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The Future of Securities Regulation
Zingales, Luigi - Fondazione ENI Enrico Mattei (FEEM) - 2009
The U.S. system of security law was designed more than 70 years ago to regain investors’ trust after a major financial …
Persistent link: https://www.econbiz.de/10005012131
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Social capital and the cost of credit: evidence from a crisis
Mistrulli, Paolo Emilio; Vacca, Valerio - Banca d'Italia - 2015
Social capital is a key factor affecting the functioning of financial markets (Guiso, Sapienza and Zingales, 2004). However, the estimation of the effect of social capital on credit markets is notoriously difficult. In this paper we exploit the recent Lehman Brothers crisis and a rich dataset to...
Persistent link: https://www.econbiz.de/10011265441
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The interbank market puzzle
Allen, Franklin; Covi, Giovanni; Gu, Xian; Kowalewski, Oskar - 2020
argue that the existing differences in interbank market usage can be explained by the trust of the market participants in …. Specifically, banks originating from a country that has lower level of trust tend to have lower interbank borrowing. Using a … proprietary dataset on bilateral exposures, we investigate the Euro Area interbank network and find the effect of trust relies on …
Persistent link: https://www.econbiz.de/10012422036
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The interbank market puzzle
Allen, Franklin; Covi, Giovanni; Gu, Xian; Kowalewski, Oskar - 2020
argue that the existing differences in interbank market usage can be explained by the trust of the market participants in …. Specifically, banks originating from a country that has lower level of trust tend to have lower interbank borrowing. Using a … proprietary dataset on bilateral exposures, we investigate the Euro Area interbank network and find the effect of trust relies on …
Persistent link: https://www.econbiz.de/10012163959
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Procyclicality in central counterparty margin models: A conceptual tool kit and the key parameters
Odabasioglu, Alper - 2023
Central counterparty (CCP) initial margin models are procyclical by nature, and CCPs use antiprocyclicality (APC) tools to mitigate this. However, despite the widespread use of such tools, margin models of CCPs around the world reacted severely to the heightened volatility during the March 2020...
Persistent link: https://www.econbiz.de/10014541739
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The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments
Mücke, Christian; Pelizzon, Loriana; Pezone, Vincenzo; … - 2022
Persistent link: https://www.econbiz.de/10013359271
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The carrot and the stick: Bank bailouts and the disciplining role of board appointments
Mücke, Christian; Pelizzon, Loriana; Pezone, Vincenzo; … - 2021
We empirically examine the Capital Purchase Program (CPP) used by the US government to bail out distressed banks with equity infusions during the Great Recession. We find strong evidence that a feature of the CPP - the government's ability to appoint independent directors on the board of an...
Persistent link: https://www.econbiz.de/10012648566
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The future of securities regulation
Zingales, Luigi - 2009
The U.S. system of security law was designed more than 70 years ago to regain investors' trust after a major financial … ; Securities Regulation ; Trust …
Persistent link: https://www.econbiz.de/10008809093
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Overpaid CEOs Got FDIC Debt Guarantees
Wilson, Linus - 2011
From 2008 to 2009, the FDIC guaranteed hundreds of billions of dollars of newly issued bank debt through the Temporary Liquidity Guarantee Program (TLGP). We find that CEOs making more than their peer groups were significantly more likely to steer their companies to obtain federal guarantees for...
Persistent link: https://www.econbiz.de/10013117139
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Does Receiving TARP Funds Make it Easier to Roll Your Commercial Paper Onto the Fed?
Wilson, Linus - 2011
The Commercial Paper Funding Facility (CPFF) bought commercial paper from highly-rated issuers of U.S. dollar commercial paper during the financial crisis of 2008 to 2009. This is the only study to analyze the characteristics of firms selected for this Federal Reserve program. CPFF participants...
Persistent link: https://www.econbiz.de/10013121435