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The Effect of Bank Shocks on Firm-Level and Aggregate Investment

Amador, João - 2016

We show that credit supply shocks have a strong impact on firm-level as well as aggregate investment by applying the … are found to impair firm-level investment in all firms in our sample, but in particular for small firms and those with no … 20-40% of aggregate investment dynamics …

Persistent link: https://www.econbiz.de/10012988608

Contagion from Market Price Impact : A Price-at-Risk Perspective

Fukker, Gábor; Kaijser, Michiel; Mingarelli, Luca; … - 2022

system of banks and investment funds is then assessed by considering contagion between individual institutions’ portfolio …

Persistent link: https://www.econbiz.de/10013403723

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 …

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

A Model of System-Wide Stress Simulation : Market-Based Finance and the COVID-19 Event

Di Iasio, Giovanni; Alogoskoufis, Spyros; Kordel, Simon; … - 2022

's agents. Layer 2 adds a rating downgrade shock where a fraction of investment grade corporate bonds is downgraded to high … equilibrium effects of the macroprudential regulation of nonbanks, which we illustrate by varying investment fund cash buffers …

Persistent link: https://www.econbiz.de/10013405132

Investor-Driven Corporate Finance : Evidence from Insurance Markets

Kubitza, Christian - 2023

I study the causal effect of bond investor demand on the financing and investment decisions of nonfinancial firms using … insurers’ persistent investment preferences identify bond demand shifts, which raise bond prices and reduce firms’ financing … used for investment rather than shareholder payouts, particularly by financially constrained firms. The results emphasize …

Persistent link: https://www.econbiz.de/10014350690

Bank credit and market-based finance for corporations: The effects of minibond issuances

Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2020

We study the effects of the diversification of funding sources on the financing conditions for firms. We exploit a regulatory reform which took place in Italy in 2012, i.e., the introduction of "minibonds", which opened a new market-based funding opportunity for unlisted firms. Using the Italian...

Persistent link: https://www.econbiz.de/10012422170

Bank Credit and Market-Based Finance for Corporations : The Effects of Minibond Issuances

Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2021

We study the effects of the diversification of funding sources on the financing conditions for firms. We exploit a regulatory reform which took place in Italy in 2012, i.e., the introduction of “minibonds”, which opened a new market-based funding opportunity for unlisted firms. Using the...

Persistent link: https://www.econbiz.de/10013314794

Heterogeneity in Corporate Debt Structures and the Transmission of Monetary Policy

Holm-Hadulla, Fédéric - 2020

We study how differences in the aggregate structure of corporate debt financing affect the transmission of monetary policy. Using high-frequency financial market data to identify monetary policy shocks in a panel of euro area countries, we find that: bond finance dampens the overall response of...

Persistent link: https://www.econbiz.de/10012834775

Financial Intermediation and Technology : What's Old, What's New?

Hoffmann, Peter - 2020

We study the effects of technological change on financial intermediation, distinguishing between innovations in information (data collection and processing) and communication (relationships and distribution). Both follow historic trends towards an increased use of hard information and less...

Persistent link: https://www.econbiz.de/10012829298

The impact of central bank liquidity support on banks' balance sheets

de Haan, Leo; Holton, Sarah; van den End, Jan-Willem - 2019

We empirically analyse the relationship between longer term central bank liquidity support and banks' balance sheet ratios, using difference-in-differences panel regressions and propensity score matching on a large sample of banks in the euro area. The research question is whether the liquidity...

Persistent link: https://www.econbiz.de/10012142170