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Displaying results 1 to 25 of 27.

  1. Non-bank financial intermediation in Canada
    an update
    Author: Bédard-Pagé, Guillaume
    Published: [2019]
    Publisher:  Bank of Canada, [Ottawa, Ontario, Canada]

    Non-bank financing provides an important funding source for the economy and is a valuable alternative to traditional banking. It helps enhance the efficiency and resiliency of the financial system while giving customers more choices for their... more

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    Non-bank financing provides an important funding source for the economy and is a valuable alternative to traditional banking. It helps enhance the efficiency and resiliency of the financial system while giving customers more choices for their financial services. Unlike banking, it is not prudentially regulated. The Bank of Canada regularly monitors entities and activities classified in non-bank financial intermediation, particularly those that involve a material degree of maturity, liquidity and credit transformation, a potential source of systemic risk. In this paper, we provide an update of our monitoring in this area, including insights obtained from new data sources.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/200473
    Series: Staff discussion paper / Bank of Canada ; 2019, 2 (March 2019)
    Subjects: Financial markets; Financial Institutions; Financial stability
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  2. The macroeconomic effects of shadow banking panics
    Author: Poeschl, Johannes
    Published: [2020]
    Publisher:  Danmarks Nationalbank, Copenhagen

    We study the effects of shadow banking panics in a macroeconomic model with a rich financial system, including deposit-financed retail banks and wholesale-financed shadow banks. The model can quantitatively match the dynamics of key variables around... more

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    We study the effects of shadow banking panics in a macroeconomic model with a rich financial system, including deposit-financed retail banks and wholesale-financed shadow banks. The model can quantitatively match the dynamics of key variables around the US financial crisis. Wholesale funding market interventions akin to those implemented by the Federal Reserve in 2008 reduced the fall in output by about half a percentage point. Generally, central bank interventions reduce output volatility and the likelihood of banking panics.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    hdl: 10419/227876
    Series: Working paper / Danmarks Nationalbank ; no. 158 (23 June 2020)
    Subjects: Financial Institutions; Financial Stability; Interconnectedness; Monetary Policy
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  3. Usability of bank capital buffers
    the role of market expectations
    Author: Abad, José M.; Garcia Pascual, Antonio
    Published: 2022 JAN
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Following the COVID shock, supervisors encouraged banks to use capital buffers to support the recovery. However, banks have been reluctant to do so. Provided the market expects a bank to rebuild its buffers, any draw-down will open up a capital... more

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    Orient-Institut Beirut
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    Following the COVID shock, supervisors encouraged banks to use capital buffers to support the recovery. However, banks have been reluctant to do so. Provided the market expects a bank to rebuild its buffers, any draw-down will open up a capital shortfall that will weigh on its share price. Therefore, a bank will only decide to use its buffers if the value creation from a larger loan book offsets the costs associated with a capital shortfall. Using market expectations, we calibrate a framework for assessing the usability of buffers. Our results suggest that the cases in which the use of buffers make economic sense are rare in practice

     
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  4. Can European banks' country-by-country reports reveal profit shifting?
    an analysis of the information content of EU banks' disclosures
    Author: Dutt, Verena K.; Nicolay, Katharina; Vay, Heiko; Voget, Johannes
    Published: 2019
    Publisher:  ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung GmbH Mannheim, Mannheim, Germany

