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Why did Czech Banks Switch From Loans in 1995?

Nilsen, Jeffrey H. - 1998

The Czech banking system is seen by many observers to be the most successful of all former socialist economies'. But have Czech banks successfully provided worthy enterprises with sufficient credit from the funds made available to them? Using data from the Czech National Bank and data on...

Persistent link: https://www.econbiz.de/10011430003

China in the global economy

Sen, Sunanda - 2010

China occupies a unique position among developing countries. Its success in achieving relative stability in the … current global financial crisis. Over the last few years, China has been on a path of capital account opening that has drawn … introduced problems for the monetary authorities in continuing with an autonomous monetary policy in China, especially with large …

Persistent link: https://www.econbiz.de/10010286512

Estimating Managers' Utility Maximizing Demand for Agency Goods

Hughes, Joseph P.; Moon, Choon-Geol - 2003

An empirical model of managers' demand for agency goods is derived and estimated using the Almost Ideal Demand System of Deaton and Muellbauer (AER 1980). As in Jensen and Meckling (JFE 1976), we derive managers' demand for agency goods by maximizing a managerial utility function where managers...

Persistent link: https://www.econbiz.de/10010274320

Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights

Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009

We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...

Persistent link: https://www.econbiz.de/10010305733

Measuring agency costs and the value of investment opportunities of U.S. bank holding companies with stochastic frontier estimation

Hughes, Joseph P.; Mester, Loretta J.; Moon, Choon-Geol - 2016

By eliminating the influence of statistical noise, stochastic frontier techniques permit the estimation of the best-practice value of a firm´s investment opportunities and the magnitude of a firm´s systematic failure to achieve its best-practice market value - a gauge of the magnitude of...

Persistent link: https://www.econbiz.de/10011687921

The role of lenders in the home price boom

Rosen, Richard J. - 2008

This paper examines the relationship between real estate prices during the home price boom from the late 1990s into 2005 and competition among mortgage lenders. The mortgage lending business, especially with the rise of the originate-to-distribute model, had competitors with very different...

Persistent link: https://www.econbiz.de/10010292183

The federal home loan bank system: The lender of next-to-last resort?

Ashcraft, Adam; Bech, Morten L.; Frame, W. Scott - 2009

The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. This paper first documents the significant role played by the FHLB...

Persistent link: https://www.econbiz.de/10010292250

Do borrower rights improve borrower outcomes? Evidence from the foreclosure process

Gerardi, Kristopher; Lambie-Hanson, Lauren; Willen, Paul S. - 2012

We evaluate the effects of laws designed to protect borrowers from foreclosure. We find that these laws delay but do not prevent foreclosures. We first compare states that require lenders to seek judicial permission to foreclose with states that do not. Borrowers in judicial states are no more...

Persistent link: https://www.econbiz.de/10010292272

Why don’t lenders renegotiate more home mortgages? The effect of securitization

Adelino, Manuel; Gerardi, Kristopher; Willen, Paul - 2010

Securitization does not explain the reluctance among lenders to renegotiate home mortgages. We focus on seriously delinquent borrowers from 2005 through the third quarter of 2008 and show that servicers renegotiate similarly small fractions of securitized and portfolio loans. The results are...

Persistent link: https://www.econbiz.de/10010292339

Money market uncertainty and retail interest rate fluctuations: A cross-country comparison

Raunig, Burkhard; Scharler, Johann - 2007

This paper analyzes empirically the relationship between money market uncertainty and unexpected deviations in retail interest rates in a sample of 10 OECD countries. We find that, with the exception of the US, money market uncertainty has only a modest impact on the conditional volatility of...

Persistent link: https://www.econbiz.de/10010294575