Browsing by Subject "G21"

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Browsing by Subject "G21"

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    Title: Risk-sharing and contagion in networks  Author(s): CABRALES, Antonio; GOTTARDI, Piero; VEGA-REDONDO, Fernando Date: 2013 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The aim of this paper is to investigate how the capacity of an economic system to absorb shocks depends on the specific pattern of interconnections established among financial firms. The key trade-off at work is between ...
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    Title: Deposits and bank capital structure  Author(s): ALLEN, Franklin; CARLETTI, Elena Date: 2013 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: In a model with bankruptcy costs and segmented deposit and equity markets, we endogenize the choice of bank and firm capital structure and the cost of equity and deposit finance. Despite risk neutrality, equity capital is ...
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    Title: Family Firms and the Agency Cost of Debt: The role of soft information during a crisis  Author(s): D’AURIZIO, Leandro; OLIVIERO, Tommaso; ROMANO, Livio Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: In this paper we study how access to bank lending during the recent financial crisis differed between family and non-family firms. Our theoretical prediction is that the presence of a family block-holder in the company ...
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    Title: Credit Market Competition and Liquidity Crises  Author(s): CARLETTI, Elena; LEONELLO, Agnese Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We develop a two-period model where banks invest in reserves and loans, and are subject to aggregate liquidity shocks. When banks face a a shortage of liquidity, they can sell loans on the interbank market. Two types of ...
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    Title: The Economic Impact of Merger Control Legislation  Author(s): CARLETTI, Elena; HARTMANN, Philipp; ONGENA, Steven Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We construct a unique dataset of legislative reforms in merger control legislation that occurred in nineteen industrial countries in the period 1987-2004, and investigate the economic impact of these changes on stock prices. ...
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    Title: The Great Moderation, the Great Panic and the Great Contraction  Author(s): BEAN, Charles Date: 2010 Type of Publication: Technical Report Series/Report no.: EUI MWP LS Abstract: This lecture examines the causes of the recent financial crisis and subsequent recession. On the macroeconomic side, the Great Moderation encouraged an overly optimistic assessment of risk. Combined with low interest rates, ...
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    Title: Credit Market Competition and Capital Regulation  Author(s): ALLEN, Franklin; CARLETTI, Elena; MARQUEZ, Robert Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: It is commonly believed that equity finance for banks is more costly than deposits. This suggests that banks should economize on the use of equity and regulatory constraints on capital should be binding. Empirical evidence ...
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    Title: Towards a Theory of Trade Finance  Author(s): SCHMIDT-EISENLOHR, Tim Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Cross border transactions are conducted using diffierent payment contracts, the usage of which varies across countries and over time. In this paper I build a model that can explain this observation and study implications ...
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    Title: Interbank Market Liquidity and Central Bank Intervention  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We develop a simple model of the interbank market where banks trade a long term, safe asset. We show that when there is a lack of opportunities for banks to hedge aggregate and idiosyncratic liquidity shocks, the interbank ...
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    Title: State Aid and Tacit Collusion  Author(s): BERTSCH, Christoph; CALCAGNO, Claudio A.; LE QUEMENT, Mark Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO
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    Title: The Structure of Multiple Credit Relationships: Evidence from US Firm  Author(s): GUISO, Luigi; MINNETTI, Raul Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: When firms borrow from multiple concentrated creditors such as banks they appear to differentiate their allocation of borrowing. In this paper, we put forward hypotheses for this borrowing pattern based on incomplete ...