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Displaying results 26 to 49 of 49.

  1. Do attitudes toward risk taking affect entrepreneurship?
    evidence from second-generation Americans
    Author: Chanda, Areendam; Unel, Bulent
    Published: November 14, 2019
    Publisher:  Department of Economics, Louisiana State University, Baton Rouge, LA

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    Series: Department of Economics working paper series / LSU, E.J. Ourso College of Business, Department of Economics ; Working paper 2019, 07
    Subjects: Entrepreneurship; immigrants; second-generation Americans; risk taking; preference measures; occupational choice; comparative development
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  2. Bank complexity, governance, and risk
    Author: Correa, Ricardo; Goldberg, Linda S.
    Published: [2020]
    Publisher:  Federal Reserve Bank of New York, New York, NY

    Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the costs of bank resolution when organizations... more

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    Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the costs of bank resolution when organizations fail, the effect of complexity on BHCs' broader risk profiles is less well understood. Business, organizational, and geographic complexity can engender explicit trade-offs between the agency problems that increase risk and the diversification, liquidity management, and synergy improvements that reduce risk. The outcomes of such trade-offs may depend on bank governance arrangements. We test these conjectures using data on large U.S. BHCs for the 1996-2018 period. Organizational complexity and geographic scope tend to provide diversification gains and reduce idiosyncratic and liquidity risks while also increasing BHCs' exposure to systematic and systemic risks. Regulatory changes focused on organizational complexity have significantly reduced this type of complexity, leading to a decrease in systemic risk and an increase in liquidity risk among BHCs. While bank governance structures have, in some cases, significantly affected the buildup of BHC complexity, better governance arrangements have not moderated the effects of complexity on risk outcomes.

     
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    hdl: 10419/241123
    Series: Staff report / Federal Reserve Bank of New York ; no. 930 (June 2020)
    Subjects: bank complexity; risk taking; regulation; too big to fail; liquidity; corporate governance; agency problem; global banks; diversification
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  3. Profit taxation and bank risk taking
    Author: Kogler, Michael
    Published: February 12, 2019
    Publisher:  Verein für Socialpolitik, [Leipzig]

    How can tax policy improve financial stability? Recent studies point to large potential stability gains from a reform that eliminates the debt bias in corporate taxation. Such a reform reduces bank leverage. This paper emphasizes a novel,... more

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    How can tax policy improve financial stability? Recent studies point to large potential stability gains from a reform that eliminates the debt bias in corporate taxation. Such a reform reduces bank leverage. This paper emphasizes a novel, complementary channel: bank risk taking. We model the portfolio choice of banks under moral hazard and thereby highlight the ‘incentive function’ of equity. The corporate income tax influences risk-taking incentives through the cost of equity relative to deposits, the after-tax returns on different portfolios, and future bank profits. The analysis yields two novel findings: A tax reform which eliminates the debt bias discourages risk taking and reduces bank failure risk. Raising the corporate tax rate can also reduce risk taking in the short run, but permanent tax hikes have destabilizing long-term effects.

     
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    Series: Array ; Array
    Subjects: Corporate taxation; tax reform; risk taking; financial stability
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  4. Competition and risk taking in local bank markets
    evidence from the business loans segment
    Author: Canta, Chiara; Nilsen, Øivind Anti; Ulsaker, Simen A.
    Published: [2023]
    Publisher:  Norwegian School of Economics, Bergen, Norway

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    hdl: 11250/3068429
    Series: Discussion paper / NHH, Department of Economics ; SAM 2023, 10 (May 2023)
    Subjects: banking; local competition; risk taking; firm behaviour
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  5. Hard vs. soft commitments: experimental evidence from a sample of French gamblers
    Author: Bettega, Paul; Crosetto, Paolo; Dubois, Dimitri; Romaniuc, Rustam
    Published: [2023]
    Publisher:  CEE-M, Center for Environmental Economics, Montpellier

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    Series: CEE-M working paper ; 2023, 09
    Subjects: soft commitment; hard commitment; risk taking; self-control
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  6. Competition and risk taking in local bank markets
    evidence from the business loans segment
    Author: Canta, Chiara; Nilsen, Øivind Anti; Ulsaker, Simen A.
    Published: May 2023
    Publisher:  CESifo, Munich, Germany

