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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

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

From Competitors to Partners : Banks' Venture Investments in Fintech

Puri, Manju; Qian, Yiming; Zheng, Xiang - National Bureau of Economic Research - 2024

We hypothesize and find evidence that banks use venture investments in fintech startups as a strategic approach to navigate fintech competition. We show that banks' venture investments have increasingly focused on fintech firms in systematic ways. We find that banks facing greater fintech...

Persistent link: https://www.econbiz.de/10015171698

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

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

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

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

CBDCs, Payment Firms, and Geopolitics

Berg, Tobias; Keil, Jan; Martini, Felix; Puri, Manju - National Bureau of Economic Research - 2024

We analyze the effect of a major central bank digital currency (CBDC) - the digital euro - on the payment industry to find remarkably heterogeneous effects. Stock prices of U.S. payment firms decrease, while stock prices of European payment firms increase in response to positive announcements on...

Persistent link: https://www.econbiz.de/10015056184

Credit Scores : Performance and Equity

Albanesi, Stefania; Vamossy, Domonkos F. - National Bureau of Economic Research - 2024

Credit scores are critical for allocating consumer debt in the United States, yet little evidence is available on their performance. We benchmark a widely used credit score against a machine learning model of consumer default and find significant misclassification of borrowers, especially those...

Persistent link: https://www.econbiz.de/10015072859

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