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How Law Affects Lending
Haselmann, Rainer; Pistor, Katharina; Vig, Vikrant - Volkswirtschaftliche Fakultät, … - 2006
A voluminous literature seeks to explore the relation between law and finance, but offers little insights into dynamic relation between legal change and behavioral outcomes or about the distributive effects of law on different market participants. The current paper disentangles the law-finance...
Persistent link: https://www.econbiz.de/10005619459
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Why borrowers pay premiums to larger lenders: Empirical evidence from sovereign syndicated loans
Hallak, Issam - Center for Financial Studies - 2002
All other terms being equal (e.g. seniority), syndicated loan contracts provide larger lending compensations (in percentage points) to institutions funding larger amounts. This paper explores empirically the motivation for such a price design on a sample of sovereign syndicated loans in the...
Persistent link: https://www.econbiz.de/10010958529
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Why Borrowers Pay Premiums to Larger Lenders: Empirical Evidence from Sovereign Syndicated Loans
Hallak, Issam - Centro Studi di Economia e Finanza (CSEF) - 2004
All other terms being equal (e.g. seniority), syndicated loan contracts provide larger lending compensations (in percentage points) to institutions funding larger amounts. This paper explores empirically the motivation for such a price design on a sample of sovereign syndicated loans in the...
Persistent link: https://www.econbiz.de/10005802086
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Innovation, financial constraints and relationship lending: firm-level evidence in times of crisis
Brancati, Emanuele - Dipartimento di Economia e Finanza (DEF), Libera … - 2014
the effects of financial barriers to the innovation propensity of Italian SMEs. Employing direct measures of financial … significantly lower than sound companies (-30%). Results document the existence of a feedback-effect of innovation on firmsÕ … of soft information in mitigating financial obstacles to innovation by improving the financial condition of more opaque …
Persistent link: https://www.econbiz.de/10010791328
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Innovation, financial constraints and relationship lending: evidence from Italy during the recent crises
Brancati, Emanuele - Volkswirtschaftliche Fakultät, … - 2013
quantifies the effects of financial barriers to the innovation propensity of Italian companies. Employing direct measures of … feedback-effect of innovation on firms' financial position. Results suggest that the innovative propensity of a company is … reflected onto a stronger depressive effect of financial constraints on innovation (-34%). Finally, the paper also provides …
Persistent link: https://www.econbiz.de/10011111865
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Crisis Management at Cross-Roads
Ayadi, Rym; Balling, Morten; Caruana, Jaime; Evenepoel, … - SUERF - The European Money and Finance Forum
On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.
Persistent link: https://www.econbiz.de/10008544609
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In the wake of the crisis: dealing with distressed debt across the transition region
De Haas, Ralph; Knobloch, Stephan - European Bank for Reconstruction and Development (EBRD) - 2010
This paper reviews the origin and spread of the distressed debt problem in the transition region. We argue that while the crisis was triggered abroad, the current high level of distressed debt in various transition countries mainly reflects home-grown vulnerabilities. As in the West, the root...
Persistent link: https://www.econbiz.de/10008503260
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State-Owned Banks, Stability, Privatization, and Growth; Practical Policy Decisions in a World without Empirical Proof
Andrews, Michael - International Monetary Fund (IMF) - 2005
This paper provides an overview of the possible linkages between state-owned banks, privatization, and banking sector crises. Data on privatizations in over 65 countries is used together with data from the banking crisis literature to consider the relationship between state-owned banks and...
Persistent link: https://www.econbiz.de/10005769003
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Basel III: Is the cure worse than the disease?
Allen, Bill; Chan, Ka Kei; Milne, Alistair; Thomas, Steve - In: International Review of Financial Analysis 25 (2012) C, pp. 159-166
This paper discusses the economic impact of the Basel III reforms to banking regulation. We find that the long-term impact should be much less than many in the industry fear but the required accompanying changes to business models, business processes and governance, need to be carefully managed...
Persistent link: https://www.econbiz.de/10010603429
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Was the Crisis due to a shift from stakeholder to shareholder finance? Surveying the debate
Ferri, Giovanni; Leogrande, Angelo - Money and Finance Research group (Mo.Fi.R.) - 2015
We discuss the literature on the shift from stakeholder to shareholder finance behind the Great Financial Crisis (GFC). Traditional banks generally maximized stakeholder value (STV). But before the GFC also many of them started maximizing shareholder value (SHV). Moving from STV to SHV often...
Persistent link: https://www.econbiz.de/10011273101