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Market Liquidity, Asset Prices, and Welfare
Huang, Jennifer C. - 2010
This paper presents an equilibrium model for the demand and supply of liquidity and its impact on asset prices and … liquidity and large price deviations from fundamentals. Moreover, market forces fail to lead to efficient supply of liquidity … efficiency consequences. For example, lowering the cost of supplying liquidity on the spot (e.g., through direct injection of …
Persistent link: https://www.econbiz.de/10013143860
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Why High Leverage is Optimal for Banks
DeAngelo, Harry - 2013
Liquidity production is a central role of banks. We show that, under idealized conditions, high leverage is optimal for … zero weight to the social value of liquidity, it is an inappropriately equity-biased baseline for assessing whether the …
Persistent link: https://www.econbiz.de/10013080218
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Basel III : long-term impact on economic performance and fluctuations
Angelini, Paolo; Clerc, Laurent; Cúrdia, Vasco; … - 2011
Persistent link: https://www.econbiz.de/10009540647
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On the welfare implications of restricting bankruptcy information
Chen, Daphne; Corbae, Dean - In: Journal of macroeconomics 33 (2011) 1, pp. 4-13
Persistent link: https://www.econbiz.de/10009129897
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Creditor rights and corporate risk-taking
Acharya, Viral V. - 2009
We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying...
Persistent link: https://www.econbiz.de/10012463080
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Market Liquidity, Asset Prices and Welfare
Huang, Jennifer - 2008
This paper presents an equilibrium model for the demand and supply of liquidity and its impact on asset prices and … liquidity and large price deviations from fundamentals. Moreover, market forces fail to lead to efficient supply of liquidity … efficiency consequences. For example, lowering the cost of supplying liquidity on the spot (e.g., through direct injection of …
Persistent link: https://www.econbiz.de/10012464588
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Money, liquidity and welfare
Wen, Yi - In: European economic review : EER 76 (2015), pp. 1-24
Persistent link: https://www.econbiz.de/10011522772
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Participation and welfare in auctions with default
Lee, Joosung; Li, Daniel Z. - In: Economics letters 183 (2019), pp. 1-4
Persistent link: https://www.econbiz.de/10012122630
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Why High Leverage is Optimal for Banks
DeAngelo, Harry - 2013
Liquidity production is a central role of banks. We show that, under idealized conditions, high leverage is optimal for … zero weight to the social value of liquidity, it is an inappropriately equity-biased baseline for assessing whether the …
Persistent link: https://www.econbiz.de/10012459523
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Creditor Rights and Corporate Risk-Taking
Acharya, Viral V. - 2010
We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying...
Persistent link: https://www.econbiz.de/10013149976