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Why do borrowers pledge collateral? New empirical evidence on the role of asymmetric information
Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2007
An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are …
Persistent link: https://www.econbiz.de/10010292292
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Why do borrowers pledge collateral? : New empirical evidence on the role of asymmetric information
Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2007 - Rev.
An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are …
Persistent link: https://www.econbiz.de/10003730563
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Interbank lending, credit risk premia and collateral
Heider, Florian; Hoerova, Marie - 2009
crisis ; Interbank market ; Liquidity ; Credit risk ; Collateral …We study the functioning of secured and unsecured interbank markets in the presence of credit risk. The model generates … secured and unsecured markets following an adverse shock to credit risk. The scarcity of underlying collateral may amplify the …
Persistent link: https://www.econbiz.de/10003963805
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The topology of the federal funds market
Bech, Morten L.; Atalay, Enghin - 2008
We explore the network topology of the federal funds market. This market is important for distributing liquidity throughout the financial system and for the implementation of monetary policy. The recent turmoil in global financial markets underscores its importance. We find that the network is...
Persistent link: https://www.econbiz.de/10011605032
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Spatial effects of foreign direct investment in US states
Bode, Eckhardt; Nunnenkamp, Peter; Waldkirch, Andreas - 2009
This paper estimates the aggregate productivity effects of Marshallian externalities generated by foreign direct investments (FDI) in the US. In contrast to earlier work, this paper puts special emphasis on controlling for Marshallian externalities and other intra- and inter-regional spillovers...
Persistent link: https://www.econbiz.de/10010265244
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Minimum wages and teen employment: A spatial panel approach
Kalenkoski, Charlene M.; Lacombe, Donald J. - 2011
The authors employ spatial econometrics techniques and Annual Averages data from the U.S. Bureau of Labor Statistics for 1990-2004 to examine how changes in the minimum wage affect teen employment. Spatial econometrics techniques account for the fact that employment is correlated across states....
Persistent link: https://www.econbiz.de/10010280722
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Penalties and optimality in financial contracts : taking stock
Robe, Michel A. (contributor);  … - 2006
A popular view of limited liability in financial contracting is that it is the result of societal preferences agnainst excessive penalties. the view of most financial economists is instead that limited liability emerged as an optimal institution when, in the absence of a clear limit on economic...
Persistent link: https://www.econbiz.de/10003324303
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Creditor-on-Creditor Violence and Secured Debt Dynamics
Antill, Samuel - 2024
Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this "creditor-on-creditor violence" trend. In our dynamic model, secured lenders enjoy higher priority in default. However,...
Persistent link: https://www.econbiz.de/10015056182
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Die Rahmenregelungen für Sicherheiten des US-Zentralbanksystems, der Bank von Japan und des Eurosystems
In: Monatsbericht / Europäische Zentralbank (2007), pp. 93-109
Persistent link: https://www.econbiz.de/10003556199
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The money market meltdown of the Great Depression
Duca, John V. - In: Journal of money, credit and banking : JMCB 45 (2013) 2/3, pp. 493-504
Persistent link: https://www.econbiz.de/10009759301