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Banks’ Noninterest Income and Systemic Risk
The Review of Corporate Finance Studies, 2020 This paper finds noninterest income is positively correlated with the total systemic risk for U.S. banks. Decomposing total systemic risk into three components, we find that noninterest income is positively related to a bank’s tail risk, positively ...
Markus K. Brunnermeier +2 more
semanticscholar +1 more source
Back-Running: Seeking and Hiding Fundamental Information in Order Flows*
The Review of financial studies, 2019 We model the strategic interaction between fundamental investors and “back-runners,” whose only information is about the past order flow of fundamental investors.
Liyan Yang, Haoxiang Zhu
semanticscholar +1 more source
Global Political Uncertainty and Asset Prices
The Review of financial studies, 2019 We show that global political uncertainty, measured by the U.S. election cycle, on average, leads to a fall in equity returns in fifty non-U.S. countries.
Jonathan Brogaard +3 more
semanticscholar +1 more source
The Complexity Yield Puzzle: A Textual Analysis of Municipal Bond Disclosures
Social Science Research Network, 2023 We study the effect of official statement textual complexity on municipal borrowing costs (yield). Theoretically, complexity increases yield if the marginal cost of complexity to unsophisticated traders exceeds the marginal value to sophisticated traders.
M. Farrell +3 more
semanticscholar +1 more source
Predicting Financial Crises: The Role of Asset Prices
IMF Working Papers, 2023 We explore the early warning properties of a composite indicator which summarizes signals from a range of asset price growth and asset price volatility indicators to capture mispricing of risk in asset markets. Using a quarterly panel of 108 advanced and
T. Hennig
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Length of IPO Prospectus and Individual Investors’ Demand for IPO Shares
Accounting Horizons, 2023 Prior studies on readability suggest that lengthy corporate reports are difficult to process and may discourage investors’ capital market participation.
Meeok Cho +3 more
semanticscholar +1 more source
Cross-Cultural Management: The Case of Taiwan-Funded Businesses Entering the Mainland Chinese Market
Advances in Management and Applied Economics, 2023 The purpose of this study is to examine the effective management of employees who originate from different cultural backgrounds by executives and supervisors.
Cheng-Wen Lee, Hui-Hsin Hsu, Y. Hu
semanticscholar +1 more source
Debt-Stabilizing Properties of GDP-Linked Securities: A Macro-Finance Perspective
Social Science Research NetworkWe study the debt-stabilizing properties of indexing debt to GDP using a consumption-based macro-finance model. To this end, we derive quasi-analytical pricing formulas for any type of bond or equity by exploiting the discretization of the state-space ...
Sarah Mouabbi +2 more
semanticscholar +1 more source
Net operating working capital and firm value: A cross-country analysis
Business Research Quarterly, 2019 Here, we use a sample of firms from 30 countries during the period 1995–2013 to examine the relationship between net operating working capital (NWC) and firm value.
Sonia Baños-Caballero +2 more
semanticscholar +1 more source
Do Bank Bailouts Reduce or Increase Systemic Risk? The Effects of TARP on Financial System Stability
, 2016 Theory suggests that bank bailouts may either reduce or increase systemic risk. This paper is the first to address this issue empirically, analyzing the U.S. Troubled Assets Relief Program (TARP).
Allen N. Berger, Raluca A. Roman
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