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How voluntary information sharing systems form: Evidence from a U.S. commercial credit bureau

Liberti, José; Sturgess, Jason; Sutherland, Andrew - 2021

We use the introduction of a U.S. commercial credit bureau to study when lenders adopt voluntary information sharing technology and the resulting consequences for competition and credit access. Our results suggest that lenders trade off access to new markets against heightened competition for...

Persistent link: https://www.econbiz.de/10013254714

Shadow banking: Financial intermediation beyond banks

Jokivuolle, Esa (contributor) - 2018

Shadow banking is a broad concept. A possible definition is that it comprises non-bank institutions which undertake bank-like activities. Another characteristic is that the sector is overall less regulated. Therefore there are still shortcomings in systematic collection of information of the sector.

Persistent link: https://www.econbiz.de/10011985212

Private Equity, Investment and Financial Constraints – Firm-Level Evidence for France and the United Kingdom

Engel, Dirk; Stiebale, Joel - 2009

financing and buyouts by private equity investors on investment of portfolio firms in the UK and France - two countries with … higher investment levels and a lower dependence on internal funds after expansion financing. Buyouts financed by venture … capital companies are neither associated with a decrease in investment spending nor with an increase in the dependence on …

Persistent link: https://www.econbiz.de/10010265827

Start-up financing in the digital age: A systematic review and comparison of new forms of financing

Klein, Maximilian; Neitzert, Florian; Hartmann-Wendels, … - In: The Journal of Entrepreneurial Finance (JEF) 21 (2019) 2, pp. 46-98

pecking order theory. Third, we investigate whether new forms of financing are substitutes or complements to traditional …

Persistent link: https://www.econbiz.de/10013366706

Financial intermediaries and the macroeconomy: Evidence from a high-frequency identification

Ottonello, Pablo; Song, Wenting - 2022

We provide empirical evidence of the causal effects of changes in financial intermediaries' net worth on the aggregate economy. Our strategy identifies financial shocks as high-frequency changes in the market value of intermediaries' net worth in a narrow window around their earnings...

Persistent link: https://www.econbiz.de/10013396507

Loss given default in SME leasing

Kaposty, Florian; Klein, Philipp; Löderbusch, Matthias; … - In: Review of Managerial Science 16 (2021) 5, pp. 1561-1597

Leasing provides a fundamental source of firm funding, especially for small and medium-sized enterprises. A crucial difference from loans and bonds is that the lessor retains ownership rights of the leased asset during the lease term. This facilitates the asset utilization and work-out process...

Persistent link: https://www.econbiz.de/10014501509

Fire-sale spillovers and systemic risk

Duarte, Fernando; Eisenbach, Thomas M. - 2013

We construct a new systemic risk measure that quantifies vulnerability to fire-sale spillovers using detailed regulatory balance sheet data for U.S. commercial banks and repo market data for broker-dealers. Even for moderate shocks in normal times, fire-sale externalities can be substantial. For...

Persistent link: https://www.econbiz.de/10010333593

Taking the lead: When non-banks arrange syndicated loans

Grupp, Marcel - 2015

In the mid-1990s, institutional investors entered the syndicated loan market and started to serve borrowers as lead arrangers. Why are non-banks able to compete for this role against banks? How do the composition of syndicates and loan pricing differ among lead arrangers? By using a dataset of...

Persistent link: https://www.econbiz.de/10010513233

SME credit risk analysis using bank lending data: An analysis of Thai SMEs

Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad; … - 2015

Small and medium-sized enterprises (SMEs) are the backbone of most Asian economies. The main obstacle to the development of the SME sector is the lack of stable finance. Considering the bank-dominated characteristic of economies in Asia, banks are the main source of financing, and the lack of a...

Persistent link: https://www.econbiz.de/10011311032

A dynamic theory of mutual fund runs and liquidity management

Zeng, Yao - 2017

I model an open-end mutual fund investing in illiquid assets and show that the fund's endogenous cash management can generate shareholder runs even with a flexible NAV. The fund optimally re-builds its cash buffers at time t + 1 after outflows at t to prevent future forced sales of illiquid...

Persistent link: https://www.econbiz.de/10011984825