    We create a novel database of hand-collected information from the country-by-country reports (CbCRs) of more than 100 multinational bank groups headquartered in the EU for 2014-2016. We compare this new dataset with information from Orbis and Bank... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Universitätsbibliothek Mannheim
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    We create a novel database of hand-collected information from the country-by-country reports (CbCRs) of more than 100 multinational bank groups headquartered in the EU for 2014-2016. We compare this new dataset with information from Orbis and Bank Focus to assess in how far the new disclosure obligation increased transparency on banks' tax avoidance behavior. Our descriptive analysis shows that CbCRs uncover a large fraction of worldwide profits and real activities in terms of employees of EU bank groups, especially in tax havens. We also document a striking disconnect between reported profits and real activity, noting considerable heterogeneity between different tax havens and bank groups from different headquarter countries. Regression analysis based on CbCR data and Bank Focus data leads us to expect a tax semi-elasticity of banks' reported profits of about -4.6. In this regard, CbCRs are indicative of a more pronounced tax sensitivity than conventional databases suggest. However, the lack of important economic variables (total assets and staff cost) impedes an exact estimation of banks' profit shifting based on CbCR data alone and with standard methods. These insights are especially relevant in the context of the ongoing political discussions whether to introduce a public CbCR for all large multinational firms in the EU.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/204652
    Series: Discussion paper / ZEW ; no. 19, 042 (10/2019)
    Subjects: Tax Avoidance; Profit Shifting; Country-by-Country Reporting; Public Disclosure; Tax Transparency; Financial Institutions; Database
    Scope: 1 Online-Ressource (circa 76 Seiten), Illustrationen
  5. Reporting behavior and transparency in European banks' country-by-country reports
    Author: Dutt, Verena K.; Nicolay, Katharina; Spengel, Christoph
    Published: 2021
    Publisher:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    The public CbCR requirement for EU financial institutions leaves leeway to the reporting firms as regards the calculating and presentation of the data. Based on a sample of CbCRs published by EU-headquartered multinational bank groups, we analyze the... more

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    The public CbCR requirement for EU financial institutions leaves leeway to the reporting firms as regards the calculating and presentation of the data. Based on a sample of CbCRs published by EU-headquartered multinational bank groups, we analyze the reporting behavior and the degree of transparency across the reports. We observe a large heterogeneity with respect to the place of publication of the CbCR, its content, the readability of the data tables as well as the list of entities that should be published together with the by-country data. We also identify differences between headquarter countries, with CbCRs prepared by bank groups from the United Kingdom and Germany being the most transparent. Inconsistencies in reporting inhibit the interpretability and the comparability of the data. We conclude that the specification of the underlying data source and of the applicable consolidation scope as well the establishment of uniform definitions of the reportable items are essential for an appropriate consideration of the reports by all addressees. Our analyses are particularly important in light of the proposal for a public CbCR for large multinational firms in the EU.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/231305
    Series: Discussion paper / ZEW ; no. 21, 019 (02/2021)
    Subjects: Country-by-Country Reporting; Financial Institutions; Public Disclosure; Reporting Behavior; Tax Transparency
    Scope: 1 Online-Ressource (71 Seiten), Illustrationen
  6. Sustainability bond for the pacific feasibility study
    Author: Emose, Griffon
    Published: 2021
    Publisher:  United Nations ESCAP, Macroeconomic Policy and Financing for Development Division, Bangkok

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    Format: Online
    Series: ESCAP working paper series / Macroeconomic Policy and Financing for Development Division ; WP/21, 06 (April 2021)
    Subjects: Climate Finance; Environmental and Social Risk; Financial Institutions
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  7. Intelligent financial system: how AI is transforming finance
    Author: Aldasoro, Iñaki; Gambacorta, Leonardo; Korinek, Anton; Shreeti, Vatsala; Stein, Merlin
    Published: June 2024
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 1194
    Subjects: Artificial Intelligence; Generative AI; AI Agents; Financial System; Financial Institutions
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  8. Economic impacts of FATF recommendations and grey-listing announcement
    Author: Mariani, Lucas Argentieri; Nel, Jacobus
    Published: [2022]
    Publisher:  [Economic Research Southern Africa], [Cape Town]

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    Source: Union catalogues
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    Series: Discussion document / Ersa, Economic Research Southern Africa ; 05 (November 2022)
    Subjects: Financial Institutions; South Africa
    Scope: 1 Online-Ressource (circa 18 Seiten), Illustrationen
  9. The impact of green investors on stock prices
    Author: Cheng, Gong; Jondeau, Eric; Mojon, Benoît; Vayanos, Dimitri
    Published: March 2024
    Publisher:  [LSE Financial Markets Group], [London]

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    Source: Union catalogues
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    Media type: Book
    Format: Online
    Series: Discussion paper / [Financial Markets Group] ; no 903
    Subjects: Green investment; Asset pricing; Financial Institutions; Climate Change
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  10. How ESG performance impacts a company's profitability and financial performance
    Author: Löw, Edgar; Endres, Lindsay; Xu, Yajie
    Published: 19/01/2024
    Publisher:  European Banking Institute e.V., Frankfurt am Main, Germany

