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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
, and discusses their implications for the financial system and regulation. We document that the balance sheet share of … how these shifts impact the financial sector's sensitivity to macroprudential regulation. While raising capital … undergone significant transformation, with implications for macroprudential policy and financial regulation …
Persistent link: https://www.econbiz.de/10014486266
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Where Do Banks End and NBFIs Begin?
Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - National Bureau of Economic Research - 2024
substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation … regulation and are such that banks remain special as both routine and emergency liquidity providers to NBFIs. We support this …
Persistent link: https://www.econbiz.de/10014528356
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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
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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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Racial Protests and Credit Access
Garcia, Raffi E.; Ortega, Alberto - National Bureau of Economic Research - 2024
We examine the impact of local racial demonstrations, such as Black Lives Matter (BLM) protests, and the subsequent racial justice movement following the death of George Floyd on racial disparities in Paycheck Protection Program loan disbursements to small businesses. Using...
Persistent link: https://www.econbiz.de/10014544755
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Is the Decline in the Number of Community Banks Detrimental to Community Economic Development?
Minton, Bernadette A.; Taboada, Alvaro G.; Williamson, Rohan - National Bureau of Economic Research - 2024
Our research examines the impact of dwindling community bank numbers on community investment and economic development. Initially, we confirm the vital role of community banks' small business lending in local development. Contrary to popular belief, we find that a decrease in community banks...
Persistent link: https://www.econbiz.de/10014544798
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Data and Welfare in Credit Markets
Jansen, Mark; Nagel, Fabian; Yannelis, Constantine; … - National Bureau of Economic Research - 2022
We show how to measure the welfare effects arising from increased data availability. When lenders have more data on prospective borrower costs, they can charge prices that are more aligned with these costs. This increases total social welfare, and transfers surplus from borrowers to lenders. We...
Persistent link: https://www.econbiz.de/10013334452
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Bank Branch Density and Bank Runs
Benmelech, Efraim; Yang, Jun; Zator, Michal - National Bureau of Economic Research - 2023
Bank branch density, defined as the number of bank branches to total deposits, has significantly declined over the past decade, fueled by a confluence of branch closings and the almost doubling of deposits between 2016 and 2022. During this period, banks with low branch density benefited from...
Persistent link: https://www.econbiz.de/10014322849
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The Value of Ratings : Evidence from their Introduction in Securities Markets
Bernstein, Asaf; Frydman, Carola; Hilt, Eric - National Bureau of Economic Research - 2023
We study the effects of the first-ever ratings for corporate securities. In 1909, John Moody published a book that partitioned the majority of listed railroad bonds into letter-graded ratings based on his assessments of their credit risk. These ratings had no regulatory implications and were...
Persistent link: https://www.econbiz.de/10014247986
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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