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Crisis Risk and Risk Management
Stulz, René M. - National Bureau of Economic Research - 2023
This paper assesses the current state of knowledge about crisis risk and its implications for risk management. Better data that became available since the Global Financial Crisis (GFC) has improved our understanding of crisis risk. These data have been used to show that some types of crises...
Persistent link: https://www.econbiz.de/10014287353
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Monetary Transmission Through Bank Securities Portfolios
Greenwald, Daniel; Krainer, John; Paul, Pascal - National Bureau of Economic Research - 2024
We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U.S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during the 2022-2023 monetary tightening cycle extended less...
Persistent link: https://www.econbiz.de/10014544727
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Do Banks Hedge Using Interest Rate Swaps?
McPhail, Lihong Lu; Schnabl, Philipp; Tuckman, Bruce - National Bureau of Economic Research - 2023
We ask whether banks use interest rate swaps to hedge the interest rate risk of their assets, primarily loans and securities. To this end, we use regulatory data on individual swap positions for the largest 250 U.S. banks. We find that the average bank has a large notional amount of swaps-- $434...
Persistent link: https://www.econbiz.de/10014250183
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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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Contingent Credit Under Stress
Acharya, Viral V.; Jager, Maximilian; Steffen, Sascha - National Bureau of Economic Research - 2023
Over the past two decades, banks have increasingly focused on offering contingent credit in the form of credit lines as a primary means of corporate borrowing. We review the existing body of research regarding the rationales for banks' provision of liquidity insurance in the form of credit...
Persistent link: https://www.econbiz.de/10014437040
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After the Storm : How Emergency Liquidity Helps Small Businesses Following Natural Disasters
Collier, Benjamin L.; Howell, Sabrina T.; Rendell, Lea - National Bureau of Economic Research - 2024
Does emergency credit prevent long-term financial distress? We study the causal effects of government-provided recovery loans to small businesses following natural disasters. The rapid financial injection might enable viable firms to survive and grow or might hobble precarious firms with more...
Persistent link: https://www.econbiz.de/10014528366
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Risk, the Limits of Financial Risk Management, and Corporate Resilience
Stulz, René M. - National Bureau of Economic Research - 2024
Existing evidence shows convincingly that expected cash flows of non-financial firms can be negatively affected by their total risk, so that non-financial firms can create shareholder wealth by managing their total risk. After reviewing theories that demonstrate links between firm value and...
Persistent link: https://www.econbiz.de/10015056208
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Derivatives Markets for Home Prices
Shiller, Robert J. - 2008
beginnings of real estate derivative markets is the advance in home price index construction methods, notably the repeat sales …
Persistent link: https://www.econbiz.de/10012464687
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Derivatives Usage in Risk Management by US and German Non-Financial Firms : A Comparative Survey
Bodnar, Gordon M. - 1998
This paper is a comparative study of the responses to the 1995 Wharton School survey of derivative usage among US non … derivative usage is most common, followed closely by interest rate derivatives, with commodity derivatives a distant third. In … choice of instruments, and the influence of their market view when taking derivative positions. These differences appear to …
Persistent link: https://www.econbiz.de/10012472108
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Book Value Risk Management of Banks : Limited Hedging, HTM Accounting, and Rising Interest Rates
Granja, João; Jiang, Erica Xuewei; Matvos, Gregor; … - National Bureau of Economic Research - 2024
In the face of rising interest rates in 2022, banks mitigated interest rate exposure of the accounting value of their assets but left the vast majority of their long-duration assets exposed to interest rate risk. Data from call reports and SEC filings shows that only 6% of U.S. banking assets...
Persistent link: https://www.econbiz.de/10014512148