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The Riskiness of Credit Allocation and Financial Stability
Brandao-Marques, Luis - 2019
We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we show that the riskiness of credit allocation, captured by Greenwood and Hanson...
Persistent link: https://www.econbiz.de/10012859862
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The Effect of Common Ownership on Investment Decisions under Uncertainty
Baek, In Gyun - 2020
This paper examines the effects of firm-level common ownership on the level and efficiency of investment when firms … a deadweight loss for the economy through decreased investment. Proponents of common ownership suggest that it allows … firms to increase investment due to a reduced threat of involuntary knowledge spillover to rivals. This study contributes to …
Persistent link: https://www.econbiz.de/10012836263
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Entrepreneurial Ability, Venture Investments and Risk Sharing
Amit, Raphael ('Raffi") H. - 2011
This study seeks to fill a gap in the research on the behavior of entrepreneurs, their decisions to develop their firms independently or with venture capitalists, and the relation to their abilities and to the value in making that ability known, even at a cost. Information asymmetry exists when...
Persistent link: https://www.econbiz.de/10013134195
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The dependency of the banks' assets and liabilities : evidence from Germany
Memmel, Christoph; Schertler, Andrea - 2009
Developments in risk-transfer instruments and risk management techniques in the last two decades have fundamentally changed how banks manage their assets and liabilities. In this document we show that, for all three sectors of German universal banks (private commercial banks, savings banks, and...
Persistent link: https://www.econbiz.de/10003891984
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Credit intermediation and the transmission of macrofinancial uncertainty : international evidence
Gächter, Martin; Geiger, Martin; Stöckl, Sebastian - 2019
We examine the transmission of global macro-financial uncertainty to economic activity depending on the current state of the banking sector. Previous literature suggests that credit supply and uncertainty shocks are important drivers of economic activity, but the distinction between the two is...
Persistent link: https://www.econbiz.de/10012107017
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Endogenous Debt Maturity : Liquidity Risk vs. Default Risk
Manuelli, Rodolfo - 2019
We study the endogenous determination of corporate debt maturity in a setting with default risk. We assume that firms must access the bond market and they issue debt with a flexible structure (coupon, face value, and maturity). Initially, the firm is in a low growth/illiquid state that requires...
Persistent link: https://www.econbiz.de/10012897314
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Managerial Incentives from Option Compensation and Risky Guarantees
Sender, Samuel J. - 2016
This paper solves the dynamic investment problem of a risk averse agent compensated with a performance related bonus …
Persistent link: https://www.econbiz.de/10013002983
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Locally Adapt Risks Minimizing
Chule, Siyabonga - 2017
The significant excess of the price of risk, research question in the version paper, [S. Chule, in Applied Mathematical Finance, submitted June 2016], is space-domain form re-evaluated into the stochastic problem objective of the premium risk. The adapts of the conventional generic replication...
Persistent link: https://www.econbiz.de/10012954725
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The Impact of Systemic and Illiquidity Risk on Financing with Risky Collateral
Lillo, Fabrizio - 2014
Repurchase agreements (repos) are one of the most important sources of funding liquidity for many financial investors and intermediaries. In a repo, some assets are given by a borrower as collateral in exchange of funding. The capital given to the borrower is the market value of the collateral,...
Persistent link: https://www.econbiz.de/10013056303
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Clearinghouses and Systemic Risk
Saguato, Paolo; Ferrarini, Guido - 2022
After the 2008 financial crisis, over-the-counter derivatives markets were closely examined and determined to be a contributing factor. At the time, the four primary concerns with the derivatives markets were: (1) the limited number of interconnected market players, which raised the risk of...
Persistent link: https://www.econbiz.de/10013310618