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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/10010286571
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Securitization and moral hazard: Evidence from credit score cutoff rules
Bubb, Ryan; Kaufman, Alex - 2011
research has hypothesized that these cutoff rules result from a securitization rule of thumb. Under this theory, an observed … jump in defaults at the cutoff would imply that securitization led to lax screening. We argue instead that originators … that securitization caused lax screening. We examine loan-level data and find that the evidence is inconsistent with the …
Persistent link: https://www.econbiz.de/10010286944
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The bonus-driven "rainmaker" financial firm : how these firms enrich top employees, destroy shareholder value and create system financial instability
Crotty, James R. - 2009
We recently experienced a global financial crisis so severe that only massive rescue operations by governments around the world prevented a total financial market meltdown and perhaps another global Great Depression. One necessary precondition for the crisis was the perverse, bonus-driven...
Persistent link: https://www.econbiz.de/10003989513
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Some considerations on the challenges to the economic science
Doroftei, Irina Mădălina - In: Romanian journal of fiscal policy : RJFP 3 (2012) 1, pp. 20-27
The recent crisis of 2008 has revealed several challenges for the economic science, sparking a considerable amount of debate regarding the profession of economists and the role of macroeconomics and monetary policies. The first question that arose was why there was a lack of anticipation of the...
Persistent link: https://www.econbiz.de/10009548646
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Why is US Dollar Bond Funding for International Banks More Expensive?
Poskitt, Russell - 2011
This paper decomposes issue spreads on USD-denominated bonds issued during the period between mid-2005 and mid-2010 into credit risk and liquidity premium components. Regression analysis shows that the behaviour of the credit risk component is well-explained by a structural model of default,...
Persistent link: https://www.econbiz.de/10013121342
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Market Making and Proprietary Trading in the US Corporate Bond Market
Dastarac, Hugues - 2019
I study broker-dealers' trading activity in the US corporate bond market. I find evidence of broker-dealer market making when customers both buy and sell a bond in a day, which happens half of the time: as predicted by market making theories with adverse selection or inventory costs, prices go...
Persistent link: https://www.econbiz.de/10012870480
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The Sources of Risk Spillovers Among US REITs : Financial Characteristics and Regional Proximity
Adams, Zeno - 2016
In this paper, we estimate the risk spillovers among 74 U.S. REITs using the state-dependent sensitivity value-at-risk (SDSVaR) approach. This methodology allows for the quantification of the spillover size as a function of a company's financial condition (tranquil, normal, and volatile REIT...
Persistent link: https://www.econbiz.de/10013007129
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The Sources of Risk Spillovers Among U.S. REITs : Financial Characteristics and Regional Proximity
Adams, Zeno - 2016
In this paper, we estimate the risk spillovers among 74 U.S. REITs using the state-dependent sensitivity value-at-risk (SDSVaR) approach. This methodology allows for the quantification of the spillover size as a function of a company's financial condition (tranquil, normal, and volatile REIT...
Persistent link: https://www.econbiz.de/10013007702
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Long-Term Trends in Intra-Financial Sector Lending in the U.S. 1950-2012
Montecino, Juan - 2015
This paper examines the evolution of intra-financial sector lending in the United States, 1950- 2012, presenting estimates constructed from the Federal Reserve's Flow of Funds Accounts. We establish a number of stylized facts concerning the growth and composition of claims between financial...
Persistent link: https://www.econbiz.de/10013012950
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Components of U.S. Financial Sector Growth, 1950-2013
Antill, Samuel - 2014
The U.S. financial sector grew steadily as a share of the total business sector from 1959 until the recent financial crisis, when the trend reversed. In this article, the authors develop measures based on firm-level data to estimate the size of the financial sector and its subsectors relative to...
Persistent link: https://www.econbiz.de/10013055770