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Dealer financial conditions and lender-of-last-resort facilities
Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - 2014
provided liquidity against a range of assets during 2008-09. Dealers with lower equity returns and greater leverage prior to … liquidity in explaining dealer behavior. The results suggest that both financial performance and balance sheet liquidity play a …
Persistent link: https://www.econbiz.de/10010404154
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Dealer financial conditions and lender-of-last-resort facilities
Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - In: Journal of financial economics 123 (2017) 1, pp. 81-107
Persistent link: https://www.econbiz.de/10011725183
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Bank use of sovereign CDS in the eurozone crisis : hedging and risk incentives
Acharya, Viral V.; Gündüz, Yalın; Johnson, Tim - 2018
Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008-2013. Banks used the sovereign CDS market to extend, rather than hedge, their long exposures to sovereign risk during this period....
Persistent link: https://www.econbiz.de/10011888333
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Bank use of sovereign CDS in the Eurozone crisis : hedging and risk incentives
Acharya, Viral V.; Gündüz, Yalın; Johnson, Tim - 2021
Persistent link: https://www.econbiz.de/10012667120
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Bank Use of Sovereign CDS in the Eurozone Crisis : Hedging and Risk Incentives
Acharya, Viral V. - 2019
Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008-2013. Banks used the sovereign CDS market to extend, rather than hedge, their long exposures to sovereign risk during this period....
Persistent link: https://www.econbiz.de/10012898392
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Bank use of sovereign CDS in the Eurozone crisis : hedging and risk incentives
Acharya, Viral V.; Gündüz, Yalın; Johnson, Tim - In: Journal of financial intermediation 50 (2022), pp. 1-18
Persistent link: https://www.econbiz.de/10013348118
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Bank Use of Sovereign CDS in the Eurozone Crisis : Hedging and Risk Incentives
Acharya, Viral V.; Gündüz, Yalin; Johnson, Timothy C. - 2021
Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008-2013. Banks used the sovereign CDS market to extend, rather than hedge, their long exposures to sovereign risk during this period....
Persistent link: https://www.econbiz.de/10013222131
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Lender of last resort versus buyer of last resort : the impact of the European Central Bank actions on the bank-sovereign nexus
Acharya, Viral V.; Pierret, Diane; Steffen, Sascha - 2016 - This version: February 29, 2016
In summer 2011, elevated sovereign risk in Eurozone peripheral countries increased the solvency risk of Eurozone banks … public funds to increase their exposure to risky domestic debt, so that when solvency risk in the Eurozone worsened the run … of private short-term investors from Eurozone banks intensified. (ii) In contrast, ECB’s announcement of being a …
Persistent link: https://www.econbiz.de/10011436391
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Lender of last resort versus buyer of last resort : evidence from the European sovereign debt crisis
Acharya, Viral V.; Pierret, Diane; Steffen, Sascha - 2018
We document the mechanism through which the risk of fire sales in the sovereign bond market contributed to the effectiveness of two major central bank interventions designed to restore financial stability during the European sovereign debt crisis. As a lender of last resort via the long-term...
Persistent link: https://www.econbiz.de/10011899821
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Liquidity risk and correlation risk : a clinical study of the General Motors and Ford downgrade of May 2005
Acharya, Viral V. (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003638347