Narrow search
Showing 1 - 10 of 607
Cover Image
Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s
Calomiris, Charles W.; Carlson, Mark A. - National Bureau of Economic Research (NBER) - 2014
. Bankers may abuse their control rights to give themselves excessive salaries, favored access to credit, or to take excessive …
Persistent link: https://www.econbiz.de/10010950871
Cover Image
Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly
Baker, Malcolm; Wurgler, Jeffrey - National Bureau of Economic Research (NBER) - 2013
Minimum capital requirements are a central tool of banking regulation. Setting them balances a number of factors, including any effects on the cost of capital and in turn the rates available to borrowers. Standard theory predicts that, in perfect and efficient capital markets, reducing banks'...
Persistent link: https://www.econbiz.de/10010950907
Cover Image
Governance, Risk Management, and Risk-Taking in Banks
Stulz, René M. - National Bureau of Economic Research (NBER) - 2014
This paper examines how governance and risk management affect risk-taking in banks. It distinguishes between good risks, which are risks that have an ex ante private reward for the bank on a stand-alone basis, and bad risks, which do not have such a reward. A well-governed bank takes the amount...
Persistent link: https://www.econbiz.de/10010950919
Cover Image
The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting
Roberts, Michael R. - National Bureau of Economic Research (NBER) - 2014
the financial health of the contracting parties and uncertainty regarding the borrowers' credit quality. The relative …
Persistent link: https://www.econbiz.de/10010951241
Cover Image
Credit Lines as Monitored Liquidity Insurance: Theory and Evidence
Acharya, Viral V.; Almeida, Heitor; Ippolito, Filippo; … - National Bureau of Economic Research (NBER) - 2013
We propose and test a theory of corporate liquidity management in which credit lines provided by banks to firms are a … form of monitored liquidity insurance. Bank monitoring and resulting credit line revocations help control illiquidity …-seeking behavior by firms. Firms with high liquidity risk are likely to use cash rather than credit lines for liquidity management …
Persistent link: https://www.econbiz.de/10010951279
Cover Image
Loans on Sale: Credit Market Seasonality, Borrower Need, and Lender Rent Seeking
Petersen, Mitchell; Murfin, Justin - National Bureau of Economic Research (NBER) - 2014
The market for corporate credit is characterized by significant seasonal variation, both in interest rates and the …
Persistent link: https://www.econbiz.de/10010951301
Cover Image
Why High Leverage is Optimal for Banks
DeAngelo, Harry; Stulz, René M. - National Bureau of Economic Research (NBER) - 2013
Liquidity production is a central role of banks. We show that, under idealized conditions, high leverage is optimal for banks when there is a market premium for (socially valuable) liquid financial claims and no deviations from Modigliani and Miller (1958) due to agency problems, deposit...
Persistent link: https://www.econbiz.de/10010951419
Cover Image
Leverage and Beliefs: Personal Experience and Risk Taking in Margin Lending
Voth, Hans-Joachim; Koudijs, Peter - National Bureau of Economic Research (NBER) - 2014
What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor syndicate speculating in Amsterdam in 1772 went...
Persistent link: https://www.econbiz.de/10010951446
Cover Image
Bank Size and Lending Relationships in Japan
Uchida, Hirofumi; Udell, Gregory F. - National Bureau of Economic Research (NBER) - 2007
Current theoretical and empirical research suggests that small banks have a comparative advantage in processing soft information and delivering relationship lending. The most comprehensive analysis of this view found using U.S. data that smaller SMEs borrow from smaller banks and smaller banks...
Persistent link: https://www.econbiz.de/10005084844
Cover Image
Equity-Holding Institutional Lenders: Do they Receive Better Terms?
Lim, Jongha; Minton, Bernadette A.; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2012
premium is present for both revolver and term loans, and exists within all non-investment grade credit rating classes …
Persistent link: https://www.econbiz.de/10009652796