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Securitized banking and the Euro financial crisis: Evidence from the Italian banks risk-taking
Battaglia, Francesca; Gallo, Angela; Mazzuca, Maria - In: Journal of Economics and Business 76 (2014) C, pp. 85-100
This research explores the effects of securitization on banks equity risk exposure. A widespread opinion before the … crisis of 2007–2008 was that securitization enhances financial stability. We provide empirical evidence of the impact of … securitization on the market's perception of the originating banks’ risk exposure before and after the crisis, in terms of systematic …
Persistent link: https://www.econbiz.de/10011118219
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Bank Capital, Securitization and Credit Risk: an Empirical Evidence
Dionne, Georges; Harchaoui, Tarek - Volkswirtschaftliche Fakultät, … - 2007
, securitization and bank risk-taking in a context of the rapid growth in off-balance-sheet activities. The data come from the Canadian … financial sector. Evidence from the 1988-1998 period indicates that: (a) securitization has a negative statistical link with … securitization and bank risk-taking. Profit-risk measure is more sensitive than loss-risk measure to the variation in securitization …
Persistent link: https://www.econbiz.de/10011110741
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The Aggregated Leverage Ratio and the Detection of Financial Vulnerability :Evidence from the United States and European Countries
Ondo-Ndong, Sonia; Rigot, Sandra - In: Brussels Economic Review 54 (2011) 1, pp. 5-20
The aim of this paper is to put forward a relevant indicator that could help supervisors to regulate the excessive use of leverage which gives rise to systemic risk. We suggest the aggregated leverage ratio named “Global Aggregated Leverage Ratio” (GALR), which encompasses the activity of...
Persistent link: https://www.econbiz.de/10009646113
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The impact of securitization on the expansion of subprime credit
Nadauld, Taylor D.; Sherlund, Shane M. - In: Journal of Financial Economics 107 (2013) 2, pp. 454-476
This paper investigates the relationship between securitization activity and the extension of subprime credit. The … the years 2003 and 2005. Second, the securitization of subprime loans increased substantially over the same time period … securitization activity of investment banks was driven by forces exogenous to factors impacting lending decisions in the primary …
Persistent link: https://www.econbiz.de/10010616821
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Optimal incentives and securitization of defaultable assets
Malamud, Semyon; Rui, Huaxia; Whinston, Andrew - In: Journal of Financial Economics 107 (2013) 1, pp. 111-135
We study optimal securitization in the presence of an initial moral hazard. A financial intermediary creates and then … punishment for defaults, under which investors stop paying the intermediary after the first default. With securitization … contracts optimally designed, we find securitization improves the intermediary's screening incentives. Furthermore, the …
Persistent link: https://www.econbiz.de/10010593827
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Uncertainty and the financial crisis
Pacces, Alessio M. - In: Journal of Financial Transformation 29 (2010), pp. 79-93
by looking at the specific dynamics of financial innovation through securitization of illiquid assets. Particularly, a …
Persistent link: https://www.econbiz.de/10008498520
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Securitization and Optimal Retention under Moral Hazard
Malekan, Sara; Dionne, Georges - Centre Interuniversitaire sur le Risque, les Politiques … - 2012
Securitization is one of the most important innovations in financial markets. It is a process of converting illiquid …. As a result, securitization improves liquidity in capital markets by allowing originators to remove the issued loans from …, securitization is often suspected of being one of the main reasons for the recent financial crisis. One concern that is frequently …
Persistent link: https://www.econbiz.de/10010541212
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A Survey of Venture Capital Research
Da Rin, Marco; Hellmann, T.; Puri, M.L. - Tilburg University, Center for Economic Research - 2011
This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work...
Persistent link: https://www.econbiz.de/10011091468
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Sub-prime crisis and financial innovation
Mottura, Paolo - In: BANCARIA 2 (2008) February, pp. 2-23
, performance and financial ethics. …
Persistent link: https://www.econbiz.de/10005089676
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"The Repeal of the Glass-Steagall Act and the Federal Reserve's Extraordinary Intervention during the Global Financial Crisis"
Nersisyan, Yeva - Levy Economics Institute - 2015
Before the global financial crisis, the assistance of a lender of last resort was traditionally thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers and dealers, money market mutual funds, the commercial...
Persistent link: https://www.econbiz.de/10011124865