Similar Search Results

Bank ratings: what determines their quality?

Hau, Harald; Langfield, Sam; Marqués-Ibáñez, David - 2012

This paper examines the quality of credit ratings assigned to banks in Europe and the United States by the three largest rating agencies over the past two decades. We interpret credit ratings as relative assessments of creditworthiness, and define a new ordinal metric of rating error based on...

Persistent link: https://www.econbiz.de/10011605529

Lessons of the financial crisis for the design of national pension systems

Burtless, Gary - 2009

The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow...

Persistent link: https://www.econbiz.de/10010271964

Inflation Hedging on Main Street? Evidence from Retail TIPS Fund Flows

Nagel, Stefan; Yan, Zhen - 2022

Households participating in financial markets pay attention to inflation news when making their investment decisions, even in an environment of mostly low and stable inflation. ETFs and open-ended mutual funds holding Treasury Inflation-Protected Securities (TIPS) receive inflows from retail...

Persistent link: https://www.econbiz.de/10014290028

The Effect of U.S. Stress Tests on Monetary Policy Spillovers to Emerging Markets

Liu, Emily - 2019

This paper shows that monetary policy and prudential policies interact. U.S. banks issue more commercial and industrial loans to emerging market borrowers when U.S. monetary policy eases. The effect is less pronounced for banks that are more constrained through the U.S. bank stress tests,...

Persistent link: https://www.econbiz.de/10012858696

Global Investors, the Dollar, and U.S. Credit Conditions

Niepmann, Friederike - 2019

This paper documents that an appreciation of the U.S. dollar is associated with a reduction in the supply of commercial and industrial loans by U.S. banks. An increase in the broad dollar index by 2.5 points (one standard deviation) reduces U.S. banks’ corporate loan originations by 10...

Persistent link: https://www.econbiz.de/10012892284

Mavericks, Universal, and Common Owners - the Largest Shareholders of U.S. Public Firms

Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin - 2022

We construct a novel data set to show that, between 2003-2020, up to one-fifth of America’s largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of “universal” and...

Persistent link: https://www.econbiz.de/10014077008

Explaining Fluctuations in the Thrift Savings Fund Daily Balance at U.S. Treasury

Skidmore, Mark; Torrejón, Camila Alvayay; Pare, David - 2021

In this paper we document and examine unusual fluctuations in the G-Fund, which is one of five funds available in a voluntary federal government employee retirement savings vehicle called the Thrift Savings Plan. The G-Fund is managed as “internally” held debt by the United States Department...

Persistent link: https://www.econbiz.de/10013226661

Shock Amplification in an Interconnected Financial System of Banks and Investment Funds

Sydow, Matthias; Schilte, Aurore; Covi, Giovanni; … - 2021

This paper shows how the combined endogenous reaction of banks and investment funds to an exogenous shock can amplify or dampen losses to the financial system compared to results from single-sector stress testing models. We build a new model of contagion propagation using a very large and...

Persistent link: https://www.econbiz.de/10013216767

Bank loan announcements and borrower stock returns: does bank origin matter?

Ongena, Steven; Roscovan, Viorel - 2009

Banks play a special role as providers of informative signals about the quality and value of their borrowers. Such signals, however, may have a quality of their own as the banks’ selection and monitoring abilities may differ. Using an event study methodology, we study the importance of the...

Persistent link: https://www.econbiz.de/10011605069

Universal banks and corporate control: evidence from the global syndicated loan market

Ferreira, Miguel A.; Matos, Pedro - 2009

Banks play a role in the corporate governance of firms as well as acting as debt financiers around the world. Universal … stakes or institutional holdings. We investigate the effects of these bank-firm governance links on the global syndicated … credit risk after origination when they have some role in firm’s governance. This increase in interest rate spread is less …

Persistent link: https://www.econbiz.de/10011605112