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Efficient Markets and the Law: A Predictable Past and an Uncertain Future
Hu, Henry T.C. - In: Annual Review of Financial Economics 4 (2012) 1, pp. 179-214
This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...
Persistent link: https://www.econbiz.de/10010603964
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Analyse et mesure du risque systémique
Héam, Jean-Cyprien - Université Paris-Dauphine (Paris IX) - 2015
institution. We adapt the usual risk measures to pinpoint the funding liquidity risk and the market liquidity risk. Lastly, we …
Persistent link: https://www.econbiz.de/10011265545
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Interbank Market Liquidity and Central Bank Intervention
Allen, Franklin; Carletti, Elena; Gale, Douglas - Department of Economics, European University Institute - 2009
a lack of opportunities for banks to hedge aggregate and idiosyncratic liquidity shocks, the interbank market is … uncertainty about aggregate liquidity demand compared to idiosyncratic liquidity demand. …
Persistent link: https://www.econbiz.de/10005076083
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Stability of funding models: an analytical framework
Eisenbach, Thomas M.; Keister, Todd; McAndrews, James Joseph - In: Economic Policy Review (2014) Feb, pp. 29-47
-sheet characteristics, such as its leverage, the maturity structure of its debt, and the liquidity and riskiness of its asset portfolio …. They also show how the framework can be applied to examine current policy issues, including liquidity requirements …
Persistent link: https://www.econbiz.de/10011027147
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LIBOR: origins, economics, crisis, scandal and reform
Skeie, David Hou David - Palgrave Macmillan
The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As of 2013, LIBOR underpins more than $300 trillion of financial contracts, including swaps and futures, in addition to trillions more in variable rate mortgage and student loans....
Persistent link: https://www.econbiz.de/10010861107
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Too interconnected to fail: A survey of the interbank networks literature
Hüser, Anne-Caroline - Research Center SAFE (Sustainable Architecture for … - 2015
The banking system is highly interconnected and these connections can be conveniently represented as an interbank … contagion in the banking system and of how banks form connections when faced with the possibility of contagion and systemic risk …
Persistent link: https://www.econbiz.de/10011203160
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DOES A SIZE LIMIT RESOLVE TOO BIG TO FAIL PROBLEMS?
Drira, Mohamed; Rashid, Muhammad - In: Accounting & Taxation 5 (2013) 2, pp. 65-77
Does limiting the size of a large bank reduce its insolvency risk? This paper shows that the answer to this question depends on how exactly paring down of the bank size is done. In fact, the insolvency risk may go down or up depending on the composition of assets and liabilities of the bank...
Persistent link: https://www.econbiz.de/10011205465
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The Financial Turmoil of 2007-09: Sinners and Their Sins
Kaufman, George G. - Networks Financial Institute, Scott College of Business - 2010
The causes of the financial crisis of 2007-09 are many and varied. Indeed, the crisis may be viewed as the product of a perfect storm. This paper identifies the major culprits or sinners of the U.S. crisis and enumerates their more important sins. The culprits include central bankers, commercial...
Persistent link: https://www.econbiz.de/10010895747
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Securitization, Transparency and Liquidity
Pagano, Marco; Volpin, Paolo - Centro Studi di Economia e Finanza (CSEF) - 2008
liquidity of their primary market, at the cost of reducing secondary market liquidity or even causing it to freeze. The degree … of transparency is inefficiently low if the social value of secondary market liquidity exceeds its private value. We … analyze various types of public intervention — mandatory transparency standards, provision of liquidity to distressed banks or …
Persistent link: https://www.econbiz.de/10005087538
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Credit Ratings Failures and Policy Options
Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2009
This paper examines the role of credit rating agencies in the subprime crisis that triggered the 2007-08 financial turmoil. The focus of the paper is on two aspects of ratings that contributed to the boom and bust of the market for asset-backed securities: rating inflation and coarse information...
Persistent link: https://www.econbiz.de/10008558591