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: EBI working paper series ; no. 162 (2024)
    Subjects: ESG Performance; ESG Ratings; ESG; Environment; Social; Governance; Tobin’s Q; Financial Institutions; Energy Sector; Disclosure
    Scope: 1 Online-Ressource (circa 95 Seiten), Illustrationen
  11. The role of long-term contracting in business lending
    Author: Tian, Phoebe
    Published: [2024]
    Publisher:  Bank of Canada, [Ottawa]

    This paper examines inefficiencies arising from a lack of long-term contracting in small business lending in China. I develop and estimate a dynamic model where firms repeatedly interact with the same lender. All loans are short-term. Collateral can... more

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    This paper examines inefficiencies arising from a lack of long-term contracting in small business lending in China. I develop and estimate a dynamic model where firms repeatedly interact with the same lender. All loans are short-term. Collateral can be used to deter a strategic default by a firm, but the lender cannot recover the full value of the collateral in the case of a default. The endogenous contract terms-including interest rates, loan size and collateral-reflect a firm's probability of default in equilibrium. Learning drives the dynamics of contract terms because a firm's profitability type is unknown. Long-term contracts improve welfare mainly by mitigating the incentives for a firm to default.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/297450
    Edition: Last updated: February 2, 2024
    Series: Staff working paper / Bank of Canada ; 2024, 2
    Subjects: Financial Institutions
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  12. Analysis of the impact of ESG performance on the valuation and profitability of corporates in comparison to financial institutions
    Author: Löw, Edgar; Cordovez, Juan Sebastian
    Published: 31/08/2023
    Publisher:  European Banking Institute e.V., Frankfurt am Main, Germany

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    Source: Union catalogues
    Language: English
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    Series: EBI working paper series ; no. 152 (2023)
    Subjects: ESG Performance; ESG Ratings; ESG; Environment; Social; Governance; CSR; ROE; ROA; Tobin's Q; Corporates; Banks; Financial Institutions; Disclosure
    Scope: 1 Online-Ressource (circa 101 Seiten), Illustrationen
  13. Islamic finance and GCC economic integration
    Author: Krueger, Russel
    Published: [2019]
    Publisher:  Economic Research Forum (ERF), Dokki, Giza, Egypt

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    Source: Union catalogues
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    Series: Working paper series / Economic Research Forum ; no. 1381 (December 2019)
    Subjects: Islamic Banking; Islamic Finance; Gulf Cooperation Council; Gulf Monetary Council; Economic Development; Economic Integration; Financial Institutions
    Scope: 1 Online-Ressource (circa 16 Seiten)
  14. Evaluating the effect of "Zumwinkel-Affair" and financial crisis on stock prices in Liechtenstein
    an "unconventional" augmented GARCH-approach
    Author: Brunhart, Andreas
    Published: 2011
    Publisher:  KOFL, Vaduz

    Liechtenstein's economy has been heavily affected by the international economic downturn during the financial crisis. Additionally to the deep world recession, Liechtenstein's financial sector was challenged by the "Zumwinkel-Affair" (data of... more

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    Liechtenstein's economy has been heavily affected by the international economic downturn during the financial crisis. Additionally to the deep world recession, Liechtenstein's financial sector was challenged by the "Zumwinkel-Affair" (data of thousands of tax evaders were sold to several international tax authorities by a whistleblower). This paper investigates the impact of this affair, separated from the financial crisis, on the daily stock prices of two banks from Liechtenstein: "Verwaltungs- und Privatbank" (VPB) and "Liechtensteinische Landesbank" (LLB). The econometric analysis involves an "unconventional" augmented GARCH-model to analyse the dynamical pattern and other influences on the risk measured by the conditional variance of the stock returns. To evaluate the impact of financial crisis and Zumwinkel-Affair on risk, additional explaining variables have been incorporated into the (therefore augmented) variance equation. As an additional (yet unconventional) feature the lagged squared residuals have been dropped from the GARCH-specification and replaced by squared lagged observed variables such as past stock returns and past stock market performance (this replacement appears to be the superior specification here). Besides other findings, it is shown that both the financial crisis and the Zumwinkel-Affair have a significant (accumulating) effect on risk/volatility of both stocks, but the impact on the volatility of VPB's stock returns is considerably higher compared to LLB's stocks. --

