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Maturity shortening and market failure
Thierfelder, Felix - 2012
Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up … during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not … need to provide longer-term liquidity. The paper asks what market failure central banks were addressing by intervening and …
Persistent link: https://www.econbiz.de/10009509089
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Rollover risk in commercial paper markets and firms' debt maturity choice
Thierfelder, Felix - 2008
should market liquidity dry up. In a first step, this paper explains why high quality firms introduce a maturity mismatch …
Persistent link: https://www.econbiz.de/10010295942
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Investor runs in wholesale funding markets : three essays
Thierfelder, Felix - 2014
Persistent link: https://www.econbiz.de/10010426637
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Maturity shortening and market failure
Thierfelder, Felix - Deutsche Bundesbank - 2012
Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up … during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not … need to provide longer-term liquidity. The paper asks what market failure central banks were addressing by intervening and …
Persistent link: https://www.econbiz.de/10010957159
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Maturity shortening and market failure
Thierfelder, Felix - Deutsche Bundesbank - 2012
Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up … during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not … need to provide longer-term liquidity. The paper asks what market failure central banks were addressing by intervening and …
Persistent link: https://www.econbiz.de/10010535438
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Rollover risk in commercial paper markets and firms' debt maturity choice
Thierfelder, Felix - Deutsche Bundesbank - 2008
should market liquidity dry up. In a first step, this paper explains why high quality firms introduce a maturity mismatch …
Persistent link: https://www.econbiz.de/10005058998
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Optimal opacity on financial markets
Siegert, Caspar - 2014
asymmetries between contracting parties. Finally, in our setting a government can intervene in ways that ensure the liquidity of …
Persistent link: https://www.econbiz.de/10010364764
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Credit Ratings and Bank Monitoring Ability
Nakamura, Leonard I. - 2016
In this paper, the authors use credit rating data from two Swedish banks to elicit evidence on banks' loan monitoring ability. They test the banks' ability to forecast credit bureau ratings, and vice versa, and show that bank ratings are able to predict future credit bureau ratings. This is...
Persistent link: https://www.econbiz.de/10013008871
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Debt, Information Asymmetry and Bankers on Board
Amaro de Matos, Joao - 2015
We provide evidence that the presence of bankers in the board of directors reduce information asymmetry between credit markets and firms. We show that the impact of the presence of bankers on leverage is driven by firms with low level of debt. This effect is amplified the more connected the...
Persistent link: https://www.econbiz.de/10013013237
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Credit Ratings, Private Information, and Bank Monitoring Ability
Nakamura, Leonard I. - 2016
In this paper, we use credit rating data from two large Swedish banks to elicit evidence on banks' loan monitoring ability. For these banks, our tests reveal that banks' internal credit ratings indeed include valuable private information from monitoring, as theory suggests. Banks' private...
Persistent link: https://www.econbiz.de/10012988405