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The Investment CAPM
Zhang, Lu - 2017
A new class of Capital Asset Pricing Models (CAPM) arises from the first principle of real investment for individual firms. Conceptually as "causal"' as the consumption CAPM, yet empirically more tractable, the investment CAPM emerges as a leading asset pricing paradigm. Firms do a good job in...
Persistent link: https://www.econbiz.de/10012960790
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A New Metric for Banking Integration in Europe
Gropp, Reint - 2010
taking place for retail banking. Data on cross-border retail bank flows, cross-border bank mergers and the law of one price … reveal no evidence of integration in retail banking. This paper shows that the previous tests of bank integration are weak in … role of an active market for corporate control and of competition in banking integration. European listed banks …
Persistent link: https://www.econbiz.de/10012757853
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Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan
Hoshi, Takeo - 2010
rehabilitate the U.S. banking industry. Many of those strategies were used also in Japan to combat its banking problems in the 1990 …
Persistent link: https://www.econbiz.de/10012758287
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Liquidity Production in 21st Century Banking
Strahan, Philip E. - 2010
I consider banks' role in providing funding liquidity (the ability to raise cash on demand) and market liquidity (the ability to trade assets at low cost), and how these roles have evolved. Traditional banks made illiquid loans funded with liquid deposits, thus producing funding liquidity on the...
Persistent link: https://www.econbiz.de/10012759533
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Basel Ii : A Contracting Perspective
Kane, Edward J. - 2010
Financial safety nets are incomplete social contracts that assign responsibility to various economic sectors for preventing, detecting, and paying for potentially crippling losses at financial institutions. This paper uses the theories of incomplete contracts and sequential bargaining to...
Persistent link: https://www.econbiz.de/10012760523
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Relationship Banking and the Pricing of Financial Services
Calomiris, Charles W. - 2010
We investigate how banking relationships that combine lending and underwriting services affect the terms of lending …
Persistent link: https://www.econbiz.de/10012760608
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The Cost of Banking Regulation
Guiso, Luigi - 2010
We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the effects of bank regulation and the impact of deregulation. We find that where entry was more restricted the cost of credit was higher and - contrary to expectations- access to...
Persistent link: https://www.econbiz.de/10012760665
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Quantifying Equilibrium Network Externalities in the Ach Banking Industry
Ackerberg, Daniel A. - 2010
We seek to determine the causes and magnitudes of network externalities for the automated clearinghouse (ACH) electronic payments system. We construct an equilibrium model of customer and bank adoption of ACH. We structurally estimate the parameters of the model using an indirect inference...
Persistent link: https://www.econbiz.de/10012760684
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Zombie Lending and Depressed Restructuring in Japan
Caballero, Ricardo J. - 2010
In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in...
Persistent link: https://www.econbiz.de/10012761673
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Are Prudential Supervision and Regulation Pillars of Financial Stability? Evidence from the Great Depression
Mitchener, Kris James - 2010
how bank supervision and regulation affected banking stability during the Great Depression. In response to well … standards that undermined the stability of state banking systems in the 1930s. Those states that prohibited branch banking, had …
Persistent link: https://www.econbiz.de/10012761727