     
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    hdl: 10419/58036
    Edition: Preliminary version
    Series: KOFL working papers ; 9
    Subjects: Finanzkrise; Steuerstrafrecht; Börsenkurs; ARCH-Modell; Schätzung; Liechtenstein; Financial Crisis; Tax Affair; Liechtenstein; Financial Institutions; Stock Prices; Stock Price Volatility; Augmented GARCH-models; Augmented Conditional Variance Equation
    Scope: Online-Ressource (PDF-Datei: 46 S., 2,37 MB), graph. Darst.
  15. When is it less costly for risky firms to borrow?
    evidence from the bank risk-taking channel of monetary policy
    Author: Paligorova, Teodora; Santos, João A. C.
    Published: 2012
    Publisher:  Bank of Canada, Ottawa

    In an investigation of banks' loan pricing policies in the United States over the past two decades, this study finds supporting evidence for the bank risk-taking channel of monetary policy. We show that banks charge lower spreads when they lend to... more

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    In an investigation of banks' loan pricing policies in the United States over the past two decades, this study finds supporting evidence for the bank risk-taking channel of monetary policy. We show that banks charge lower spreads when they lend to riskier borrowers relative to the spreads they charge on loans to safer borrowers in periods of low short-term rates compared to periods of high short-term rates. The interest discount that banks offer riskier borrowers when short-term rates are low is robust to borrower-,loan-, and bank-specific factors as well as to macroeconomic factors known to affect loan rates. The discount is also robust to bank-firm fixed effects. Finally, our tests that build on the micro information banks provide on their lending standards in the Senior Loan Officers Opinion Survey suggest the interest rate discount that riskier borrowers receive when short-term rates are low is bank driven.

     
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    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/80731
    Series: Working paper / Bank of Canada ; 2012-10
    Subjects: Financial Institutions; Monetary policy framework
    Scope: Online-Ressource (PDF-Datei: III, 50 S., 549,41 KB)
  16. Trusting financial institutions
    out of reach, out of trust?
    Author: Filipiak, Ute
    Published: 2013
    Publisher:  Schumpeter School of Business and Economics, Univ., Wuppertal

    This paper empirically investigates the relationship between individual trust in financial institutions and individual access to these institutions. Based on a large-scale survey of savings patterns of Indians, we find that individuals reporting that... more

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    This paper empirically investigates the relationship between individual trust in financial institutions and individual access to these institutions. Based on a large-scale survey of savings patterns of Indians, we find that individuals reporting that they do not have access to certain financial institutions within a commutable distance of one day are less likely to trust these institutions with their money. Moreover, we find that this relationship holds for different banks and financial institutions offering services in low-income areas and that differences in trust can be explained to some extent by differences in individual access.

     
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    Language: English
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    hdl: 10419/97213
    Series: Schumpeter discussion papers ; 2013-002
    Subjects: Trust; Financial Institutions; Access; India
    Scope: Online-Ressource (47 S.), graph. Darst.
  17. Financing structures for CDM projects in India and capacity building options for EU-Indo collaboration
    Author: Deodhar, Vinay; Michaelowa, Axel; Krey, Matthias
    Published: 2003
    Publisher:  HWWA, Hamburg

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  18. Financing Structures for CDM Projects in India and Capacity Building Options for EU-Indo Collaboration
    Author: Krey, Matthias; Michaelowa, Axel; Deodhar, Vinay
    Published: 2003
    Publisher:  Hamburg Institute of International Economics (HWWA), Hamburg

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  19. Usability of bank capital buffers
    the role of market expectations
    Author: Abad, José M.; Garcia Pascual, Antonio
    Published: 2022 JAN
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Following the COVID shock, supervisors encouraged banks to use capital buffers to support the recovery. However, banks have been reluctant to do so. Provided the market expects a bank to rebuild its buffers, any draw-down will open up a capital... more

