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Determinants of price discrimination and switching mortgage provider in times of regulation and digitalization

Ongena, Steven; Paraschiv, Florentina; Reite, Endre J. - 2021

Persistent link: https://www.econbiz.de/10012643115

Consumer protection and the design of the default option of a pan-European pension product

Berardi, Andrea; Tebaldi, Claudio; Trojani, Fabio - 2018 - This version: Milano, February 1st, 2018

We address potential strengths and weaknesses of alternative protection schemes, which can be adopted as a ‘default option' in a private, third pillar, pension product. In light of the observed behavior of savers adopting the ‘default option' at international level, we perform a comparative...

Persistent link: https://www.econbiz.de/10012003239

Supranational rules, national discretion : increasing versus inflating regulatory bank capital?

Gropp, Reint; Mosk, Thomas; Ongena, Steven; Simac, Ines; … - 2020 - This version: January 2021

We study how supranational capital regulation incentivizes national authorities to exercise forbearance and how this …

Persistent link: https://www.econbiz.de/10012420990

Real estate company reactions to financial market regulation

Hoesli, Martin; Milcheva, Stanimira; Moss, Alex - 2016

European Market Infrastructure Regulation (EMIR) is aimed at derivative trading and could impact the cost of debt capital. We …. We also show that the news have asymmetric effects with tighter regulation news more frequently leading to significant … responses in average abnormal returns (AARs) than loosening regulation news …

Persistent link: https://www.econbiz.de/10011514259

High-frequency trading in limit order markets : equilibrium impact and regulation

Rojček, Jakub; Ziegler, Alexandre - 2015

We investigate the impact of high-frequency trading (HFT) on market quality and investor welfare using a general limit order book model. We find that while the presence of HFT always improves market quality under symmetric information, under asymmetric information this is the case only if...

Persistent link: https://www.econbiz.de/10011412034

Information revelation through regulatory process : interactions between the SEC and companies ahead of the IPO

Lowry, Michelle; Michaely, Roni; Volkova, Ekaterina - 2019

The regulator plays an active role in the IPO process via its pre-IPO communications with firms, writing 3.8 comment letters per company. To evaluate the regulator's input, we analyze these communications between the SEC and firms using LDA-analysis and KL-divergence. Main topics of SEC concerns...

Persistent link: https://www.econbiz.de/10012101170

The shadow cost of repos and bank liability structure

Klimenko, Nataliya; Moreno-Bromberg, Santiago - 2015

Making use of a structural model that allows for optimal liquidity management, we study the role that repos play in a bank's financing structure. In our model the bank's assets consist of illiquid loans and liquid reserves and are financed by a combination of repos, long–term debt, deposits...

Persistent link: https://www.econbiz.de/10011293473

Bank capital, liquid reserves, and insolvency risk

Hugonnier, Julien; Morellec, Erwan - 2015

We develop a dynamic model of banking to assess the effects of liquidity and leverage requirements on banks' insolvency risk. In this model, banks face taxation, flotation costs of securities, and default costs and maximize shareholder value by making their financing, liquid asset holdings, and...

Persistent link: https://www.econbiz.de/10011293576

Bank ratings : what determines their quality?

Hau, Harald; Langfield, Sam; Marqués Ibáñez, David - 2012

This paper examines the quality of credit ratings assigned to banks in Europe and the United States by the three largest rating agencies over the past two decades. We interpret credit ratings as relative assessments of creditworthiness, and define a new ordinal metric of rating error based on...

Persistent link: https://www.econbiz.de/10009684283

Unintended consequences of the global derivatives market reform

Gandré, Pauline; Mariathasan, Mike; Merrouche, Ouarda; … - 2020

We investigate regulatory arbitrage during the G20's global derivatives market reform. Using hand-collected data on staggered reform progress, we find that banks shift their trading towards less regulated jurisdictions. The result is driven by agenda items – such as the promotion of central...

Persistent link: https://www.econbiz.de/10012179682

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