    This paper studies empirically the relationship between competition and risk taking in banking markets. We exploit an unique dataset providing information about all bank loans to Norwegian firms over several years. Rather than relying on observed... more

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    This paper studies empirically the relationship between competition and risk taking in banking markets. We exploit an unique dataset providing information about all bank loans to Norwegian firms over several years. Rather than relying on observed market shares, we use the distance between bank branches and firms to measure the competitiveness of local markets. The cross-sectional and longitudinal variation in competition in local markets are used to identify the relationship between competition and risk taking, which we measure by the non-performing loans and loss provision rates of the individual banks. We find that more competition leads to more risk taking. We also examine the effects of bank competition on the availability of loans. More competition leads to lower interest rates and higher loan volumes, but also makes it more difficult for small and newly established firms to obtain a loan.

     
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    hdl: 10419/279197
    Series: CESifo working papers ; 10448 (2023)
    Subjects: banking; local competition; risk taking; firm behaviour
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  7. The appeal of risky assets
    Author: Stolper, Anno
    Published: 2010
    Publisher:  Univ., Volkswirtschaftliche Fak., München

    A fund's performance is usually compared to the performance of an index or other funds. If a fund trails the benchmark, the fund manager is often replaced. We argue that this may lead to excessive risk-taking if fund managers differ in ability and... more

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    A fund's performance is usually compared to the performance of an index or other funds. If a fund trails the benchmark, the fund manager is often replaced. We argue that this may lead to excessive risk-taking if fund managers differ in ability and have the opportunity to take excessive risk. To match the benchmark, fund managers may increase the risk of their portfolio even if this decreases the expected return on the portfolio.

     
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    hdl: 10419/104305
    Series: Münchener wirtschaftswissenschaftliche Beiträge ; 2010-34
    Subjects: Investmentfonds; Führungskräfte; Anlageverhalten; Risikofreude; Performance-Messung; Benchmarking; Anreiz; Theorie; Benchmarking; risk taking
    Scope: Online-Ressource (17 S., 260Kb)
  8. Does capital regulation matter for bank behavior?
    evidence for German savings banks
    Author: Heid, Frank; Porath, Daniel; Stolz, Stéphanie Marie
    Published: 2003
    Publisher:  Inst. for World Economics, Kiel

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  9. Does capital regulation matter for bank behavior? Evidence for German savings banks
    Author: Heid, Frank; Porath, Daniel; Stolz, Stéphanie Marie
    Published: 2003
    Publisher:  Kiel Institute for the World Economy (IfW), Kiel

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  10. The risk-taking channel of monetary policy in Macedonia
    evidence from credit registry data
    Author: Miteski, Mite; Mitreska, Ana; Vaskov, Mihajlo
    Published: [2018]
    Publisher:  National Bank of the Republic of Macedonia, [Skopje]

    The last global crisis brought the monetary policy risk-taking channel to the fore, arguing that lingering low interest rates might affect not only the quantity, but the quality of credit extended as well. In line with this debate, this paper is the... more

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    The last global crisis brought the monetary policy risk-taking channel to the fore, arguing that lingering low interest rates might affect not only the quantity, but the quality of credit extended as well. In line with this debate, this paper is the first effort to empirically investigate the potential existence of the monetary policy risk-taking channel in Macedonia. For this purpose we use a rather unique database of corporate loans, taken from the Credit Registry of the National Bank of the Republic of Macedonia (NBRM), which is complemented with data from banks' balance sheets. By using pooled OLS on semi-annual data for the 2010-2017 period, our study points to an inverse relationship between the policy rate and the ex-ante risk rating assigned by the banks, a finding that is supportive to the existence of the risk-taking channel, although the effect is relatively small. The results prove to be robust after controlling for several bank, loan and time specific variables. We also test for possible difference in the risk-taking by banks conditioned on the capitalization level, but the results do not confirm difference in the reaction. The findings of the study are policy-relevant, as they confirm the need for policy makers to be mindful on financial stability impact when making monetary decisions.