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    Following the COVID shock, supervisors encouraged banks to use capital buffers to support the recovery. However, banks have been reluctant to do so. Provided the market expects a bank to rebuild its buffers, any draw-down will open up a capital shortfall that will weigh on its share price. Therefore, a bank will only decide to use its buffers if the value creation from a larger loan book offsets the costs associated with a capital shortfall. Using market expectations, we calibrate a framework for assessing the usability of buffers. Our results suggest that the cases in which the use of buffers make economic sense are rare in practice

     
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  20. Financial inclusion in the Europe and Central Asia region
    recent trends and a research agenda
    Author: Demirgüç-Kunt, Asli; Hu, Bingjie; Klapper, Leora
    Published: April 2019
    Publisher:  World Bank Group, Europe and Central Asia Region, Office of the Chief Economist, Washington, DC, USA

    Financial inclusion can help promote development. Inclusive financial systems allow people to invest in their education and health, save for retirement, capitalize on business opportunities, and confront shocks. In the Europe and Central Asia region,... more

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    Financial inclusion can help promote development. Inclusive financial systems allow people to invest in their education and health, save for retirement, capitalize on business opportunities, and confront shocks. In the Europe and Central Asia region, there is great variation in financial inclusion. In the euro area, most adults already own an account. Account ownership-which is the first step of entry into the formal financial system has increased in the developing countries in the region, to 65 percent of the adult population from 45 percent in 2011. Tajikistan, Armenia, Moldova, the Kyrgyz Republic, and Georgia are among the countries that have seen the greatest increases globally, despite starting from a very low base. These experiences underline the potential role of digital payments in driving financial inclusion. Nevertheless, almost 30 percent of unbanked adults report lack of trust in banks as a barrier, which is nearly double the developing country average. And in some countries, gender and income gaps in account ownership remain significant. For example, the gender gap is close to 30 percentage points in Turkey, which is three times the average gap in developing countries. And in Romania, the gap between richest 60 percent of the population and poorest 40 percent is 33 percentage points, which is more than twice the average gap in developing countries. But there are many opportunities to increase account ownership. Over 80 percent of the unbanked have a mobile phone, and simply moving public sector pension payments into accounts would reduce the number of unbanked adults in the region by up to 20 million, including 8 million in the Russian Federation alone. Given the heterogeneity of experiences, there are ample opportunities for countries in the region to learn from each other, which lays out a rich research and operational agenda going forward

     
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    Series: Policy research working paper ; 8830
    World Bank E-Library Archive
    Subjects: Financial Inclusion; Financial Institutions; Europe and Central Asia; Emerging Markets
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  21. Apologia pro vita sua
    the vanishing of the White Whale in the mists
    Author: Shubik, Martin
    Published: July 2018
    Publisher:  Cowles Foundation for Research in Economics, Yale University, New Haven, Connecticut

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    Series: Cowles Foundation discussion paper ; no. 2138
    Subjects: Game Theory; Money; Financial Institutions
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  22. Financial bridges and network communities
    Author: Casarin, Roberto; Costola, Michele; Yenerdag, Erdem
    Published: [2018]
    Publisher:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    We analyze the global financial crisis and the European sovereign debt crisis showing that the European network exhibits a strong community structure with two main blocks acting as shock spreader and receiver, respectively. We provide evidence of the... more

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    We analyze the global financial crisis and the European sovereign debt crisis showing that the European network exhibits a strong community structure with two main blocks acting as shock spreader and receiver, respectively. We provide evidence of the prominent role played by insurances in the spread of systemic risk in both crises and demonstrate that institutions with a large number of inter-community linkages (community bridges) are more relevant in spreading contagion than institutions with large centrality. Network measures based on the community structure can provide a better description of the financial connectedness and effective early warning indicators for financial losses.

