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Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets

Igan, Deniz - 2015

We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark - a common solution to the agency problem in delegated portfolio management. In the presence of such relative-performance-based objectives, investors have...

Persistent link: https://www.econbiz.de/10013013820

Institutionalizing Countercyclical Investment : A Framework for Long-Term Asset Owners

Jones, Bradley - 2016

Do portfolio shifts by the world's largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generating properties) is a public and private good, how might asset owners be empowered...

Persistent link: https://www.econbiz.de/10012996063

Systemwide Liquidity Stress Testing Tool

Oura, Hiroko - 2023

Developing a systemic liquidity stress testing tool is challenging due to data constraints and hard-to-model behavioral … factors. There has yet to be a uniformly accepted model partly because the nature of systemic liquidity risks differs … significantly across countries. This paper offers a simple Excel-based tool to assess the high-level impact of aggregate liquidity …

Persistent link: https://www.econbiz.de/10014255128

Government Intervention and Bank Market Power : Lessons from the Global Financial Crisis for the COVID-19 Crisis

Tan, Brandon Joel; Igan, Deniz; Martínez Pería, … - 2021

The COVID-19 pandemic could result in large government interventions in the banking industry. To shed light on the possible consequences on market power, we rely on the experience of the global financial crisis and exploit granular data on government interventions in more than 800 banks across...

Persistent link: https://www.econbiz.de/10013250086

Financial Stability Analysis : What are the Data Needs?

Heath, Robert - 2017

The growing incidences of financial crises and their damage to the economy has led policy makers to sharpen the focus on financial stability analysis (FSA), crisis prevention and management over the past 10-15 years. The statistical world has reacted with a number of initiatives, but does more...

Persistent link: https://www.econbiz.de/10012950394

Central Bank Emergency Support to Securities Markets

King, Darryl - 2017

This paper considers the central bank mandate with respect to financial stability and identifies the links to the functioning of securities markets. It argues that while emergency support to securities markets is an important part of the crisis management response, a high bar should be set for...

Persistent link: https://www.econbiz.de/10012950395

The Morning After--The Impact on Collateral Supply after a Major Default

Turing, Dermot - 2018

'Liquidity Coverage Ratio' which obliges firms to set aside high-quality liquid assets (HQLA) as a stopgap against anticipated …

Persistent link: https://www.econbiz.de/10012906889

Reform Options for Mature Defined Benefit Pension Plans : The Case of the Netherlands

Gérard, Marc - 2019

The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity among members. Yet the long-term sustainability of the Dutch pension funds has been...

Persistent link: https://www.econbiz.de/10012892920

Handle with Care : Regulatory Easing in Times of COVID-19

Valencia, Fabian; Varghese, Richard; Yao, Weija; … - 2021

loosened after those about liquidity regulation. Effects from non-regulatory financial measures appear to be generally more …

Persistent link: https://www.econbiz.de/10013226445

Investor Information and Bank Instability During the Euro Crisis

Iorgova, Silvia; Ross, Chase P. - 2021

Outside of financial crises, investors have little incentive to produce private information on banks' short-term liabilities held as information-insensitive safe assets. The same does not hold true during crises. We measure daily information production using data from credit default swap spreads...

Persistent link: https://www.econbiz.de/10013243048