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Philippon, Thomas - 2009

conditions implementation on sufficient bank participation. Preferred stock plus warrants reduces opportunistic participation by … aggregate credit risk exceed the cost of implicit transfers to bank debt holders …

Persistent link: https://www.econbiz.de/10012463719

The FinTech Opportunity

Philippon, Thomas - 2016

This paper assesses the potential impact of FinTech on the finance industry, focusing on financial stability and access to services. I document first that financial services remain surprisingly expensive, which explains the emergence of new entrants. I then argue that the current regulatory...

Persistent link: https://www.econbiz.de/10012456201

Wages and Human Capital in the U.S. Financial Industry : 1909-2006

Philippon, Thomas - 2009

We use detailed information about wages, education and occupations to shed light on the evolution of the U.S. financial sector over the past century. We uncover a set of new, interrelated stylized facts: financial jobs were relatively skill intensive, complex, and highly paid until the 1930s and...

Persistent link: https://www.econbiz.de/10012464005

Financiers vs. Engineers : Should the Financial Sector be Taxed or Subsidized?

Philippon, Thomas - 2007

I study the allocation of human capital in an economy with production externalities, financial constraints and career choices. Agents choose to become entrepreneurs, workers or financiers. Entrepreneurship has positive externalities, but innovators face borrowing constraints and require the...

Persistent link: https://www.econbiz.de/10012465087

Skill Biased Financial Development : Education, Wages and Occupations in the U.S. Financial Sector

Philippon, Thomas - 2007

Over the past 60 years, the U.S. financial sector has grown from 2.3% to 7.7% of GDP. While the growth in the share of value added has been fairly linear, it hides a dramatic change in the composition of skills and occupations. In the early 1980s, the financial sector started paying higher wages...

Persistent link: https://www.econbiz.de/10012465212

Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance

Philippon, Thomas - 2007

The share of finance in U.S. GDP has been multiplied by more than three over the postwar period. I argue, using evidence and theory, that corporate finance is a key factor behind this evolution. Inside the finance industry, credit intermediation and corporate finance are more important than...

Persistent link: https://www.econbiz.de/10012465229

Finance, Firm Size, and Growth

Beck, Thorsten - 2004

This paper examines whether financial development boosts the growth of small firms more than large firms and hence provides information on the mechanisms through which financial development fosters aggregate economic growth. We define an industry's technological firm size as the firm size...

Persistent link: https://www.econbiz.de/10012467705

Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation

Philippon, Thomas - 2012

I provide a quantitative interpretation of financial intermediation in the U.S. over the past 130 years. Measuring separately the cost of intermediation and the production of financial services, I find that: (i) the quantity of intermediation varies a lot over time; (ii) intermediation is...

Persistent link: https://www.econbiz.de/10012460582

Restoring Confidence in Troubled Financial Institutions After a Financial Crisis

Calomiris, Charles W.; Carlson, Mark - National Bureau of Economic Research - 2022

actions by bank owners to change management, contract with depositors to extend liability maturity structure, write off bad … assets, and/or inject capital affected bank survival and deposit retention. This historical episode is particularly …

Persistent link: https://www.econbiz.de/10013334444

Declining Competition and Investment in the U.S

Gutiérrez, Germán - 2017

competition is partly responsible for this phenomenon. We use a combination of natural experiments and instrumental variables to … establish a causal relationship between competition and investment. Within manufacturing, we show that industry leaders invest … and innovate more in response to exogenous changes in Chinese competition. Beyond manufacturing we show that excess entry …

Persistent link: https://www.econbiz.de/10012455099