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Displaying results 1 to 13 of 13.

  1. Sovereign and bank CDS spreads
    two sides of the same coin?
    Author: Cotter, John; Avino, Davide
    Published: 2014
    Publisher:  UCD Geary Institute, Dublin

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: UCD Geary Institute discussion paper series ; 2014/02
    Subjects: Credit default swap spreads; price discovery; information flow; financial crisis; banks; sovereign risk; bank capital
    Scope: Online-Ressource (21 S.), Ill., graph. Darst.
  2. Antitrust and the financial sector - with special attention to "too big to fail"
    Author: White, Lawrence J.
    Published: 2014
    Publisher:  Leonard N. Stern School of Business, Department of Economics, New York, NY

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Nicht speichern
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: Rev. March 27, 2014
    Series: Working papers / New York University, Leonard N. Stern School of Business, Department of Economics ; EC-14-10
    Subjects: antitrust; regulation; financial sector; too big to fail; banks
    Scope: Online-Ressource (25 S.)
  3. Taking the Lord's name in vain
    the impact of connected directors on 19th Century British banks
    Author: Grossman, Richard S.; Imai, Masami
    Published: 2014
    Publisher:  CESifo, München

    This paper utilizes data on the presence of prominent individuals-that is, those with political (e.g., Members of Parliament) and aristocratic titles (e.g., lords)--on the boards of directors of English and Welsh banks from 1879 - 1909 to investigate... more

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    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 63 (5129)
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    This paper utilizes data on the presence of prominent individuals-that is, those with political (e.g., Members of Parliament) and aristocratic titles (e.g., lords)--on the boards of directors of English and Welsh banks from 1879 - 1909 to investigate whether the appointment of well-connected directors enhanced equity value for bank shareholders. Our analysis of panel data shows that the appointment of connected directors did not increase the rate of return on bank equity. In fact, we find that the appointment of MPs to directorships had negative effects on bank equity returns. Our event-study analysis corroborates this finding, showing that a bank's shares exhibited negative abnormal returns when their directors were elected to Parliament. Taken together, our results indicate that connected directors yielded little--or even negative-- economic payoff to bank shareholders in pre-war Britain.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/107343
    Series: Array ; 5129
    Subjects: Bankmanager; Aufsichtsrat; Elite; Soziales Netzwerk; Wirkungsanalyse; Bank; Kapitalmarktrendite; Schätzung; Großbritannien; private finance; corporate governance; capital markets; banks; economic history
    Scope: Online-Ressource (19, [21] S.), graph. Darst.
  4. Banks' incentives and the quality of internal risk models
    Author: Plosser, Matthew C.; Santos, João A. C.
    Published: 2014
    Publisher:  Federal Reserve Bank of New York, New York, NY

    This paper investigates the incentives for banks to bias their internally generated risk estimates. We are able to estimate bank biases at the credit level by comparing bank-generated risk estimates within loan syndicates. The biases are positively... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 207 (704)
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    This paper investigates the incentives for banks to bias their internally generated risk estimates. We are able to estimate bank biases at the credit level by comparing bank-generated risk estimates within loan syndicates. The biases are positively correlated with measures of regulatory capital, even in the presence of bank fixed effects, consistent with an effort by low-capital banks to improve regulatory ratios. At the portfolio level, the difference in borrower probability of default is as large as 100 basis points, which can improve the typical loan portfolio's Tier 1 capital ratio by as much as 33 percent. Congruent with a regulatory motive, the sensitivity to capital is greater for larger, riskier, and more opaque credits. In addition, we find that low-capital banks' risk estimates have less explanatory power than those of high-capital banks with regard to the prices set on loans, indicating that low-capital banks not only have downward-biased risk estimates but that they also incorporate less information.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/120802
    Series: Staff report / Federal Reserve Bank of New York ; 704
    Subjects: banks; incentives; default models; capital regulation; Basel II
    Scope: Online-Ressource ([1], 40 S.), graph. Darst.
  5. Strukturno-institucional'noe schodstvo bankovskich sistem Rossii i Kitaja
    Author: Vernikov, Andrej Vladimirovič
    Published: 2014
    Publisher:  Vysšaja Škola Ėkonomiki, Moskva

