Static Financial Intermediation with Quality Ladders
Essays on Financial Intermediation
... We start the analysis by examining over 115,000 bank-firm lending relationships and running a within-firm difference-in-differences specification comparing changes in credit supply to the same borrower across banks ...
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Essays in Financial Intermediation.
... reporting incentives on the frequency of exceptions by directly controlling for it in the regressions. In the absence of a precise measure of model quality, we confront three primary challenges in identifying the ...
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Essays in financial intermediation
... the quality and the need for funding, the borrowers may differ in their willing to ...lower quality borrowers could be more reluctant to disclose information, as this aggravates their ability to raise ...
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Essays on financial intermediation
... medium quality as “back-door equity” financing to prevent bad firms from mimicking, in a setting in which the initial asymmetry of information is completely resolved by the time the security is ...
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Essays in financial intermediation
... high quality products or low quality ones, firms would be induced to supply high quality products when the expected value of future income given a high reputation outweighs the short-run gain of ...
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Financial Intermediation, markets, and growth
... In a static model, growth does not occur and consumers only care about risk sharing. Hence the trade-off has no bite and more bank-oriented systems provide higher expected utility. In a dynamic environment, ...
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Inflation, growth, and financial intermediation
... V. V. Chari, Larry E. Jones, and Rodolfo E. Manuelli T he key role of government policies in the process of development has long been recognized. The recent availabil- ity of quality data has led to quantitative ...
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Three essays on financial intermediation
... 6 appreciate the underlying quality of the bold forecasts more than the risk of the overconfidence bias in those forecasts. I also find that the market reacts more strongly to analysts exposed less to the ...
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The industrial organisation of financial intermediation
... The second chapter considers the effect of the business cycle on outcomes in the mutual fund industry. The business cycle induces turnover in mutual funds: they exit in recessions and enter in recoveries. The effect of ...
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Conflicts of Interest in Financial Intermediation
... impersonal conflicts. Second, it does not explain, why good managers do bad things. As Badaracco and Webb (1995) have for instance shown, young man- agers often feel pressured to act unethically. This does not ...
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Essays on financial intermediation and risk
... credit quality, and build-in leverage of bond futures allow changes in market exposure to be implemented cheaply, safely, and with relatively small amounts of ...
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Financial Markets, Financial Intermediation, and Bailout Policy
... developped financial markets can replace financial intermediation and provide an economy with more efficiency in funds ...of intermediation versus markets has become another basin of attrac- ...
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Financial Intermediation
... pattern is the fact that the panic did not at any time engulf any of the largest banks of Philadelphia, Pittsburgh, and Chicago. Exactly how the loss of confidence spread across the twelve Federal Reserve Districts is ...
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Financial Intermediation
... There are a large number of studies that examine banking crises in emerging markets in the 1980s and 1990s, arguing that some of these events seem to have elements of contagion. While definitions of “contagion” vary ...
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The Theory of Financial Intermediation
... non-firm level interests. This is the case in institutions such as banks, which hold complex, illiquid and proprietary assets. Communication in such cases may be more difficult or expensive than hedging the underlying ...
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Essays on Financial Intermediation
... The e¤ect is even more signi…cant than for the boom period, as if we compare counties in the top versus the bottom decile of presence of national banks in states with anti-predatory laws[r] ...
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Financial intermediation and employment
... problem. Investment in financial assets solves only her problem of choice of optimal portfolio. But she has another, possibly more, serious problem. She is unemployed! So it is the finance-cum-employment problem ...
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Frictions in Financial Intermediation
... 2.5 Conclusion We find little systematic evidence that the average securitization agent exhibited awareness through their home transactions of problems in overall house markets and anticipated a broad- based crash ...
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Essays on Financial Intermediation
... This strategy of a bank’s asset and liability reorganization to improve its profitability works well as long as the market condition for the inter-bank borrowing is favorable. In other words, if the transactions among ...
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Financial Intermediation and Employment
... We have just discussed how wage employment can be a constraint on ex- panding the financial sector. The relationship holds the other way round too. In other words, it is possible that the financial system ...
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