     
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    hdl: 10419/204622
    Series: Working paper / National Bank of the Republic of Macedonia ; no. [2018], 7
    Subjects: Monetary policy; risk taking; ex-ante credit risk; leverage; POLS
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  11. Adapting lending policies when negative interest rates hit banks' profits
    Author: Arce, Óscar; García-Posada, Miguel; Mayordomo, Sergio; Ongena, Steven
    Published: 2018
    Publisher:  Banco de España, Madrid

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    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 1832
    Subjects: negative interest rates; negative for long; lending policies; banks capital ratio; risk taking
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  12. Peer effects and risk sharing in experimental asset markets
    Author: Baghestanian, Sascha; Gortner, Paul Julian; Weele, Joël J. van der
    Published: [2015]
    Publisher:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    Previous research has documented strong peer effects in risk taking, but little is known about how such social influences affect market outcomes. Since the consequences of social interactions are hard to isolate in financial data, we design an... more

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    Previous research has documented strong peer effects in risk taking, but little is known about how such social influences affect market outcomes. Since the consequences of social interactions are hard to isolate in financial data, we design an experimental asset market with multiple risky assets and study how exogenous variation in real-time information about the portfolios of peer group members affects aggregate and individual risk taking. We find that peer information reduces under-diversification through changes in risk attitudes that last beyond the market environment. The effect of information depends on its framing: highlighting the highest earning trader increases willingness to take risk and average exposure in the market. Our results show that peer information is an important determinant of earnings volatility in financial markets, and we discuss implications for institutional design.

     
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    hdl: 10419/203283
    Series: SAFE working paper ; no. 67
    Subjects: peer effects; laboratory experiments; risk taking; asset markets
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  13. Deposit insurance, market discipline and bank risk
    Author: Karas, Alexei; Pyle, William; Schoors, Koen
    Published: 2019
    Publisher:  Ghent University, Faculty of Economics and Business Administration, Ghent

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    Series: Working paper / Faculty of Economics and Business Administration ; 953 (2019)
    Subjects: deposit insurance; market discipline; moral hazard; risk taking; banks; Russia
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  14. Can gender quotas prevent risky choice shifts?
    the effect of gender composition on group decisions under risk
    Author: Lima de Miranda, Katharina; Detlefsen, Lena; Schmidt, Ulrich
    Published: 07/2019
    Publisher:  Kiel Institute for the World Economy, [Kiel]

    This study contributes to the public debate on gender quotas and the literature on gender and risk taking by analysing how the level of risk taking within a group is influenced by its gender composition. In particular we look at the shift of risk... more

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    This study contributes to the public debate on gender quotas and the literature on gender and risk taking by analysing how the level of risk taking within a group is influenced by its gender composition. In particular we look at the shift of risk taking between group and individual decisions and analyse to which extent this shift depends on the gender composition. We derive a gender-specific polarization hypothesis which states that compared to individual preferences, male dominated groups will shift towards higher risk taking than female dominated ones. Our experimental tests reveal a systematic impact of gender composition on group shifts which supports our hypothesis and points into the direction that a higher share of females may prevent excessive risk taking.

     
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    hdl: 10419/201009
    Series: Kiel working paper ; no. 2135 (July 2019)
    Subjects: risky shift; risk taking; group decisions; gender; monetary incentives
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  15. Asset integration, risk taking and loss aversion in the laboratory
    Author: Morrison, William G.; Oxoby, Robert J.
    Published: March 2019
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We report on a laboratory experiment testing for the presence of loss aversion, as separate from risk aversion, utilizing an asset integration protocol designed to ensure that a loss of cash provided by the experimenter is viewed as a real loss by... more

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    We report on a laboratory experiment testing for the presence of loss aversion, as separate from risk aversion, utilizing an asset integration protocol designed to ensure that a loss of cash provided by the experimenter is viewed as a real loss by experimental participants. Our experimental design augments the Holt-Laury risk preference elicitation methodology to assess how individuals choose between a safe option and a riskier lottery. When the money at stake is viewed as the individual's own money, one of the lottery outcomes is in the domain of losses. Our results confirm that individuals display an additional reluctance to participate in a mixed domain lottery beyond that predicted by risk aversion. We show that only preference functions incorporating loss aversion are able to generate predicted behaviour that matches our results.

     
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    hdl: 10419/196766
    Series: Discussion paper series / IZA ; no. 12268
    Subjects: risk taking; experiments
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  16. Deposit insurance, market discipline and bank risk
    Author: Karas, Alexei; Pyle, William; Schoors, Koen
    Published: 2019
    Publisher:  Bank of Finland, BOFIT Institute for Economies in Transition, Helsinki

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    Media type: Ebook
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    ISBN: 9789523232754
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    hdl: 10419/212918
    Series: BOFIT discussion papers ; 2019, 10
    Subjects: deposit insurance; market discipline; moral hazard; risk taking; banks; Russia
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  17. Managerial performance incentives and firm risk during economic expansions and recessions
    Author: Şişli-Ciamarra, Elif; Savaser, Tanseli
    Published: 2015
    Publisher:  Brandeis Univ., Dep. of Economics, Waltham, Mass.