    We use statistical data for the period 2000-2013 to compare the macro-level structure and the core institutions of the banking systems in China and Russia. Our main hypothesis is that, differences in the absolute size and socio-cultural features... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We use statistical data for the period 2000-2013 to compare the macro-level structure and the core institutions of the banking systems in China and Russia. Our main hypothesis is that, differences in the absolute size and socio-cultural features nothwithstanding, these two systems are typologically similar. We consider the institutional structure, the market structure and concentration, the industrial policy of the government, and the banks' involvement in the financing of the non-financial economy. We find similarities as well as differences, however in dynamics the trend towards convergence prevails. In both countries, we see a hierarchical multi-tier banking system headed by a few core state-controlled banks. These combine commercial activities with the activity of a development institution. Regardless of the nominal form of ownership, the government exerts influence on the banks' lending decisions and market behavior. We argue that the Chinese and Russian banking provide empirical proof to the macrosociological theory of institutional matrices. We refer in particular to the proportion between the dominant and complementary institutions. China has been searching gradually and carefully the right balance consistent with its historical path. Russia in the 1990s grossly overshot with its run-away liberalization and now reverts to the underlying long-term trend. China has currently become an institutional donor for Russia in terms of innovations for the credit system design.

     
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    Source: Union catalogues
    Language: Russian
    Media type: Book
    Format: Online
    Series: Array ; 2014/04
    Subjects: China; Russia; banks; government; comparative institutional analysis; path dependence; institutional self-adjustment
    Scope: Online-Ressource (51 S.), graph. Darst.
    Notes:

    Zsfassung in engl. Sprache
  6. Should transactions services be taxed at the same rate as consumption?
    Author: Lockwood, Ben; Yerushalmi, Erez
    Published: 2014
    Publisher:  Oxford University Centre for Business Taxation, Oxford

    Location:
    Staats- und Universitätsbibliothek Bremen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Oxford University Centre for Business Taxation ; 14,23
    Subjects: financial intermediation services; tax design; banks; monitoring; payment services
    Scope: Online-Ressource (29 S.)
  7. Banks and capital requirements
    channels of adjustment
    Author: Cohen, Benjamin H.; Scatigna, Michela
    Published: 2014
    Publisher:  Bank for Internat. Settlements, [Basel]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 910 (443)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: BIS working papers ; 443
    Subjects: banks; bank capital; regulation; capital ratios; Basel III
    Scope: III, 27 S., graph. Darst., 30 cm
    Notes:

    Parallel als Online-Ausg. erschienen
  8. Gates, fees, and preemptive runs
    Published: 2014
    Publisher:  Federal Reserve Bank of New York, New York, NY

    We build a model of a financial intermediary, in the tradition of Diamond and Dybvig (1983), and show that allowing the intermediary to impose redemption fees or gates in a crisis - a form of suspension of convertibility - can lead to preemptive... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 207 (670)
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    We build a model of a financial intermediary, in the tradition of Diamond and Dybvig (1983), and show that allowing the intermediary to impose redemption fees or gates in a crisis - a form of suspension of convertibility - can lead to preemptive runs. In our model, a fraction of investors (depositors) can become informed in advance about a shock to the return on the intermediary's assets. Later, the informed investors learn the realization of the shock and choose their redemption behavior based on this information. We prove two results: First, there are situations in which informed investors would wait until the uncertainty is resolved before redeeming if redemption fees or gates cannot be imposed, but those same investors would redeem preemptively if fees or gates are possible. Second, we show that for the intermediary, which maximizes the expected utility only of its own investors, imposing gates or fees can be ex post optimal. These results have important policy implications for intermediaries that are vulnerable to runs, such as money market funds, because the preemptive runs that can be caused by the possibility of gates or fees may have damaging negative externalities.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/120790
    Series: Staff report / Federal Reserve Bank of New York ; 670
    Subjects: runs; gates; fees; money market funds; banks
    Scope: Online-Ressource ([1], 15, [1] S.)
  9. Another viewpoint on investment funds and their opaque governance
    Author: Apreda, Rodolfo
    Published: 2014
    Publisher:  Univ. del CEMA, Buenos Aires

    Firstly, this paper brings forth an encompassing definition of investment funds intended to track down some patterns of deviant governance. Secondly, it will focus on three conspicuous types among those funds: banks, mutual funds, and hedge funds.... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 245 (535)
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    Firstly, this paper brings forth an encompassing definition of investment funds intended to track down some patterns of deviant governance. Secondly, it will focus on three conspicuous types among those funds: banks, mutual funds, and hedge funds. Such approach seeks to reveal deep similarities among them, albeit they may superficially look dissimilar. Afterwards, hinging upon the notion of opaque governance, we point out that investment funds more often than not misapply special purpose vehicles, in particular the so-called collateralized-debt obligations, just to hide their transactions, debasing their transparency, flouting good practices, even showing contempt of the law. Last of all, it will be put forward a protocol of covenants to be enforced by regulators on behalf of investors, taxpayers and financial markets.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/110060
    Series: Array ; 535
    Subjects: investment funds; banks; mutual funds; hedge funds; corporate governance; opaque governance
    Scope: Online-Ressource (31 S.), graph. Darst.
    Notes:

