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The Federal Reserve Bank and the U.S. Treasury bought several individual corporate bonds in response to COVID-19. We show that the program purchased bonds that became highly information-sensitive due to the crisis, bonds used as collateral in the repo market by primary bond dealers, and bonds...
Persistent link: https://www.econbiz.de/10012826370
Financial institutions received billions of dollars from the U.S. Treasury in the form of preferred equity under the Troubled Asset Relief Program (TARP) in 2008. Investments were made during a bad state, but the repayments came in a relatively good time. Comparing TARP's realized returns to...
Persistent link: https://www.econbiz.de/10012834707
Despite plenty of anecdotal evidence of hidden losses in banks, there is no systematic study analyzing the economic drivers of this behavior: we simply do not get to observe what banks are hiding unless they are caught. Using a regulatory change in India that forced all commercial banks to...
Persistent link: https://www.econbiz.de/10012850226