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    Series: Working paper series / Brandeis University, Department of Economics ; 93
    Subjects: executive compensation; risk taking; equity-based compensation; macroeconomy
    Scope: Online-Ressource (65, [19] S.), graph. Darst.
  18. Optimal risk taking in an uneven tournament game with risk averse players
    Author: Kräkel, Matthias
    Published: 2007
    Publisher:  Sonderforschungsbereich/Transregio 15 Governance and the Efficiency of Economic Systems, München

    We analyze the optimal choice of risk in a two-stage tournament game between two players that have different concave utility functions. At the first stage, both players simultaneously choose risk. At the second stage, both observe overall risk and... more

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    We analyze the optimal choice of risk in a two-stage tournament game between two players that have different concave utility functions. At the first stage, both players simultaneously choose risk. At the second stage, both observe overall risk and simultaneously decide on effort or investment. The results show that those two effects which mainly determine risk taking ' an effort effect and a likelihood effect ' are strictly interrelated. This finding sharply contrasts with existing results on risk taking in tournament games with symmetric equilibrium efforts where such linkage can never arise. Hence, previous findings based on symmetry at the effort stage turn out to be nongeneric.

     
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    Other identifier:
    hdl: 10419/93759
    Series: SFB/TR 15 Discussion Paper ; 200
    Subjects: asymmetric equilibria; rank-order tournaments; risk taking
    Scope: Online-Ressource (29, [2] S.), graph. Darst.
  19. Government guarantees and bank risk taking incentives
    Published: 2014
    Publisher:  CESifo, München

    This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This... more

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    This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This removal was announced in 2001, but Landesbanken were allowed to issue guaranteed bonds until 2005. We find that Landesbanken lend to riskier borrowers after 2001. This effect is most pronounced for Landesbanken with the highest expected decrease in franchise value. Landesbanken also significantly increased their off-balance sheet exposure to the global ABCP market. Our results provide implications for the debate on how to remove guarantees.

     
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    hdl: 10419/96902
    Series: Array ; 4706
    Subjects: government guarantees; exits; risk taking; franchise value; financial crisis; loans
    Scope: Online-Ressource (52 S.), graph. Darst., Kt.
  20. Dealing with financial crises
    how much help from research?
    Author: Pagano, Marco
    Published: 2014
    Publisher:  Center for Financial Studies, Frankfurt, Main

    Has economic research been helpful in dealing with the financial crises of the early 2000s? On the whole, the answer is negative, although there are bright spots. Economists have largely failed to predict both crises, largely because most of them... more

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    Has economic research been helpful in dealing with the financial crises of the early 2000s? On the whole, the answer is negative, although there are bright spots. Economists have largely failed to predict both crises, largely because most of them were not analytically equipped to understand them, in spite of their recurrence in the last 25 years. In the pre-crisis period, however, there have been important exceptions - theoretical and empirical strands of research that largely laid out the basis for our current thinking about financial crises. Since 2008, a flurry of new studies offered several different interpretations of the US crisis: to some extent, they point to potentially complementary factors, but disagree on their relative importance, and therefore on policy recommendations. Research on the euro debt crisis has so far been much more limited: even Europe-based researchers - including CEPR ones - have often directed their attention more to the US crisis than to that occurring on their doorstep. In terms of impact on policy and regulatory reform, the record is uneven. On the one hand, the swift and massive liquidity provision by central banks in the wake of both crises is, at least partly, to be credited to previous research on the role of central banks as lenders of last resort in crises and on the real effects of bank lending and monetary policy. On the other hand, economists have had limited impact on the reform of prudential and security market regulation. In part, this is due to their neglect of important regulatory choices, which policy-makers are therefore left to take without the guidance of academic research-based analysis.

