Results 1 to 10 of about 74,717 (41)
Banks as Lenders of First Resort: Evidence from the COVID-19 Crisis
The Review of Corporate Finance Studies, 2020 In March 2020, banks faced the largest increase in liquidity demands ever observed. Firms drew funds on a massive scale from preexisting credit lines in anticipation of cash flow and financial disruptions stemming from the advent of the COVID-19 crisis ...
Lei Li, Philip E. Strahan, Song Zhang
semanticscholar +1 more source
Systemic Risk and Stability in Financial Networks
, 2013 This paper argues that the extent of financial contagion exhibits a form of phase transition: as long as the magnitude of negative shocks affecting financial institutions are sufficiently small, a more densely connected financial network (corresponding ...
Daron Acemoglu +2 more
semanticscholar +1 more source
Digital financing for SMEs' recovery in the post-COVID era: A bibliometric review
Frontiers in Sustainable Cities, 2022 The restrictions that have been implemented due to the COVID-19 pandemic have highlighted the growing importance of digital financing. While traditional banking services have been limited by social distancing, reduced work hours, and lockdowns, digital ...
Alfonso Pellegrino, M. Abé
semanticscholar +1 more source
Do Municipal Bond Investors Pay a Convenience Premium to Avoid Taxes?
Social Science Research Network, 2023 We study the valuation of state-issued tax-exempt municipal bonds and find that there are significant convenience premia in their prices. These premia parallel those identified in Treasury markets.
Matthias Fleckenstein, F. Longstaff
semanticscholar +1 more source
Non-Performing Loans: What Matters in Addition to the Economic Cycle?
Social Science Research Network, 2013 Using a novel panel data set we study the macroeconomic determinants of nonperforming loans (NPLs) across 75 countries during the past decade. According to our dynamic panel estimates, the following variables are found to significantly affect NPL ratios:
Roland Beck, P. Jakubik, Anamaria Piloiu
semanticscholar +1 more source
The Invisible Hand of the Government: 'Moral Suasion' During the European Sovereign Debt Crisis
American Economic Journal: Macroeconomics, 2016 Using proprietary data on banks’ monthly securities holdings, we show that during the European sovereign debt crisis, domestic banks in fiscally stressed countries were considerably more likely than foreign banks to increase their holdings of domestic ...
S. Ongena, A. Popov, Neeltje van Horen
semanticscholar +1 more source
Does Regulatory Jurisdiction Affect the Quality of Investment-Adviser Regulation?
The American Economic Review, 2019 The Dodd-Frank Act shifted regulatory jurisdiction over “ midsize” investment advisers from the SEC to state-securities regulators. Client complaints against midsize advisers increased relative to those continuing under SEC oversight by 30 to 40 percent ...
Ben Charoenwong +2 more
semanticscholar +1 more source
A Macroeconomic Framework for Quantifying Systemic Risk
American Economic Journal: Macroeconomics, 2014 Systemic risk arises when shocks lead to states where a disruption in financial intermediation adversely affects the economy and feeds back into further disrupting financial intermediation.
Zhiguo He, A. Krishnamurthy
semanticscholar +1 more source
Are Fund Managers Rewarded for Taking Cyclical Risks?
Social Science Research NetworkThe investment fund sector has expanded dramatically since the crisis of 2008-2009. As the sector grows, so do the implications of its risk-taking for the wider financial system and real economy.
E. Ryan
semanticscholar +1 more source
Non-dilutive CoCo Bonds: A Necessary Evil?
Social Science Research NetworkBanks predominantly issue nondilutive CoCos, contrary to the suggestion that CoCos should be dilutive to reduce risk-taking. In an agency model of two moral hazards, we show that, although dilutive CoCos deter ex ante risk-taking and prevent banks from
Andrea Gamba, Yanxiong Gong, K. Ma
semanticscholar +1 more source