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A Note to Congress-Amend Section 546(e) of the Bankruptcy Code to Harmonize the Underlying Policies of Fraudulent Conveyance Law and Protection of the Financial Markets

Marchetti, Peter - 2018

Persistent link: https://www.econbiz.de/10012931408

Analysis of Credit Risk, Efficiency, Liquidity, and Profitability of Selected Non-Bank Financial Institution : An Empirical Study

Akhter, Sabrina - 2017

Financial institutes are the lifeblood of the financial system of any country that plays an intermediary between the surplus and deficit unit of any society. So the efficiency and performance of a financial institution is the indication of sound financial system. In this study the authors are...

Persistent link: https://www.econbiz.de/10012958800

How voluntary information sharing systems form: Evidence from a U.S. commercial credit bureau

Liberti, José; Sturgess, Jason; Sutherland, Andrew - 2021

We use the introduction of a U.S. commercial credit bureau to study when lenders adopt voluntary information sharing technology and the resulting consequences for competition and credit access. Our results suggest that lenders trade off access to new markets against heightened competition for...

Persistent link: https://www.econbiz.de/10013254714

Does the Reputation of a Private Equity Group Break the Bank-Dependence of its Portfolio Company?

Ivanovs, Glebs - 2013

We investigate the impact of the reputation of a private equity group (PEG) on financing costs in leveraged buyouts … (LBOs). PEGs with a strong reputation have superior selection abilities and may be able to obtain cheaper LBO loans due to …' reputation indeed lowers financing costs. The size of the effect depends crucially on the chosen syndicate structure. The effect …

Persistent link: https://www.econbiz.de/10013091830

A Dynamic Theory of Mutual Fund Runs and Liquidity Management

Zeng, Yao - 2017

I model an open-end mutual fund investing in illiquid assets and show that the fund's endogenous cash management can generate shareholder runs even with a flexible NAV. The fund optimally re-builds its cash buffers at time t 1 after outflows at t to prevent future forced sales of illiquid...

Persistent link: https://www.econbiz.de/10012964425

Managing Counterparty Credit Risk Via BSDEs

Lesniewski, Andrew - 2016

We discuss a general dynamic replication approach to counterparty credit risk modeling. This leads to a fundamental jump-process backward stochastic differential equation (BSDE) for the credit risk adjusted portfolio value. We then reduce the fundamental BSDE to a continuous BSDE. Depending on...

Persistent link: https://www.econbiz.de/10012985088

Fire-sale Spillovers and Systemic Risk

Duarte, Fernando - 2019

We identify and track over time the factors that make the financial system vulnerable to fire sales by constructing an index of aggregate vulnerability. The index starts increasing quickly in 2004, before most other major systemic risk measures, and triples by 2008. The fire-sale-specific...

Persistent link: https://www.econbiz.de/10012905172

Outsourcing Bank Loan Screening : The Economics of Third-Party Loan Guarantees

Shan, Chenyu - 2019

Third-party loan guarantees are prevalent for the bank loans made in China. We study the economics of third-party loan guarantees using data from a large and legitimate loan guarantee ﬁrm. We show that guarantors provide useful information about the borrowers. We conclude that the loan...

Persistent link: https://www.econbiz.de/10012905687

Stepwise Maturity Transformation - Intermediation Chains as a Way to Reconcile Different Purposes of Debt Financing

Flore, Raphael - 2019

This paper provides a theory of stepwise maturity transformations in intermediation chains, which have become a common …-long duration to money market funds with daily demandable shares). This theory reconciles the idea of debt as disciplining device …

Persistent link: https://www.econbiz.de/10012895076

Lease or Borrow? The Case of Small Equipment Contracts

Schallheim, Jim; Zhang, Xiaodi - 2021

Using a specially-constructed dataset, we are able to compare the costs of leasing or borrowing that heretofore no research exists. With a 15% average yield in our overall sample of small contracts, we show that leases average about 12.5% while loans average 24%. After matching paired-samples of...

Persistent link: https://www.econbiz.de/10014361520