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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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Are there too many safe securities? Securitization and the incentives for information production
Hanson, Samuel G.; Sunderam, Adi - In: Journal of Financial Economics 108 (2013) 3, pp. 565-584
We present a model that helps explain several past collapses of securitization markets. Originators issue too many …
Persistent link: https://www.econbiz.de/10010665555
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Ökonomische Analyse europäischer Bankenregulierung: Verbriefung und Interbankenmarkt im Fokus
Bobek, Andreas; Bohm, Thomas; Neuner, Stefan; Paintner, … - Rechts- und Wirtschaftswissenschaftliche Facultät, … - 2011
Die Bankenneuregulierung der Europäische Kommission sieht eine Beschränkung der Kreditvergabe im Interbankenmarkt auf 25 % des Eigenkapitals sowie einen Selbsteinbehalt des Originators in Höhe von 5 % am gesamten zu verbriefenden Forderungsportfolio vor. Eine starre Regulierung führt aber...
Persistent link: https://www.econbiz.de/10009646487
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Local versus aggregate lending channels: the effects of securitization on corporate credit supply
Jiménez, Gabriel; Mian, Atif; Peydró, José-Luis; … - Banco de España - 2011
dynamics nullify the strong local (bank-level) lending channel of securitization on credit quantity for firms with multiple … banking relationships. Credit terms however become softer, but there are no real effects. Securitization implies a credit … securitization collapse reverses the local lending channel. …
Persistent link: https://www.econbiz.de/10009319591
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Determinants of Structured Finance Issuance - A Cross-Country Comparison
Schuetz, Sebastian A. - 2011
understanding for the motivation to originate securitization products is less discovered. Therefor this paper tries to identify main … to securitize that are in line with observable behavior of market participants. US banks use securitization mainly as … and performance improvement. For German banks securitization seems to be an appropriate funding tool. The proposed …
Persistent link: https://www.econbiz.de/10010614506
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Uncertainty and the financial crisis
Pacces, Alessio M. - In: Journal of Financial Transformation 29 (2010), pp. 79-93
by looking at the specific dynamics of financial innovation through securitization of illiquid assets. Particularly, a …
Persistent link: https://www.econbiz.de/10008498520
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Role of regulation in micro finance: jurisdictional analysis
Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2013
This paper not only addresses how linkages, direct and facilitating linkages, can benefit microfinance institutions – and particularly in jurisdictions where the Savings Group Outreach involvement is particularly low, but also illustrates ways and means whereby group lending and other more...
Persistent link: https://www.econbiz.de/10011259552
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Role of regulation in micro finance: jurisdictional analysis
Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2013
This paper not only addresses how linkages, direct and facilitating linkages, can benefit microfinance institutions – and particularly in jurisdictions where the Savings Group Outreach involvement is particularly low, but also illustrates ways and means whereby group lending and other more...
Persistent link: https://www.econbiz.de/10011260320
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Issues in Private-Sector Finance in Israel
Hemmings, Philip - Economics Department, Organisation de Coopération et … - 2011
of the banking sector helped this segment avoid a financial meltdown, and low loan-to-value ratios in mortgage lending …
Persistent link: https://www.econbiz.de/10009386332
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Predatory Short Selling
Brunnermeier, Markus K.; Oehmke, Martin - National Bureau of Economic Research (NBER) - 2013
Financial institutions may be vulnerable to predatory short selling. When the stock of a financial institution is shorted aggressively, leverage constraints imposed by short-term creditors can force the institution to liquidate long-term investments at fire sale prices. For financial...
Persistent link: https://www.econbiz.de/10010699609