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Did capital requirements and fair value accounting spark fire sales in distressed mortgage-backed securities?
Merrill, Craig B.; Nadauld, Taylor D.; Stulz, René M.; … - 2012
Much attention has been paid to the large decreases in value of non-agency residential mortgage-backed securities (RMBS) during the financial crisis. Many observers have argued that the fall in prices was partly driven by decreased liquidity and fire sales. We investigate whether capital...
Persistent link: https://www.econbiz.de/10009625918
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Liquid-claim production, risk management, and bank capital structure : why high leverage is optimal for banks
DeAngelo, Harry; Stulz, René M. - In: Journal of financial economics 116 (2015) 2, pp. 219-236
Persistent link: https://www.econbiz.de/10011348525
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Why do banks practice regulatory arbitrage? : evidence from usage of trust preferred securities
Boyson, Nicole M.; Fahlenbrach, Rüdiger; Stulz, René M. - 2014
We investigate why only some banks use regulatory arbitrage. We predict that banks wanting to be riskier than allowed by capital regulations (constrained banks) use regulatory arbitrage while others do not. We find support for this hypothesis using trust preferred securities (TPS) issuance, a...
Persistent link: https://www.econbiz.de/10010353295
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Why do banks practice regulatory arbitrage? : evidence from usage of trust preferred securities
Boysen, Nicole M.; Fahlenbrach, Rüdiger; Stulz, René M. - 2014
Persistent link: https://www.econbiz.de/10010339655
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Why do banks practice regulatory arbitrage? : evidence from usage of trust preferred securities
Boyson, Nicole M.; Fahlenbrach, Rüdiger; Stulz, René M. - 2014
Persistent link: https://www.econbiz.de/10010340285
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Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities
Boyson, Nicole M. - 2014
issuance of common stock was negative due to repurchases. We assume that, in the absence of capital requirements, a bank has an … optimal capital structure that depends on its business model. Capital requirements can impose constraints on bank decisions …. If a bank's optimal capital structure also meets regulatory capital requirements with a sufficient buffer, the bank is …
Persistent link: https://www.econbiz.de/10013056600
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Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities
Boyson, Nicole - 2014
issuance of common stock was negative due to repurchases. We assume that, in the absence of capital requirements, a bank has an … optimal capital structure that depends on its business model. Capital requirements can impose constraints on bank decisions …. If a bank's optimal capital structure also meets regulatory capital requirements with a sufficient buffer, the bank is …
Persistent link: https://www.econbiz.de/10012458680
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The Unicorn Puzzle
Davydova, Daria; Fahlenbrach, Rüdiger; Sanz, Leandro; … - 2023
From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...
Persistent link: https://www.econbiz.de/10014236270
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The Unicorn Puzzle
Davydova, Daria; Fahlenbrach, Rüdiger; Sanz, Leandro; … - National Bureau of Economic Research - 2022
From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...
Persistent link: https://www.econbiz.de/10013435166
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Does Greater Public Scrutiny Hurt a Firm's Performance?
Bennett, Benjamin; Stulz, René M.; Wang, Zexi - National Bureau of Economic Research - 2023
Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management's decisions and distracting it. We use inclusion in the S&P 500 index as a positive shock to public attention. Media coverage, Google searches, SEC downloads, SEC comment...
Persistent link: https://www.econbiz.de/10013537752