     
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    Edition: This version: September 29, 2018
    Series: SAFE working paper ; no. 208
    Subjects: Systemic Risk; Financial Institutions; Network Communities; Financial Crises
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  23. Financial inclusion in the Europe and Central Asia region
    recent trends and a research agenda
    Author: Demirgüç-Kunt, Asli; Hu, Bingjie; Klapper, Leora
    Published: April 2019
    Publisher:  World Bank Group, Europe and Central Asia Region, Office of the Chief Economist, Washington, DC, USA

    Financial inclusion can help promote development. Inclusive financial systems allow people to invest in their education and health, save for retirement, capitalize on business opportunities, and confront shocks. In the Europe and Central Asia region,... more

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    Financial inclusion can help promote development. Inclusive financial systems allow people to invest in their education and health, save for retirement, capitalize on business opportunities, and confront shocks. In the Europe and Central Asia region, there is great variation in financial inclusion. In the euro area, most adults already own an account. Account ownership-which is the first step of entry into the formal financial system has increased in the developing countries in the region, to 65 percent of the adult population from 45 percent in 2011. Tajikistan, Armenia, Moldova, the Kyrgyz Republic, and Georgia are among the countries that have seen the greatest increases globally, despite starting from a very low base. These experiences underline the potential role of digital payments in driving financial inclusion. Nevertheless, almost 30 percent of unbanked adults report lack of trust in banks as a barrier, which is nearly double the developing country average. And in some countries, gender and income gaps in account ownership remain significant. For example, the gender gap is close to 30 percentage points in Turkey, which is three times the average gap in developing countries. And in Romania, the gap between richest 60 percent of the population and poorest 40 percent is 33 percentage points, which is more than twice the average gap in developing countries. But there are many opportunities to increase account ownership. Over 80 percent of the unbanked have a mobile phone, and simply moving public sector pension payments into accounts would reduce the number of unbanked adults in the region by up to 20 million, including 8 million in the Russian Federation alone. Given the heterogeneity of experiences, there are ample opportunities for countries in the region to learn from each other, which lays out a rich research and operational agenda going forward

     
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    Series: Policy research working paper ; 8830
    World Bank E-Library Archive
    Subjects: Financial Inclusion; Financial Institutions; Europe and Central Asia; Emerging Markets
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  24. Environmental hazards and risk management in the financial sector
    a systematic literature review
    Author: Breitenstein, Miriam; Nguyen, Duc Khuong; Walther, Thomas
    Published: July, 2019
    Publisher:  School of Finance, University of St. Gallen, St. Gallen

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 314
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    Series: Working papers on finance ; no. 2019, 10
    Subjects: Environment; Climate; Risk Management; Banking; Financial Institutions
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  25. Market discipline, information processing, and corporate governance
    Author: Hellwig, Martin
    Published: 2006
    Publisher:  Sonderforschungsbereich/Transregio 15 Governance and the Efficiency of Economic Systems, München

    The paper reviews and assesses our understanding of the notion of 'market discipline' in corporate governance. It questions the wholesale appeal to this notion in policy discussion, which fails to provide an account of the underlying mechanisms in... more

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    The paper reviews and assesses our understanding of the notion of 'market discipline' in corporate governance. It questions the wholesale appeal to this notion in policy discussion, which fails to provide an account of the underlying mechanisms in terms of theory and empirical analysis. Discipline that is provided by the 'market' must be compared to discipline that is provided by other institutions, e.g., intermediaries acting as 'delegated monitors'. The comparative assessment depends on (i) the information technology, (ii) the role of strategic interactions, and (iii) the disciplinary mechanism itself. Concerning (i), the question is whether the benefits of multiple sources of information exceed the costs. Concerning (ii), strategic interactions concern the free-rider problem in acquiring information that benefits all financiers, as well as distributive externalities involved in exploiting an information advantage to the detriment of other financiers. Concerning (iii), the question is whether investors have explicit intervention rights or whether 'discipline' results from managerial acquiescence. As for the acquisition and aggregation of information in organized markets, positive welfare effects arise only if the information is put to productive use, either through improvements in real investment and managerial incentives, or through changes in corporate control. Necessary conditions for such benefits to arise are fairly restrictive, especially if the changes that occur are based on managerial acquiescence rather than the legal intervention rights of investors. The expansion of market-based managerial incentives in the nineties had little to do with these theoretical accounts. The experience of moral hazard that has accompanied this expansion, on the side of gate-keeping institutions as well as corporate management, confirms the predictions of theory about the potential for shortfalls in market discipline and the agency costs of equity finance through the open market.

     
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    hdl: 10419/94153
    Series: SFB/TR 15 Discussion Paper ; 155
    Subjects: Market Discipline; Financial Institutions; Information Processing; Corporate Governance
    Scope: Online-Ressource (30 S.)