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The bonus-driven "rainmaker" financial firm : how these firms enrich top employees, destroy shareholder value and create system financial instability
Crotty, James R. - 2009
We recently experienced a global financial crisis so severe that only massive rescue operations by governments around the world prevented a total financial market meltdown and perhaps another global Great Depression. One necessary precondition for the crisis was the perverse, bonus-driven...
Persistent link: https://www.econbiz.de/10003989513
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The Secular Decline of Bank Balance Sheet Lending
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024
intermediated through arms-length transactions, such as securitization. This paper documents these trends, explores their causes … structural model to explore whether technological improvements in securitization, shifts in saver preferences away from deposits …, and changes in implicit subsidies and costs of bank activities can explain these shifts. Declines in securitization cost …
Persistent link: https://www.econbiz.de/10014486266
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The natural instability of financial markets
Kregel, Jan A. (contributor) - 2007
instability created by the expansion, through securitization, of the mortgage market as an example of these changes. -- Financial …
Persistent link: https://www.econbiz.de/10003727249
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Rollover risk as market discipline : a two-sided inefficiency
Eisenbach, Thomas M. - 2013
Why does the market discipline that banks face seem too weak during good times and too strong during bad times? This paper shows that using rollover risk as a disciplining device is effective only if all banks face purely idiosyncratic risk. However, if banks' assets are correlated, a two-sided...
Persistent link: https://www.econbiz.de/10009709345
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Banks and market liquidity
Arping, Stefan - 2015
I study a model of market-liquidity provision by levered intermediaries that, besides operating trading desks, run deposit-taking franchises. Levered intermediaries’ heightened incentive to absorb risk helps to counteract liquidity-provision frictions that, in an unlevered economy, would lead...
Persistent link: https://www.econbiz.de/10010477097
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Hometown investment trust funds : an analysis of credit risk
Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad - 2014
In Asia, small and medium-sized enterprises (SMEs) account for a major share of employment and dominate the economy. Asian economies are often characterized as having bank-dominated financial systems and underdeveloped capital markets, in particular venture capital markets. Hence, looking for...
Persistent link: https://www.econbiz.de/10010425546
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Financial intermediaries and the macroeconomy : evidence from a high-frequency identification
Ottonello, Pablo; Song, Wenting - 2022 - Last updated: May 20, 2022
We provide empirical evidence of the causal effects of changes in financial intermediaries' net worth on the aggregate economy. Our strategy identifies financial shocks as high-frequency changes in the market value of intermediaries' net worth in a narrow window around their earnings...
Persistent link: https://www.econbiz.de/10013252981
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Stimulating non-bank financial institutions' participation in green investments
Gianfrate, Gianfranco; Lorenzato, Gianni - 2018
, institutional fund performance. We review the evidence about the adoption of these strategies, in both advanced and developing …
Persistent link: https://www.econbiz.de/10011893935
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Crowdfunding and risk
Cimon, David A. - 2023 - Last updated: May 29, 2023
This paper examines the role of rewards-based and equity-based crowdfunding in funding new businesses. In this model, crowdfunding is a unique technology that serves as a real option for production and eliminates downside risk. It affords entrepreneurs who face uncertain consumer demand a viable...
Persistent link: https://www.econbiz.de/10014287047
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The demise of bank-centered economy and increasing roles of credit rating in Japan
Yamori, Nobuyoshi (contributor); Asai, Yoshihiro (contributor) - 2006
After the burst of the bubble economy, Japanese economy has been changed drastically. Traditionally, Japanese economy was characterized as a bank-centered economy, but the banking system did not function well in the 1990's. Responding to banking problems, the Japanese government initiated the...
Persistent link: https://www.econbiz.de/10003321259