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The Marketability of Bank Assets and Managerial Rents : Implications for Financial Stability
Fecht, Falko - 2016
banks' dependence on individual bank managers as private information in the lending process declines. In this paper we argue … bank managers and shareholders becomes less severe. Consequently, banks' capital structure needs to be less concerned with … adverse return shocks. However, limiting the hold-up problem also diminishes bank managers' rents, reducing their incentives …
Persistent link: https://www.econbiz.de/10012989289
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Corporate transparency and bond liquidity
Fecht, Falko; Füss, Roland; Rindler, Philipp - 2014
To answer the question what causes an asset to be illiquid, we analyze the impact that transparency of corporate accounting information has on the liquidity of its traded bonds. In particular, we focus on how this relationship depends on aggregate liquidity and the financial state of the firm....
Persistent link: https://www.econbiz.de/10010410239
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The intraday interest rate : what’s that?
Abbassi, Puriya; Fecht, Falko; Tischer, Johannes - 2015
We study the intraday interest rate in a CCP-based GC pooling repo market and its key determinants. Since collateral used in this market is identical to collateral eligible for the daylight overdraft facility of the Eurosystem, any intraday rate in this market cannot be a result of collateral...
Persistent link: https://www.econbiz.de/10011308459
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The fire-sale channels of universal banks in the European sovereign debt crisis
Bagattini, Giulio; Fecht, Falko; Weber, Patrick - 2019
risky sovereign bond holdings, while bank-affiliated mutual funds acquired more risky sovereign bonds compared to their … unaffiliated peers. The larger the risky sovereign bond position a fund acquired from its parent bank, the lower are the fund …
Persistent link: https://www.econbiz.de/10012125233
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International financial integration, crises, and monetary policy : evidence from the Euro area interbank crises international financial integration, crises, and monetary policy : e...
Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - 2017 - This version: July, 2017
We analyze how financial crises affect international financial integration, exploiting euro area proprietary interbank data, crisis and monetary policy shocks, and variation in loan terms to the same borrower on the same day by domestic versus foreign lenders. Crisis shocks reduce the supply of...
Persistent link: https://www.econbiz.de/10011704823
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Cross-border liquidity, relationships and monetary policy : evidence from the Euro area interbank crisis
Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - 2014 - This version: November 2014
the proprietary bank-to-bank European interbank dataset extracted from Target2 and also exploit the Lehman and sovereign …
Persistent link: https://www.econbiz.de/10010471858
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Cross-Border Interbank Liquidity, Crises, and Monetary Policy
Abbassi, Puriya - 2020
We analyze how the Lehman and sovereign crises affect cross-border interbank liquidity, exploiting euro-area proprietary interbank data, crisis and monetary shocks, and loan terms to the same borrower during the same day by domestic versus foreign lenders. Crisis shocks reduce the supply of...
Persistent link: https://www.econbiz.de/10012856315
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Cross-Border Liquidity, Relationships and Monetary Policy : Evidence from the Euro Area Interbank Crisis
Abbassi, Puriya - 2016
the proprietary bank-to-bank European interbank dataset extracted from Target2 and also exploit the Lehman and sovereign …
Persistent link: https://www.econbiz.de/10012988708
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International Financial Integration, Crises, and Monetary Policy : Evidence from the Euro Area Interbank Crises
Abbassi, Puriya - 2017
We analyze how financial crises affect international financial integration, exploiting euro area proprietary interbank data, crisis and monetary policy shocks, and variation in loan terms to the same borrower on the same day by domestic versus foreign lenders. Crisis shocks reduce the supply of...
Persistent link: https://www.econbiz.de/10012948677
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The Fire-sale Channels of Universal Banks in the European Sovereign Debt Crisis
Bagattini, Giulio; Fecht, Falko; Weber, Patrick - 2021
risky sovereign bond holdings, while bank-affiliated mutual funds acquired more risky sovereign bonds compared to their … unaffiliated peers. The larger the risky sovereign bond position a fund acquired from its parent bank, the lower are the fund …
Persistent link: https://www.econbiz.de/10013315330