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The economics of bank supervision
Eisenbach, Thomas M.; Lucca, David O.; Townsend, Robert M. - 2016
We study bank supervision by combining a theoretical model that distinguishes supervision from regulation and a novel dataset on work hours of Federal Reserve supervisors. We highlight the trade-offs between the benefits and costs of supervision and use the model to interpret the relationship...
Persistent link: https://www.econbiz.de/10011442183
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Non-bank financial institutions and banks' fire-sale vulnerabilities
Cetorelli, Nicola; Landoni, Mattia; Lu, Lina - 2023
understated and highlighting the value of treating nonbank financial institutions as one organic whole for monitoring purposes …
Persistent link: https://www.econbiz.de/10014233003
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Reducing moral hazard at the expense of market discipline : the effectiveness of double liability before and during the Great Depression
Anderson, Haelim Park; Barth, Daniel; Choi, Dong Beom - 2018
Prior to the Great Depression, regulators imposed double liability on bank shareholders to ensure financial stability … and protect depositors. Under double liability, shareholders of failing banks lost their initial investment and had to pay … up to the par value of the stock in order to compensate depositors. We examine whether double liability was effective at …
Persistent link: https://www.econbiz.de/10011926198
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How and why do small firms manage interest rate risk? : evidence from commercial loans
Vickery, James (contributor) - 2005 - Rev. September 2006
Although small firms are particularly sensitive to interest rates and other external shocks, empirical work on corporate risk management has focused instead on large public companies. This paper studies fixed-rate and adjustable-rate loans to see how small firms manage their exposure to interest...
Persistent link: https://www.econbiz.de/10003090902
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The myth of the lead arranger's share
Brickle, Kristian; Fleckenstein, Quirin; Hillenbrand, … - 2020
We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly after syndication. In...
Persistent link: https://www.econbiz.de/10012211170
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Run equilibria in a model of financial intermediation
Ennis, Huberto M. (contributor); Keister, Todd (contributor) - 2008
We study the Green and Lin (2003) model of financial intermediation with two new features: traders may face a cost of contacting the intermediary, and consumption needs may be correlated across traders. We show that each feature is capable of generating an equilibrium in which some (but not all)...
Persistent link: https://www.econbiz.de/10003781442
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Bank liquidity provision across the firm size distribution
Chodorow-Reich, Gabriel; Darmouni, Olivier; Luck, Stephan; … - 2020
Using loan-level data covering two-thirds of all corporate loans from U.S. banks, we document that SMEs (i) obtain much shorter maturity credit lines than large firms; (ii) have less active maturity management and therefore frequently have expiring credit; (iii) post more collateral on both...
Persistent link: https://www.econbiz.de/10012309187
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Financial frictions, real estate collateral, and small firm activity in Europe
Banerjee, Ryan; Blickle, Kristian - 2018
We observe significant heterogeneity in the correlation between changes in house prices and the growth of small firms across certain countries in Europe. We find that, overall, the correlation is far greater in Southern Europe than in Northern Europe. Using a simple model, we show that this...
Persistent link: https://www.econbiz.de/10011904686
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Gender and the availability of credit to privately held firms : evidence from the surveys of small business finances
Cole, Rebel A.; Mehran, Hamid - 2009
This study analyzes differences by gender in the ownership of privately held U.S. firms and examines the role of gender in the availability of credit. Using data from the nationally representative Surveys of Small Business Finances, which span a period of sixteen years, we document a series of...
Persistent link: https://www.econbiz.de/10003947529
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Valuing the Treasury’s Capital Assistance Program/ Paul Glasserman; Zhenyu Wang
Glasserman, Paul; Wang, Zhenyu - 2009
The Capital Assistance Program (CAP) was created by the U.S. government in February 2009 to provide backup capital to large financial institutions unable to raise sufficient capital from private investors. Under the terms of the CAP, a participating bank receives contingent capital by issuing...
Persistent link: https://www.econbiz.de/10003948201