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Systematic and liquidity risk in subprime-mortgage backed securities
Dungey, Mardi; Dwyer, Gerald P.; Flavin, Thomas - 2011
The misevaluation of risk in securitized financial products is central to understanding the financial crisis of 2007 …
Persistent link: https://www.econbiz.de/10010292259
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Money manager capitalism and the global financial crisis
Wray, L. Randall - 2009
dominated by highly leveraged funds seeking maximum returns in an environment that systematically under-prices risk. With little … spread around the world. Those playing along are rewarded with high returns because highly leveraged funding drives up prices …
Persistent link: https://www.econbiz.de/10010281753
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Contagion effects of the Silicon Valley Bank run
Choi, Dong Beom; Goldsmith-Pinkham, Paul; Yorulmazer, Tanju - 2023
This paper analyzes the contagion effects associated with the failure of Silicon Valley Bank (SVB) and identifies bank-specific vulnerabilities contributing to the subsequent declines in banks' stock returns. We find that uninsured deposits, unrealized losses in held-to-maturity securities, bank...
Persistent link: https://www.econbiz.de/10014540982
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Bank CEO Incentives and the Credit Crisis
Fahlenbrach, Rüdiger; Stulz, René M. - Swiss National Centre of Competence in Research North … - 2009
We investigate whether bank performance during the credit crisis of 2008 is related to CEOincentives and share ownership before the crisis and whether CEOs reduced their equity stakes intheir banks in anticipation of the crisis. There is no evidence that banks with CEOs whoseincentives were...
Persistent link: https://www.econbiz.de/10009305118
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Bank crises and investor confidence
Osili, Una Okonkwo; Paulson, Anna - 2008
In addition to their direct effects, episodes of financial instability may decrease investor confidence. Measuring the impact of a crisis on investor confidence is complicated by the fact that it is difficult to disentangle the effect of investor confidence from coincident direct effects of the...
Persistent link: https://www.econbiz.de/10010292170
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Federal reserve policies and financial market conditions during the crisis
Brave, Scott A.; Genay, Hesna - 2011
During the recent financial crisis, the Federal Reserve implemented a series of extraordinary and unconventional policies to alleviate the impact of the crisis on financial markets and the economy. In this paper, we examine the effects of these policies on broad financial market conditions,...
Persistent link: https://www.econbiz.de/10010292196
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The financial crisis of 2008 in fixed income markets
Dwyer, Gerald P.; Tkac, Paula - 2009
the world in 2007 and 2008. The drivers of the financial turmoil and the financial crisis of 2008 were heterogeneous … securities that were hard to value. These securities created concerns about counterparty risk and ultimately created substantial …
Persistent link: https://www.econbiz.de/10010292330
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The rescue of Fannie Mae and Freddie Mac
Frame, W. Scott; Fuster, Andreas; Tracy, Joseph; … - 2015
We describe and evaluate the measures taken by the U.S. government to rescue Fannie Mae and Freddie Mac in September 2008. We begin by outlining the business model of these two firms and their role in the U.S. housing finance system. Our focus then turns to the sources of financial distress that...
Persistent link: https://www.econbiz.de/10011310200
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Cross-border banking on the two sides of the Atlantic: Does it have an impact on bank crisis management?
Nieto, Maria J.; Wall, Larry D. - 2015
In the United States and the European Union (EU), political incentives to oppose cross-border banking have been strong in spite of the measurable benefits to the real economy from breaking down geographic barriers. Even a federal-level supervisor and safety net are not by themselves sufficient...
Persistent link: https://www.econbiz.de/10011460623
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TARP and Market Discipline: Evidence on the Moral Hazard Effects of Bank Recapitalizations
Forssbaeck, Jens; Nielsen, Caren Yinxia - 2016
-2013. Predicted distress risk has a consistently positive and significant effect on sub-debt spreads, suggesting the presence of … market discipline. A higher bailout probability significantly reduces the risk-sensitivity of spreads for the full sample …, appearing both as a uniform rise in, and a heightened risk sensitivity of, sub-debt spreads during the crisis. …
Persistent link: https://www.econbiz.de/10013208754