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作者：Begley, Taylor A.; Purnanandam, Amiyatosh; Zheng, Kuncheng
作者单位：University of London; London Business School; Washington University (WUSTL); University of Michigan System; University of Michigan; Northeastern University
摘要：We show that banks significantly underreport the risk in their trading book when they have lower equity capital. Specifically, a decrease in a bank's equity capital results in substantially more violations of its self-reported risk levels in the following quarter. Underreporting is especially frequent during the critical periods of high systemic risk and for banks with larger trading operations. We exploit a discontinuity in the expected benefit of underreporting present in Basel regulations t...
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作者：Hollifield, Burton; Neklyudov, Artem; Spatt, Chester
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作者：Segura, Anatoli; Suarez, Javier
作者单位：European Central Bank; Bank of Italy; Center for Economic & Policy Research (CEPR)
摘要：We quantify the gains from regulating maturity transformation in a model of banks that finance long-term assets with nontradable debt. Banks choose the amount and maturity of their debt by trading off investors' preferences for short maturities with the risk of systemic crises. Pecuniary externalities make unregulated debt maturities inefficiently short. In calibrating the model to eurozone banking data for 2006, we find that lengthening the average maturity of wholesale debt from 2.8 to 3.3 m...
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作者：Garriga, Carlos; Kydland, Finn E.; Sustek, Roman
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of California System; University of California Santa Barbara; National Bureau of Economic Research; University of London; Queen Mary University London
摘要：Mortgages are long-term loans with nominal payments. Consequently, in incomplete asset markets, monetary policy can affect housing investment and the economy through the cost of new mortgage borrowing and real payments on outstanding debt. These channels, distinct from the traditional real rate channel, are embedded in a general equilibrium model. The transmission mechanism is stronger under adjustable-rate mortgages compared with fixed-rate mortgages. Further, persistent monetary policy shock...
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作者：Ghaly, Mohamed; Viet Anh Dang; Stathopoulos, Konstantinos
作者单位：Lancaster University; University of Manchester; Alliance Manchester Business School
摘要：Firms differ in their dependence on skilled labor and face labor adjustment costs that increase with their workers' skill level. We show that firms with a higher share of skilled workers, and thus less flexibility to adjust their labor demand in response to cash flow shocks, hold more precautionary cash. The effect of labor skills on cash holdings is more pronounced for financially constrained firms and varies with exogenous differences in firing and hiring costs. We address endogeneity concer...
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作者：Mueller, Holger M.; Ouimet, Paige P.; Simintzi, Elena
作者单位：New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; University of North Carolina; University of North Carolina Chapel Hill; University of British Columbia
摘要：Financial regulators and investors have expressed concerns about high pay inequality within firms. Using a proprietary data set of public and private firms, this paper shows that firms with higher pay inequality-relative wage differentials between top-and bottom-level jobs-are larger and have higher valuations and stronger operating performance. Moreover, firms with higher pay inequality exhibit larger equity returns and greater earnings surprises, suggesting that pay inequality is not fully p...
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作者：Berger, Allen N.; Bouwman, Christa H. S.; Kim, Dasol
作者单位：University of South Carolina System; University of South Carolina Columbia; Texas A&M University System; Texas A&M University College Station; Office of Financial Research; United States Department of the Treasury
摘要：We use novel monthly survey data from 1993 to 2012 on small business managerial perceptions of financial constraints and other conditions, matched with information on banks in their local markets. The data suggest that small banks have comparative advantages in alleviating these constraints. These advantages tend to be greater during adverse economic conditions and do not appear to decrease or increase secularly. Small banks also appear to have comparative advantages in providing liquidity ins...
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作者：Yonker, Scott E.
作者单位：Cornell University
摘要：In line with the psychological theory of place attachments, managers favor hometown workers over others. Consistent with this prediction, I find that following periods of industry distress, establishments located near CEOs' childhood homes experience fewer employment and pay reductions and are less likely to be divested relative to other firm establishments. While it is not possible to directly test whether this employment bias destroys firm value, managers only implement these policies when g...
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作者：Irani, Rustom M.; Meisenzahl, Ralf R.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We examine how banks use loan sales to manage liquidity during periods of marketwide stress and the associated spillovers to market prices. We track the dynamics of loan share ownership in the secondary market using data from a U.S. supervisory register of syndicated loans. Controlling for loan quality using loan-year fixed effects, we find that banks reliant on wholesale funding were more likely to exit syndicates through sales during 2007/08. This effect is stronger for banks dependent on sh...
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作者：Braggion, Fabio; Dwarkasing, Narly; Moore, Lyndon
作者单位：Tilburg University; Tilburg University; University of Bonn; University of Melbourne
摘要：We investigate the impact of increasing bank concentration on bank loan contracts in a lightly regulated environment that allows us to abstract from possible confounding effects of regulation and focus on the pure effects of competition on bank lending. We study over 30,000 British bank loans over the period 1885 to 1925. Borrowers in counties with high bank concentration received smaller loans and posted more collateral than borrowers in other counties. In high concentration counties, the qua...
