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Credit market choice
Boyarchenko, Nina; Costello, Anna M.; Shachar, Or - 2018
Which markets do institutions use to change exposure to credit risk? Using a unique data set of transactions in corporate bonds and credit default swaps (CDS) by large financial institutions, we show that simultaneous transactions in both markets are rare, with an average institution having an...
Persistent link: https://www.econbiz.de/10011894384
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Banking supervision: the perspective from economics
Hirtle, Beverly J. - 2020
Economists have extensively analyzed the regulation of banks and the banking industry, but have devoted considerably … "supervision" and "regulation" interchangeably. This paper provides a heuristic review of the economics literature on … activity distinct from regulation (rulemaking) is just now emerging and has considerable room to grow. Meanwhile, the empirical …
Persistent link: https://www.econbiz.de/10012391496
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Leverage limits and bank risk : new evidence on an old question
Choi, Dong Beom; Holcomb, Michael R.; Morgan, Donald P. - 2018
The supplementary leverage ratio (SLR) rule recently imposed on the very largest U.S. banks has revived the question of whether banks sidestep such rules by shifting toward riskier, higher-yielding assets. Using difference-in-difference analysis, we find that, after the SLR was finalized in...
Persistent link: https://www.econbiz.de/10011868525
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Shadow banking regulation
Adrian, Tobias; Ashcraft, Adam B. - 2012
-09. We review the rapidly growing literature on shadow banking and provide a conceptual framework for its regulation. Since … regulation …
Persistent link: https://www.econbiz.de/10009528777
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Doing well by doing good? : community development venture capital
Kovner, Anna; Lerner, Joshua - 2012
This paper examines the investments and performance of community development venture capital (CDVC). We find substantial differences between CDVC and traditional venture capital (VC) investments: CDVC investments are far more likely to be in nonmetropolitan regions and in regions with little...
Persistent link: https://www.econbiz.de/10009624299
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Financial intermediary balance sheet management
Adrian, Tobias; Shin, Hyun Song - 2011
Conventional discussions of balance sheet management by nonfinancial firms take the set of positive net present value (NPV) projects as given, which in turn determines the size of the firm's assets. The focus is on the composition of equity and debt in funding such assets. In contrast, the...
Persistent link: https://www.econbiz.de/10009411343
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Macroprudential supervision of financial institutions : lessons from the SCAP
Hirtle, Beverly J.; Schuermann, Til; Stiroh, Kevin J. - 2009
A fundamental conclusion drawn from the recent financial crisis is that the supervision and regulation of financial …
Persistent link: https://www.econbiz.de/10003948196
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Shadow banking
Pozsar, Zoltan; Adrian, Tobias; Ashcraft, Adam B.; … - 2010
The rapid growth of the market-based financial system since the mid-1980s changed the nature of financial intermediation in the United States profoundly. Within the market-based financial system, “shadow banks” are particularly important institutions. Shadow banks are financial...
Persistent link: https://www.econbiz.de/10008657213
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Resolving troubled systemically important cross-border financial institutions : is a new corporate organizational form required?
Cumming, Christine M.; Eisenbeis, Robert A. - 2010
This paper explores the advantages of a new financial charter for large, complex, internationally active financial institutions that would address the corporate governance challenges of such organizations, including incentive problems in risk decisions and the complicated corporate and...
Persistent link: https://www.econbiz.de/10008657240
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Fire-sale spillovers and systemic risk
Duarte, Fernando; Eisenbach, Thomas M. - 2013
We construct a new systemic risk measure that quantifies vulnerability to fire-sale spillovers using detailed regulatory balance sheet data for U.S. commercial banks and repo market data for broker-dealers. Even for moderate shocks in normal times, fire-sale externalities can be substantial. For...
Persistent link: https://www.econbiz.de/10010202672