     
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    Other identifier:
    hdl: 10419/102957
    Series: CFS working paper ; 481
    Subjects: financial crisis; risk taking; systemic risk; financial regulation; monetary policy; politics
    Scope: Online-Ressource (15 S.), graph. Darst.
  21. Risking other people's money
    experimental evidence on bonus schemes, competition, and altruism
    Published: 2013
    Publisher:  Research Inst. of Industrial Economics, Stockholm

    We study risk taking on behalf of others in an experiment on a large random sample. The decision makers in our experiment are facing high-powered incentives to increase the risk on behalf of others through hedged compensation contracts or with... more

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    We study risk taking on behalf of others in an experiment on a large random sample. The decision makers in our experiment are facing high-powered incentives to increase the risk on behalf of others through hedged compensation contracts or with tournament incentives. Compared to a baseline condition without such incentives, we find that the decision makers respond strongly to these incentives that result in an increased risk exposure of others. However, we find that the increase in risk taking is mitigated by altruistic preferences and pro-social personality traits.

     
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    Other identifier:
    hdl: 10419/95624
    Series: IFN working paper ; 989
    Subjects: Risikopräferenz; Experiment; Leistungsentgelt; Extensives Spiel; Altruismus; Incentives; competition; hedging; risk taking; social preferences
    Scope: Online-Ressource (49 S.), graph. Darst.
  22. Government guarantees and bank risk taking incentives
    Published: 2014
    Publisher:  European School of Management and Technology, Berlin

    This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This... more

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 450 (2014,2)
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    Location:
    Studienseminar Neuburg
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    This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This removal was announced in 2001, but Landesbanken were allowed to issue guaranteed bonds until 2005. We find that Landesbanken lend to riskier borrowers after 2001. This effect is most pronounced for Landesbanken with the highest expected decrease in franchise value. Landesbanken also significantly increased their off-balance sheet exposure to the global ABCP market. Our results provide implications for the debate on how to remove guarantees.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/96582
    Series: ESMT working paper ; 14-02
    Subjects: Government guarantees; exits; risk taking; franchise value; financial crisis; loans
    Scope: Online-Ressource (PDF-Datei: 52 S.), graph. Darst.
  23. Monetary policy and risk taking
    Author: Angeloni, Ignazio; Faia, Ester; Lo Duca, Marco
    Published: 2013
    Publisher:  SAFE, Frankfurt am Main

    We assess the effects of monetary policy on bank risk to verify the existence of a risk-taking channel - monetary expansions inducing banks to assume more risk. We first present VAR evidence confirming that this channel exists and tends to... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 431 (8)
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    We assess the effects of monetary policy on bank risk to verify the existence of a risk-taking channel - monetary expansions inducing banks to assume more risk. We first present VAR evidence confirming that this channel exists and tends to concentrate on the bank funding side. Then, to rationalize this evidence we build a macro model where banks subject to runs endogenously choose their funding structure (deposits vs. capital) and risk level. A monetary expansion increases bank leverage and risk. In turn, higher bank risk in steady state increases asset price volatility and reduces equilibrium output.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/88726
    Edition: This draft: January 2013
    Series: SAFE working paper series ; 8
    SAFE Working Paper ; No. 8
    Subjects: bank runs; risk taking; monetary policy
    Scope: Online-Ressource (39 S.), graph. Darst.
    Notes:

    First draft: November 2009
  24. Anxiety, overconfidence, and excessive risk taking
    Author: Eisenbach, Thomas M.; Schmalz, Martin C.
    Published: 2015
    Publisher:  Federal Reserve Bank of New York, New York, NY

    We provide a preference-based rationale for endogenous overconfidence. Horizon-dependent risk aversion, combined with a possibility to forget, can generate overconfidence and excessive risk taking in equilibrium. An "anxiety prone" agent, who is more... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 207 (711)
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    We provide a preference-based rationale for endogenous overconfidence. Horizon-dependent risk aversion, combined with a possibility to forget, can generate overconfidence and excessive risk taking in equilibrium. An "anxiety prone" agent, who is more risk-averse to imminent than to distant risks, has an incentive to distort her future self’s beliefs toward underestimating risk. Such self-deception can be achieved even if the future self is aware of the attempted distortion. We relate our results to the literature on empirically observed overconfidence and excessive risk taking in several domains of financial and other types of decision making.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/120836
    Series: Staff report / Federal Reserve Bank of New York ; 711
    Subjects: overconfidence; dynamic consistency; biases; deception; risk taking
    Scope: Online-Ressource ([1], 22 S.), graph. Darst.