    Parallel als Druckausg. erschienen
  10. Bank heterogeneity and capital allocation
    evidence from "fracking" shocks
    Author: Plosser, Matthew C.
    Published: 2014
    Publisher:  Federal Reserve Bank of New York, New York, NY

    This paper empirically investigates banks' investment allocations over the recent business cycle. I identify unsolicited deposit shocks resulting from unconventional energy development and estimate bank allocations of these deposits. In the... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 207 (693)
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    This paper empirically investigates banks' investment allocations over the recent business cycle. I identify unsolicited deposit shocks resulting from unconventional energy development and estimate bank allocations of these deposits. In the pre-recession period, banks lend 38 percent of incremental deposits; however, during the downturn, banks favor liquid assets and lending allocations fall to 22 percent. Banks with low risk tolerance or less access to liquidity are particularly sensitive to the decline in economic conditions, choosing securities and cash, respectively. The findings identify significant heterogeneity in the willingness of banks to allocate capital during adverse times.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/120777
    Series: Staff report / Federal Reserve Bank of New York ; 693
    Subjects: Erdölvorkommen; Erdölgewinnung; Erdgasvorkommen; Erdgasgewinnung; Finanzierung; Kreditgeschäft; Konjunktur; Schock; Bank; Betriebsgröße; Vergleich; USA; financial intermediation; banks; business cycles
    Scope: Online-Ressource (57 S.), graph. Darst., Kt.
  11. China and Russia
    institutional coherence between the banking systems
    Author: Vernikov, Andrei
    Published: 2014
    Publisher:  Centre for Comparative Economics, UCL School of Slavonic and East European Studies, London

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Keine Speicherung
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Economics and business working paper ; 130
    Subjects: China; Russia; banks; government; comparative institutional analysis; path dependence; embeddedness; institutional self-adjustment
    Scope: Online-Ressource (44 S.), graph. Darst.
  12. The effects of liquidity regulation on bank assets and liabilities
    Author: Duijm, Patty; Wierts, Peter
    Published: 2014
    Publisher:  Tinbergen Inst., Rotterdam [u.a.]

    Under Basel III rules, banks become subject to a liquidity coverage ratio (LCR) from 2015 onwards, to promote short-term resilience. We investigate the effects of such liquidity regulation on bank liquid assets and liabilities. Results indicate... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 432 (2014,18)
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    Under Basel III rules, banks become subject to a liquidity coverage ratio (LCR) from 2015 onwards, to promote short-term resilience. We investigate the effects of such liquidity regulation on bank liquid assets and liabilities. Results indicate co-integration of liquid assets and liabilities, to maintain a minimum short-term liquidity buffer. Still, microprudential regulation has not prevented an aggregate liquidity cycle characterised by a pro-cyclical pattern in the size of balance sheets and risk taking. Our error correction regressions indicate that adjustment in the liquidity ratio is balanced towards the liability side, especially when the liquidity ratio is below its long-term equilibrium. This finding contrasts established wisdom that the LCR is mainly driven by changes in liquid assets. Policy implications focus on the need to complement microprudential regulation with a macroprudential approach. This involves monitoring of aggregate liquid assets and liabilities and addressing pro-cyclical behaviour by restricting leverage.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/98856
    Series: Array ; 2014,018
    Subjects: market liquidity; funding liquidity; liquidity regulation; liquidity coverage ratio; Basel III; banks; microprudential; macroprudential; co-integration; error correction models
    Scope: Online-Ressource (20 S.), graph. Darst.
  13. Monetary policy, bank bailouts and the sovereign-bank risk nexus in the euro area
    conference paper
    Author: Fratzscher, Marcel; Rieth, Malte
    Published: 2014
    Publisher:  ZBW, [Kiel

    The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DSM 13
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    The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall more important in explaining bank risk, than vice versa. The paper focuses specifically on the impact of non-standard monetary policy measures by the European Central Bank and on the effects of bank bailout policies by national governments. Testing specific hypotheses formulated in the literature, we find that bank bailout policies have reduced solvency risk in the banking sector mostly at the expense of raising the credit risk of sovereigns. By contrast, monetary policy was in most, but not all cases effective in lowering credit risk among both sovereigns and banks. Finally, we find spillover effects in particular from sovereigns in the euro area periphery to the core countries.

     
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    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/100277
    Edition: Preliminary
    Series: Array ; V2
    Subjects: Bankrisiko; Länderrisiko; Geldpolitik; Schuldenübernahme; Spillover-Effekt; Eurozone; Zentrum-Peripherie-Beziehungen; EU-Staaten; Credit risk; banks; sovereigns; monetary policy; bank bailout; heteroscedasticity; spillovers
    Scope: Online-Ressource (54 S.), graph. Darst.