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The Secular Decline of Bank Balance Sheet Lending
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024
intermediated through arms-length transactions, such as securitization. This paper documents these trends, explores their causes … structural model to explore whether technological improvements in securitization, shifts in saver preferences away from deposits …, and changes in implicit subsidies and costs of bank activities can explain these shifts. Declines in securitization cost …
Persistent link: https://www.econbiz.de/10014486266
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Portfolio Management in Private Equity
Brown, Gregory W.; Fei, Celine Yue; Robinson, David T. - National Bureau of Economic Research - 2023
General Partners (GPs) in private equity face a trade-off between focusing their skills and effort on fewer investments to earn higher returns, or investing more broadly to reduce risk through diversification. Using a novel, deal-level dataset of 5,925 global investments from 1999 to 2016, we...
Persistent link: https://www.econbiz.de/10014372421
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Banks in Space
Oberfield, Ezra; Rossi-Hansberg, Esteban; Trachter, Nicholas - National Bureau of Economic Research - 2024
We study the spatial expansion of banks in response to banking deregulation in the 1980s and 90s. During this period, large banks expanded rapidly, mostly by adding new branches in new locations, while many small banks exited. We document that large banks sorted into the densest markets, but...
Persistent link: https://www.econbiz.de/10014512110
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Financial Intermediation and the Funding of Biomedical Innovation : A Review
Lo, Andrew W.; Thakor, Richard T. - National Bureau of Economic Research - 2022
We review the literature on financial intermediation in the process by which new medical therapeutics are financed, developed, and delivered. We discuss the contributing factors that lead to a key finding in the literature--underinvestment in biomedical R&D--and focus on the role that banks and...
Persistent link: https://www.econbiz.de/10013435156
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Know Your Customer : Informed Trading by Banks
Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022
This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...
Persistent link: https://www.econbiz.de/10013388877
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Evolution of Debt Financing toward Less-Regulated Financial Intermediaries in the United States
Erel, Isil; Inozemtsev, Eduard - National Bureau of Economic Research - 2024
Nonbank lenders have been playing an increasing role in supplying debt, especially after the Great Recession. How important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative providers of credit? How might the growing role of nonbanks...
Persistent link: https://www.econbiz.de/10014486206
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Customer Data Access and Fintech Entry : Early Evidence from Open Banking
Babina, Tania; Bahaj, Saleem; Buchak, Greg; De Marco, … - National Bureau of Economic Research - 2024
Open banking (OB) empowers bank customers to share transaction data with fintechs and other banks. 49 countries have adopted OB policies. Consumer trust in fintechs predicts OB policy adoption and adoption spurs investment in fintechs. UK microdata shows that OB enables: i) consumers to access...
Persistent link: https://www.econbiz.de/10014468288
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Where Do Banks End and NBFIs Begin?
Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - National Bureau of Economic Research - 2024
In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as substitutes, performing substantially similar activities, with...
Persistent link: https://www.econbiz.de/10014528356
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Corporate Social Responsibility
Hong, Harrison G.; Shore, Edward P. - National Bureau of Economic Research - 2022
Is shareholder interest in corporate social responsibility driven by pecuniary motives (abnormal rates of return) or non-pecuniary ones (willingness to sacrifice returns to address various firm externalities)? To answer this question, we categorize the literature into seven tests: (1) costs of...
Persistent link: https://www.econbiz.de/10013477263
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One Size Doesn't Fit All : Heterogeneous Depositor Compensation During Periods of Uncertainty
Artavanis, Nikolaos; Paravisini, Daniel; Robles-Garcia, … - National Bureau of Economic Research - 2022
We develop a new approach to identify different categories of depositors during periods of uncertainty and quantify their compensation to remain in the bank. We isolate withdrawals due to liquidity needs, deterioration of fundamentals, and expectation about withdrawal behavior of other...
Persistent link: https://www.econbiz.de/10013362023