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Tax-Efficient Asset Management: Evidence from Equity Mutual Funds
Sialm, Clemens; Zhang, Hanjiang - National Bureau of Economic Research (NBER) - 2015
Investment taxes have a substantial impact on the performance of taxable mutual fund investors. Mutual funds can reduce the tax burdens of their shareholders by avoiding securities that are heavily taxed and by avoiding realizing capital gains that trigger higher tax burdens to the funds’...
Persistent link: https://www.econbiz.de/10011240568
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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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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 … underlie our structural model, we can quantify the impact capital regulation and other government interventions have on bank …
Persistent link: https://www.econbiz.de/10010711816
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Cream Skimming in Financial Markets
Bolton, Patrick; Scheinkman, Jose; Santos, Tano - National Bureau of Economic Research (NBER) - 2011
We propose an equilibrium occupational choice model, where agents can choose to work in the real sector (become entrepreneurs) or to become informed dealers in financial markets. Agents incur costs to become informed dealers and develop skills for valuing assets up for trade. The financial...
Persistent link: https://www.econbiz.de/10008839463
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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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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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Repo and Securities Lending
Martin, Antoine; Adrian, Tobias; Begalle, Brian; … - National Bureau of Economic Research (NBER) - 2012
We provide an overview of the data required to monitor repo and securities lending markets for the purposes of informing policymakers and researchers about firm-level and systemic risk. We start by explaining the functioning of these markets and argue that it is crucial to understand the...
Persistent link: https://www.econbiz.de/10010969450
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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 … purchases (the policy tool employed after March 1933) on bank failure rates. Our estimates treat the receipt of RFC assistance … assistance that are not directly related to failure risk) for analyzing the effects of RFC assistance on bank survival. We find …
Persistent link: https://www.econbiz.de/10010950800
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Defined Contribution Pension Plans: Sticky or Discerning Money?
Sialm, Clemens; Starks, Laura; Zhang, Hanjiang - National Bureau of Economic Research (NBER) - 2013
Participants in defined contribution (DC) retirement plans rarely adjust their portfolio allocations, suggesting that their investment choices and consequent money flows are sticky and not discerning. Yet, the participants' inertia could be offset by the DC plan sponsors, who adjust the plan's...
Persistent link: https://www.econbiz.de/10010951220
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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