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Bank credit and market-based finance for corporations : the effects of minibond issuances
Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2021
with bank credit and to a diversification of corporate funding sources. Studying their ex-post performance, we find that …
Persistent link: https://www.econbiz.de/10012614108
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Bank credit and market-based finance for corporations : the effects of minibond issuances
Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2020
Does a diversification of funding sources affect the financing conditions for firms? To answer this question we study a regulatory reform which allowed unlisted firms to issue minibonds. Using the Italian Credit Register, we compare new loans granted to issuer firms with new loans concurrently...
Persistent link: https://www.econbiz.de/10012419623
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Estimating the joint tail risk under the filtered historical simulation : an application to the CCP's default and waterfall fund
Barone-Adesi, Giovanni; Giannopoulos, Kostas; Vosper, Les - 2015
To ensure that central counterparties (“CCPs”) are safe in all market conditions the European Union (EU) has adopted legislation, commonly known as the European Market Infrastructure Regulation (“EMIR”) that deals with their organisational requirements, including prudential requirements...
Persistent link: https://www.econbiz.de/10011296075
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Measuring and stress-testing market-implied bank capital
Indergand, Martin; Jondeau, Eric; Fuster, Andreas - 2022
We propose a methodology for measuring the market-implied capital of banks by subtracting from the market value of equity (market capitalization) a credit-spread-based correction for the value of shareholders' default option. We show that without such a correction, the estimated impact of a...
Persistent link: https://www.econbiz.de/10013168743
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Banks vs. markets: are banks more effective in facilitating sustainability?
Newton, David P.; Ongena, Steven; Xie, Ru; Zhao, Binru - 2022
' ESG performance …
Persistent link: https://www.econbiz.de/10013169151
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Bank capital requirements, loan guarantees and firm performance
Mayordomo, Sergio; Moreno, Antonio; Ongena, Steven; … - 2019 - This draft: April 12, 2019
subsequent overuse may have blunted their impact and may have even undermined firm performance and investment …
Persistent link: https://www.econbiz.de/10012051949
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Gender, credit, and firm outcomes
Delēs, Manthos D.; Hasan, Iftekhar; Iosifidi, Maria; … - 2019
behavior of male applicants pays off in terms of higher average firm performance after the loan origination …
Persistent link: https://www.econbiz.de/10012177373
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On-site inspecting zombie lending
Bonfim, Diana; Cerqueiro, Geraldo; Degryse, Hans; … - 2020
In spite of growing regulatory pressure in most developed economies, “zombie lending” remains a widespread practice by banks. In this paper we exploit a series of large-scale on-site inspections made on the credit portfolios of several Portuguese banks to investigate how these inspections...
Persistent link: https://www.econbiz.de/10012181560
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Distance effects in CMBS loan pricing : banks versus non-banks
Eichholtz, Piet; Ongena, Steven; Yönder, Erkan - 2019
Comparing banks to non-bank lenders, we investigate whether the geographical distance between lenders, borrowers and their properties is reflected in the pricing of US mortgages that were included in US CMBS pools during the 2000 to 2017 period. The difference in loan spread when bank-borrower...
Persistent link: https://www.econbiz.de/10012134672
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Green versus sustainable loans : the impact on firms' ESG performance
Dursun-de-Neef, Özlem; Ongena, Steven; Tsonkova, Gergana - 2022 - This draft: May 20, 2022
This paper studies the development of a firm’s Environmental, Social, and Governance (ESG) performance following the … performance indicated by a decrease in their human rights, community, and product responsibility scores. This implies that they … other hand, we find to incentivize firms to improve their ESG performance by increasing their environmental and governance …
Persistent link: https://www.econbiz.de/10013202785