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Regulatory solutions to bank loans procyclicality: Is the cure worse than the illness?
Balzarotti, Verónica; Anastasi, Alejandra - 2010
cyclicality. Alternative counter-cyclical regulatory schemes such as time-varying capital and liquidity requirements are also …
Persistent link: https://www.econbiz.de/10010325091
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Systemic effects of bank equity issues: Competition, stabilization and contagion
Dinger, Valeriya; Marincas, Vlad; Vallascas, Francesco - 2018
We evaluate the abnormal returns of issuing and non-issuing banks around the announcement of Seasoned Equity Offerings (SEOs) and explore how the market reaction is influenced by aggregate systemic conditions and by the systemic risk contribution and exposure of banks. While we find evidence of...
Persistent link: https://www.econbiz.de/10011926736
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Does Diversification Improve the Performance of German Banks? Evidence from Individual Bank Loan Portfolios
Hayden, Evelyn; Porath, Daniel; von Westernhagen, Natalja - 2006
Should banks be diversified or focused? Does diversification indeed lead to increased performance and therefore greater safety on the part of banks as traditional portfolio and banking theory would suggest? This paper investigates the link between banks' profitability and their portfolio...
Persistent link: https://www.econbiz.de/10013370027
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Are banks less likely to issue equity when they are less capitalized?
Dinger, Valeriya; Vallascas, Francesco - 2014
Debt overhang and moral hazard related to risk-shifting opportunities predict that low capitalized banks have a lower likelihood to issue equity. In contrast to this view, for an international sample of bank Seasoned Equity Offerings (SEOs), we show that the likelihood of issuing an SEO is...
Persistent link: https://www.econbiz.de/10011282681
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Banks' Optimal Implementation Strategies for a Risk Sensitive Regulatory Capital Rule: A Real Options and Signalling Approach
Nordal, Kjell Bjørn - 2006
I evaluate a bank's incentives to implement a risk sensitive regulatory capital rule and to invest in improved risk measurement. The decision making is analyzed within a real options framework where optimal policies are derived in terms of threshold levels of risk. I also evaluate the situation...
Persistent link: https://www.econbiz.de/10012143664
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“Ownership Concentration, ‘Private Benefits of Control’and Debt Financing
Filatotchev, Igor; Mickiewicz, Tomasz - Centre for the Study of Economic and Social Change in … - 2001
Building on the ‘law and economics’ literature, this paper analyses corporategovernance implications of debt financing in an environment where a dominant owner isable to extract ex ante ‘private benefits of control’. Ownership concentration may result inlower efficiency, measured as a...
Persistent link: https://www.econbiz.de/10005868255
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The federal home loan bank system: The lender of next-to-last resort?
Ashcraft, Adam; Bech, Morten L.; Frame, W. Scott - 2009
The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility … the respective roles of the various liquidity facilities would be helpful. …
Persistent link: https://www.econbiz.de/10010292250
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The Federal Home Loan Bank System and U.S. housing finance
Frame, W. Scott - 2016
System as a provider of subsidized general liquidity to its members, including the very largest commercial banking …
Persistent link: https://www.econbiz.de/10011776812
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The price of liquidity: Bank characteristics and market conditions
Fecht, Falko; Nyborg, Kjell G.; Rocholl, Jörg - 2010
We identify frictions in the market for liquidity as well as bank-specific and market-wide factors that affect the … prices that banks pay for liquidity, captured here by borrowing rates in repos with the central bank and benchmarked by the … liquidity. We find that the price a bank pays for liquidity depends on the liquidity positions of other banks, as well as its …
Persistent link: https://www.econbiz.de/10010315393
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March madness in Wall Street: (what) does the market learn from stress tests?
Fernandes, Marcelo; Igan, Deniz; Pinheiro, Marcelo - 2015
Annual stress tests have become a regular part of the supervisors' toolkit following the global financial crisis. We investigate their capital market implications in the United States by looking at price and trade reactions, information asymmetry and uncertainty indicators, and bank activities....
Persistent link: https://www.econbiz.de/10011460778