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Do Firms Mitigate Climate Impact on Employment? Evidence from US Heat Shocks
Acharya, Viral V.; Bhardwaj, Abhishek; Tomunen, Tuomas - National Bureau of Economic Research - 2023
How do firms mitigate the impact of rising temperatures on employment? Using establishment-level data, we show that … firms operating in multiple counties in the United States respond to heat shocks by reducing employment in the affected … employment but induces a spatial redistribution of economic activity …
Persistent link: https://www.econbiz.de/10014447288
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How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007
Acharya, Viral V.; Afonso, Gara; Kovner, Anna - 2013
In August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We investigate how banks scrambled for liquidity in response to this freeze and its implications for corporate borrowing. Commercial banks in the United States raised deposits and...
Persistent link: https://www.econbiz.de/10010333602
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Does the lack of financial stability impair the transmission of monetary policy?
Acharya, Viral V.; Imbierowicz, Björn; Steffen, Sascha; … - 2019
capital expenditures, and lower employment. Overall, our results suggest that banks' capital constraints at the time of an …
Persistent link: https://www.econbiz.de/10011994210
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Bank use of sovereign CDS in the eurozone crisis: Hedging and risk incentives
Acharya, Viral V.; Gündüz, Yalin; 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/10011890082
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Exorbitant privilege? Quantitative easing and the bond market subsidy of prospective fallen angels
Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; … - 2022
the sluggish adjustment of credit ratings in downgrading after M&A and adversely affecting competitors' employment and …
Persistent link: https://www.econbiz.de/10013330019
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Risk-sharing and the creation of systemic risk
Acharya, Viral V.; Iyer, Aaditya M.; Sundaram, Rangarajan K. - In: Journal of Risk and Financial Management 13 (2020) 8, pp. 1-18
We address the paradox that financial innovations aimed at risk-sharing appear to have made the world riskier. Financial innovations facilitate hedging idiosyncratic risks among agents; however, aggregate risks can be hedged only with liquid assets. When risk-sharing is primitive, agents...
Persistent link: https://www.econbiz.de/10012611389
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Zombie credit and (dis-)inflation: Evidence from Europe
Acharya, Viral V.; Crosignani, Matteo; Eisert, Tim; … - 2020
We show that "zombie credit" - cheap credit to impaired firms - has a disinflationary effect. By helping distressed firms to stay afloat, such credit creates excess production capacity, thereby putting downward pressure on product prices. Granular European data on inflation, firms, and banks...
Persistent link: https://www.econbiz.de/10012619532
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The Dodd-Frank Act and Basel III: Intentions, unintended consequences, and lessons for emerging markets
Acharya, Viral V. - 2012
This paper is an attempt to explain the changes to finance sector reforms under the Dodd-Frank Act in the United States and Basel III requirements globally; their unintended consequences; and lessons for currently fast-growing emerging markets concerning finance sector reforms, government...
Persistent link: https://www.econbiz.de/10010397320
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Market failures and regulatory failures: Lessons from past and present financial crises
Acharya, Viral V.; Cooley, Thomas; Richardson, Matthew; … - 2011
The paper analyzes the financial crisis of through the lens of market failures and regulatory failures. We present a case that there were four primary failures contributing to the crisis: excessive risk-taking in the financial sector due to mispriced government guarantees; regulatory focus on...
Persistent link: https://www.econbiz.de/10010286114
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Caught between Scylla and Charybdis? Regulating bank leverage when there is rent seeking and risk shifting
Acharya, Viral V.; Mehran, Hamid; Thakor, Anjan - 2010
Banks face two different kinds of moral hazard problems: asset substitution by shareholders (e.g., making risky, negative net present value loans) and managerial rent seeking (e.g., investing in inefficient 'pet' projects and consuming perquisites that yield private benefits). The privately...
Persistent link: https://www.econbiz.de/10010287043