that credit default swaps contributed significantly to the credit crisis. Of particular concern to these observers are that credit default swaps trade in the largely unregulated over-the-counter market as bilateral contracts involving counterparty risk and that they...
Persistent link: https://www.econbiz.de/10008634652
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Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets
Courtemanche, Charles; Snowden, Kenneth A. - National Bureau of Economic Research (NBER) - 2010
The Home Owners' Loan Corporation purchased more than a million delinquent mortgages from private lenders between 1933 and 1936 and refinanced the loans for the borrowers. Its primary goal was to break the cycle of foreclosure, forced property sales and decreases in home values that was...
Persistent link: https://www.econbiz.de/10008548780
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A Transparency Standard for Derivatives
Acharya, Viral V. - National Bureau of Economic Research (NBER) - 2011
Derivatives exposures across large financial institutions often contribute to - if not necessarily create - systemic risk. Current reporting standards for derivatives exposures are nevertheless inadequate for assessing these systemic risk contributions. In this paper, I explain how a...
Persistent link: https://www.econbiz.de/10009359905
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Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
Weidenmier, Marc; Bernstein, Asaf; Hughson, Eric - National Bureau of Economic Research (NBER) - 2014
Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...
Persistent link: https://www.econbiz.de/10010969403
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Sustainable Shadow Banking
Ordonez, Guillermo L. - National Bureau of Economic Research (NBER) - 2013
reputation, however, they could self-regulate and invest more efficiently. Hence, a shadow banking that arises to avoid … disappear, generating a collapse of shadow banking and a return to traditional banking, with a decline in welfare. I discuss how … a combination of traditional regulation and cross reputation subsidization may enhance shadow banking and make it more …
Persistent link: https://www.econbiz.de/10010696640
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Banks, Liquidity Management and Monetary Policy
Bianchi, Javier; Bigio, Saki - National Bureau of Economic Research (NBER) - 2014
We develop a new framework to study the implementation of monetary policy through the banking system. Banks finance … how different shocks to the banking system and monetary policy affect the economy by altering the trade-off between …
Persistent link: https://www.econbiz.de/10010950643
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Lessons from the Great American Real Estate Boom and Bust of the 1920s
White, Eugene - National Bureau of Economic Research (NBER) - 2009
banking system. The elements absent in the 1920s were federal deposit insurance, the "Too Big To Fail" doctrine, and federal …
Persistent link: https://www.econbiz.de/10008634647