Showing 71 - 80 of 184,658
We measure aggregate productivity loss due to credit market constraints in a model with endogenous borrowing constraints, long-duration bonds, and costly equity payouts. Due to long-duration bonds, the model generates a realistic distribution of credit spreads. We structurally estimate our model...
Persistent link: https://www.econbiz.de/10012850336
The determinants of default risk of banks in emerging economies have so far received inadequate attention in the … to be stable in containing bad debts, as they have better risk management procedures and technology, which definitely …
Persistent link: https://www.econbiz.de/10010507831
We investigate liquidity shocks and shocks to fundamentals during financial crises at commercial banks, investment banks, and hedge funds. Liquidity shock amplification models assume that widespread funding problems cause fire sales. We find that most banks do not experience funding declines...
Persistent link: https://www.econbiz.de/10013069667
This is a chapter for the forthcoming book in West Publishing Company's Inside the Minds Series focusing on Financial Services Enforcement and Compliance (published by Aspatore Books). This chapter provides an overview of nature and current state of the markets for the equity side and debt...
Persistent link: https://www.econbiz.de/10013063503
This paper analyzes whether differences in institutional structures on capital markets contribute to explaining why some OECD-countries, in particular the Anglo-Saxon countries, have been much more successful over the last two decades in producing employment growth and in reducing unemployment...
Persistent link: https://www.econbiz.de/10013320887
This paper used an economic model of systemic risk given by Acharya (2016) to measure the state of systemic risk in … undercapitalization of Indian financial firm has increased 3 fold during COVID-19 Pandemic ensuing systemic risk has been increased during … a simple and robust indicator of systemic risk. It has been found that the correlations of financial firm stock returns …
Persistent link: https://www.econbiz.de/10013219500
This paper contributes to an emerging literature aimed at uncovering the linkages between biodiversity loss and financial instability, by exploring biodiversity-related financial risks (BRFR) in France. We first build on previous studies and propose an analytical framework to understand BRFR,...
Persistent link: https://www.econbiz.de/10013306416
This paper analyzes the impact of US firms’ equity risk on bank lending standards and on the macroeconomy for two … groups: small and medium-large firms. The results indicate that a higher level of firm risk leads to a higher percentage of …-large firms. The finding provides support for the Risk Management Hypothesis, under which banks decrease lending to risky …
Persistent link: https://www.econbiz.de/10013462030
The rise of bond financing in EuropeUsing large panel data of public and private firms, this paper dissects the growth of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of bond issuers has shifted, with the entry of many smaller...
Persistent link: https://www.econbiz.de/10013198743
The difference between corporate bond yields at issuance and in secondary markets, the "issuance premium", spikes in bad times, increasing firms' costs of capital. Leveraging new bond-level data, I estimate a model of primary markets with imperfectly elastic investors and endogenous firms'...
Persistent link: https://www.econbiz.de/10014236586