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Managerial Incentives and the Efficiency of Capital Structure in U.S. Commercial Banking
Hughes, Joseph P.; Lang, William W.; Moon, Choon-Geol; … - 2004
We extend the literature on the effects of managerial entrenchment to consider how safety-net subsidies and financial distress costs interact with managerial incentives to influence capital structure in U.S. commercial banking. Using cross-sectional data on publicly traded, highest-level U.S....
Persistent link: https://www.econbiz.de/10010263221
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Offshoring and Sequential Production Chains: A General-Equilibrium Analysis
Harms, Philipp; Jung, Jaewon; Lorz, Oliver - 2014
In this paper, we develop a two-sector general equilibrium trade model which includes offshoring, sequential production, and endogenous market structures. We analyze how relative factor endowments and various forms of globalization and technological change affect equilibrium offshoring patterns....
Persistent link: https://www.econbiz.de/10011430106
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"By a silken thread": Regional banking integration and pathways to financial development in Japan's Great Recession
Hoffmann, Mathias; Okubo, Toshihiro - 2012
How do financial development and financial integration interact? We focus on Japan's Great Recession after 1990 to … reference to prefectures' different historical pathways to financial development. After Japan's opening to trade in the 19th …, the main export hub for silk, provided silk reelers with trade loans. Many regional banks in Japan were founded as local …
Persistent link: https://www.econbiz.de/10010316944
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Comparative advantage and pathways to financial development: Evidence from Japan's silk-reeling industry
Hoffmann, Mathias; Okubo, Toshihiro - 2021
We exploit the natural experiment of Japan's opening to international trade to examine how comparative advantage can … shape a country's long-run path towards financial development. In the late 19th century, many of Japan's prefectures had a …
Persistent link: https://www.econbiz.de/10012523363
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Firm Migration and Stock Returns
Puopolo, Giovanni W. - Finrisk - 2009
This paper studies the asset pricing implications of a general equi-librium model in which real investment is reversible at a cost. Firmsface higher costs in contracting than in expanding their capital stockand decide to invest when their productive capital is scarce relativeto the overall...
Persistent link: https://www.econbiz.de/10009022140
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Firm responses to a more generous insurance against high sick pay costs
Hall, Caroline King Barnard; Liljeberg, Linus; Lindahl, … - 2022
This paper presents evidence on how firms react to a more generous insurance against high sick pay costs. We exploit a reform launched in Sweden in 2015, which introduced different thresholds for insurance reimbursement depending on firm size. By comparing workers in smaller firms with workers...
Persistent link: https://www.econbiz.de/10014305338
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The surprising use of credit scoring in small business lending by community banks and the attendant effects on credit availability and risk
Berger, Allen N.; Cowan, Adrian M.; Frame, W. Scott - 2009
The literature has documented a positive relationship between the use of credit scoring for small business loans and small business credit availability, broadly defined. However, this literature is hampered by the fact that all of the studies are based on a single 1998 survey of the very largest...
Persistent link: https://www.econbiz.de/10010292213
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Small business credit scoring and credit availability
Berger, Allen N.; Frame, W. Scott; Berger, Allen N.; … - 2005
U.S. commercial banks are increasingly using credit scoring models to underwrite small business credits. This paper discusses this technology, evaluates the research findings on the effects of this technology on small business credit availability, and links these findings to a number of research...
Persistent link: https://www.econbiz.de/10010397703
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Who said large banks don't experience scale economies? Evidence from a risk-return-driven cost function
Hughes, Joseph J.; Mester, Loretta - 2011
Earlier studies found little evidence of scale economies at large banks; later studies using data from the 1990s uncovered such evidence, providing a rationale for very large banks seen worldwide. Using more recent data, we estimate scale economies using two production models. The standard...
Persistent link: https://www.econbiz.de/10010286964
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Global links and local bonds. The role of ownership and size in productivity growth
Taymaz, Erol; Voyvoda, Ebru; Yilmaz, Kamil - 2010
This paper examines direct and indirect contributions of foreign firms and small and medium-sized enterprises (SMEs) to aggregate productivity growth. We focus our attention on foreign firms and small firms for three reasons. First, industrial policy in almost all countries is oriented towards...
Persistent link: https://www.econbiz.de/10010273684