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Tax-Efficient Asset Management: Evidence from Equity Mutual Funds
Sialm, Clemens; Zhang, Hanjiang - National Bureau of Economic Research (NBER) - 2015
the tax burdens of their shareholders by avoiding securities that are heavily taxed and by avoiding realizing capital … gains that trigger higher tax burdens to the funds’ investors. Such tax avoidance strategies constrain the investment … opportunities of the mutual funds and might reduce their before-tax performance. Our paper empirically investigates the costs and …
Persistent link: https://www.econbiz.de/10011240568
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A Transparency Standard for Derivatives
Acharya, Viral V. - National Bureau of Economic Research (NBER) - 2011
Derivatives exposures across large financial institutions often contribute to - if not necessarily create - systemic risk. Current reporting standards for derivatives exposures are nevertheless inadequate for assessing these systemic risk contributions. In this paper, I explain how a...
Persistent link: https://www.econbiz.de/10009359905
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Financing as a Supply Chain: The Capital Structure of Banks and Borrowers
Gornall, William; Strebulaev, Ilya A. - National Bureau of Economic Research (NBER) - 2013
We develop a model of the joint capital structure decisions of banks and their borrowers. Strikingly high bank leverage … that highly levered financial intermediaries are the most efficient. Low asset volatility enables banks to safely take on … taking by banks, but increased risk taking by firms. Capital regulation lowers bank leverage but can lead to compensating …
Persistent link: https://www.econbiz.de/10010711816
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Cream Skimming in Financial Markets
Bolton, Patrick; Scheinkman, Jose; Santos, Tano - National Bureau of Economic Research (NBER) - 2011
We propose an equilibrium occupational choice model, where agents can choose to work in the real sector (become entrepreneurs) or to become informed dealers in financial markets. Agents incur costs to become informed dealers and develop skills for valuing assets up for trade. The financial...
Persistent link: https://www.econbiz.de/10008839463
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Hedge Fund Leverage
Ang, Andrew; Gorovyy, Sergiy; Inwegen, Gregory B. van - National Bureau of Economic Research (NBER) - 2011
. Hedge fund leverage is lowest in early 2009 when the market leverage of investment banks is highest. Changes in hedge fund …
Persistent link: https://www.econbiz.de/10008839465
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Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
Weidenmier, Marc; Bernstein, Asaf; Hughson, Eric - National Bureau of Economic Research (NBER) - 2014
Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...
Persistent link: https://www.econbiz.de/10010969403
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Repo and Securities Lending
Martin, Antoine; Adrian, Tobias; Begalle, Brian; … - National Bureau of Economic Research (NBER) - 2012
We provide an overview of the data required to monitor repo and securities lending markets for the purposes of informing policymakers and researchers about firm-level and systemic risk. We start by explaining the functioning of these markets and argue that it is crucial to understand the...
Persistent link: https://www.econbiz.de/10010969450
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The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
Calomiris, Charles W.; Weidenmier, Marc; Mason, Joseph R.; … - National Bureau of Economic Research (NBER) - 2012
1933 and its aftermath. Using a new database on Michigan banks, we employ probit and survival duration analysis to examine … that the loan program had no statistically significant effect on the failure rates of banks during the crisis; point … parallel analysis of the effects of RFC preferred stock assistance on the loan supply of surviving banks. We find that RFC …
Persistent link: https://www.econbiz.de/10010950800
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Defined Contribution Pension Plans: Sticky or Discerning Money?
Sialm, Clemens; Starks, Laura; Zhang, Hanjiang - National Bureau of Economic Research (NBER) - 2013
Participants in defined contribution (DC) retirement plans rarely adjust their portfolio allocations, suggesting that their investment choices and consequent money flows are sticky and not discerning. Yet, the participants' inertia could be offset by the DC plan sponsors, who adjust the plan's...
Persistent link: https://www.econbiz.de/10010951220
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Credit Default Swaps and the Credit Crisis
Stulz, René M. - National Bureau of Economic Research (NBER) - 2009
Many observers have argued that credit default swaps contributed significantly to the credit crisis. Of particular concern to these observers are that credit default swaps trade in the largely unregulated over-the-counter market as bilateral contracts involving counterparty risk and that they...
Persistent link: https://www.econbiz.de/10008634652