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External financing and economic activity in the euro area : why are bank loans special?
Aldasoro, Iñaki; Unger, Robert - 2017
Using a Bayesian vector autoregression (BVAR) identified with a mix of sign and zero restrictions, we show that a restrictive bank loan supply shock has a strong and persistent negative impact on real GDP and the GDP deflator. This result comes about even though flows of other sources of...
Persistent link: https://www.econbiz.de/10011632175
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The commitment role of equity financing
Fahn, Matthias; Wamser, Georg; Merlo, Valeria - 2017
analysis provides an explanation for why some firms only use little debt financing. Predictions made by our theory are in line …
Persistent link: https://www.econbiz.de/10011705222
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The signaling value of legal form in debt financing
Bracht, Felix; Mahieu, Jeroen; Vanhaverbeke, Steven - 2023
Persistent link: https://www.econbiz.de/10014265699
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Bank leverage cycles and the external finance premium
Rannenberg, Ansgar - 2013
By combining the approaches of Gertler and Karadi (2011) and Bernanke et al. (1999), I develop a DSGE model with leverage constraints both in the banking and in the non-financial firm sector. I calibrate this "full model" to US data. In a world with only a monetary policy and a productivity...
Persistent link: https://www.econbiz.de/10010238505
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Interactions between bank levies and corporate taxes : how is bank leverage affected?
Bremus, Franziska; Schmidt, Kirsten; Tonzer, Lena - 2020
Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance...
Persistent link: https://www.econbiz.de/10012256502
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Cyclicality of SME lending and government involvement in banks
Behr, Patrick; Foos, Daniel; Norden, Lars - 2015
credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit … percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks …
Persistent link: https://www.econbiz.de/10011391616
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Bank loan supply shocks and alternative financing of non-financial corporations in the euro area
Mandler, Martin; Scharnagl, Michael - 2019
to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate …-bank loans to be substitutes for bank loans with negative responses to a positive loan supply shock while trade credit is a …. Quantitatively, the developments in bank loans and trade credit dominate the response of the overall sum of the external financing …
Persistent link: https://www.econbiz.de/10012034573
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Synthetic leverage and fund risk-taking
Fricke, Daniel - 2021
Mutual fund risk-taking via active portfolio rebalancing varies both in the cross-section and over time. In this paper, I show that the same is true for funds' off- balance sheet risk-taking, even after controlling for on-balance sheet activities. For this purpose, I propose a novel measure of...
Persistent link: https://www.econbiz.de/10012489580
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Time-varying capital requirements and disclosure rules : effects on capitalization and lending decisions
Imbierowicz, Björn; Kragh, Jonas; Rangvid, Jesper - 2018
We investigate how banks' capital and lending decisions respond to changes in bankspecific capital and disclosure requirements. We find that an increase in the bankspecific regulatory capital requirement results in a higher bank capital ratio, brought about via less asset risk. A decrease in the...
Persistent link: https://www.econbiz.de/10011865005