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"Lending by Example": Direct and Indirect Effects of Foreign Banks in Emerging Markets

Giannetti, Mariassunta; Ongena, Steven - C.E.P.R. Discussion Papers - 2008

Using a novel dataset that allows us to trace the primary bank relationships of a sample of mostly unlisted firms, we explore which borrowers are able to benefit from foreign bank presence in emerging markets. Our results suggest that the limits to financial integration are less tight than the...

Persistent link: https://www.econbiz.de/10005497713

The Impact of Competition on Bank Orientation and Specialization

Degryse, Hans; Ongena, Steven - C.E.P.R. Discussion Papers - 2004

How do banks react to increased competition? Recent banking theory offers conflicting predictions about the impact of … competition on bank orientation - i.e., the choice of relationship based versus transactional banking - and bank industry … specialization. We empirically investigate the impact of interbank competition on bank branch orientation and specialization. We …

Persistent link: https://www.econbiz.de/10005661597

Financial Integration and Entrepreneurial Activity: Evidence from Foreign Bank Entry in Emerging Markets

Giannetti, Mariassunta; Ongena, Steven - C.E.P.R. Discussion Papers - 2005

An extensive empirical literature has documented the positive growth effects of equity market liberalization. However, this line of research ignores the impact of financial integration on a category of firms crucial for economic development, i.e. the small entrepreneurial firms. This paper aims...

Persistent link: https://www.econbiz.de/10005666993

Idiosyncratic Volatility and Product Market Competition

Gaspar, José-Miguel; Massa, Massimo - C.E.P.R. Discussion Papers - 2004

volatility. We posit that competition affects volatility in two distinct and inter-related ways. Market power works as a hedging …

Persistent link: https://www.econbiz.de/10005791374

The Impact of Organizational Structure and Lending Technology on Banking Competition

Degryse, Hans; Laeven, Luc; Ongena, Steven - C.E.P.R. Discussion Papers - 2007

. We investigate theoretically and empirically how bank organization shapes banking competition. Our theoretical model … organizational structure and technology of rival banks in the vicinity influence local banking competition. …

Persistent link: https://www.econbiz.de/10005136523

Inattentive Producers

Reis, Ricardo - C.E.P.R. Discussion Papers - 2005

I present and solve the problem of a producer who faces costs of acquiring, absorbing, and processing information. I establish a series of theoretical results describing the producer's behaviour. First, I find the conditions under which she prefers to set a plan for the price she charges, or...

Persistent link: https://www.econbiz.de/10005504647

The Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks: Theory and Empirical Evidence

Mertens, Karel; Ravn, Morten O - C.E.P.R. Discussion Papers - 2008

We provide empirical evidence on the effects of tax liability changes in the United States. We make a distinction between "surprise" and "anticipated" tax shocks. Surprise tax cuts give rise to a large boom in the economy. Anticipated tax liability tax cuts are instead associated with a...

Persistent link: https://www.econbiz.de/10005497768

Bank Finance versus Bond Finance: What Explains the Differences Between the US and Europe?

De Fiore, Fiorella; Uhlig, Harald - C.E.P.R. Discussion Papers - 2005

We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose between two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The...

Persistent link: https://www.econbiz.de/10005498089

Generational Accounting, Solidarity and Pension Losses

Vries, Casper G de; Teulings, Coen N - C.E.P.R. Discussion Papers - 2004

The creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of generational...

Persistent link: https://www.econbiz.de/10005498139

Longevity and Lifetime Labour Input: Data and Implications

Hazan, Moshe - C.E.P.R. Discussion Papers - 2006

The Ben-Porath (1967) mechanism suggests that prolonging the period during which individuals may receive returns on their investment spurs investment in human capital and causes growth. An important, albeit implicit implication of this mechanism is that the total labour input over a lifetime...

Persistent link: https://www.econbiz.de/10005498180