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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
Managers' incentives may conflict with those of shareholders or creditors, particularly at leveraged, opaque banks. Bankers may abuse their control rights to give themselves excessive salaries, favored access to credit, or to take excessive risks that benefit themselves at the expense of...
Persistent link: https://www.econbiz.de/10010950871
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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
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Governance, Risk Management, and Risk-Taking in Banks
Stulz, René M. - National Bureau of Economic Research (NBER) - 2014
, 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 of risk that maximizes shareholder wealth subject to constraints … cost effective to do so. The role of risk management in such a bank is not to reduce the bank's total risk per se. It is to …
Persistent link: https://www.econbiz.de/10010950919
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The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting
Roberts, Michael R. - National Bureau of Economic Research (NBER) - 2014
Using data from SEC filings, I show that the typical bank loan is renegotiated five times, or every nine months. The …
Persistent link: https://www.econbiz.de/10010951241
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Credit Lines as Monitored Liquidity Insurance: Theory and Evidence
Acharya, Viral V.; Almeida, Heitor; Ippolito, Filippo; … - National Bureau of Economic Research (NBER) - 2013
form of monitored liquidity insurance. Bank monitoring and resulting credit line revocations help control illiquidity …
Persistent link: https://www.econbiz.de/10010951279
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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 volume of new lending. Firms borrowing from banks during seasonal "sales" in late spring and fall issue at 19 basis points cheaper than winter and summer borrowers. Issuers during...
Persistent link: https://www.econbiz.de/10010951301
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Why High Leverage is Optimal for Banks
DeAngelo, Harry; Stulz, René M. - National Bureau of Economic Research (NBER) - 2013
Miller (1958) due to agency problems, deposit insurance, taxes, or any other distortions. Our model can explain (i) why bank … leverage increased over the last 150 years or so, (ii) why high bank leverage per se does not necessarily cause systemic risk …
Persistent link: https://www.econbiz.de/10010951419
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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
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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
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Equity-Holding Institutional Lenders: Do they Receive Better Terms?
Lim, Jongha; Minton, Bernadette A.; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2012
The past decade has seen significant changes in the structure of the corporate lending market, with non-commercial bank … institutional investors playing larger roles than they historically have played. In addition, non-commercial bank institutional …, 2,008 (18%) have a non-commercial bank institution that also owns at least 0.1% of the firm's equity. Such "dual holder …
Persistent link: https://www.econbiz.de/10009652796