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Did capital requirements and fair value accounting spark fire sales in distressed mortgage-backed securities?
Merrill, Craig B.; Nadauld, Taylor D.; Stulz, René M.; … - 2012
Persistent link: https://www.econbiz.de/10009580723
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Did capital requirements and fair value accounting spark fire sales in distressed mortgage-backed securities?
Merrill, Craig B.; Nadauld, Taylor D.; Stulz, René M.; … - 2012
Much attention has been paid to the large decreases in value of non-agency residential mortgage-backed securities (RMBS … fire sales. We investigate whether capital requirements and accounting rules at financial institutions contributed to the … selling of RMBS at fire sale prices. For financial institutions subject to credit-sensitive capital requirements, capital …
Persistent link: https://www.econbiz.de/10009625918
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Why did US banks invest in highly-rated securitization tranches?
Erel, Isil; Nadauld, Taylor D.; Stulz, René M. - 2011
Persistent link: https://www.econbiz.de/10009266881
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Why did US banks invest in highly-rated securitization tranches?
Erel, Isil; Nadauld, Taylor D.; Stulz, René M. - 2011
Persistent link: https://www.econbiz.de/10009240502
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Why Did U.S. Banks Invest in Highly-Rated Securitization Tranches?
Erel, Isil - 2011
We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the …
Persistent link: https://www.econbiz.de/10012461388
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Why Did U.S. Banks Invest in Highly-Rated Securitization Tranches?
Erel, Isil - 2011
We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the …
Persistent link: https://www.econbiz.de/10013121733
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Corporate deleveraging and financial flexibility
DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - In: The review of financial studies 31 (2018) 8, pp. 3122-3174
Persistent link: https://www.econbiz.de/10012002018
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Corporate deleveraging
DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - 2016
Persistent link: https://www.econbiz.de/10011574925
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Corporate deleveraging
DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - 2016
Proactive deleveraging from all-time peak market leverage (ML) to near-zero ML and negative net debt is the norm among 4,476 nonfinancial firms with five or more years of post-peak data. ML is 0.543 at the historical peak and 0.026 at the later trough for the median firm in this sample, with a...
Persistent link: https://www.econbiz.de/10011962210
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Is sell-side research more valuable in bad times?
Loh, Roger K.; Stulz, René M. - 2014
Persistent link: https://www.econbiz.de/10010235399