stockholm school of economics working paper series in economics and finance
WORKING PAPER SERIES NO. 398 / OCTOBER 2004: MERGERS AND ACQUISITIONS AND BANK PERFORMANCE IN EUROPE THE ROLE OF STRATEGIC SIMILARITIES potx
... path-dependence and the evolution of post-acquisition practices in the U.S. banking industry,University of Pennsylvania, The Wharton School Working Paper Series 10.30ECB Working Paper Series No. ... Herring and G.P. Szego (1995), The role of capital in financialinstitutions, Journal of Banking and Finance 19, pp. 393-430.Berger, A. N. (1995), The relationship between capital and earnings in ... approach, Journal of Banking and Finance (forthcoming).Jensen, M.C. (1986), Agency costs of free cash flow, corporate finance and takeovers,The American Economic Review, Papers and Proceedings 76, 2....
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WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES docx
... theories of bank size and activity diversity, Journal of Banking and Finance, 23(2), 195-214. Mojon, B., 2000, Financial structure and the interest rate channel of ECB monetary policy, ECB Working ... net interest margins, default risk, interest-rate risk, and off-balance sheet banking, Journal of Banking and Finance, 21, 55-87. Angeloni, I. and M. Ehrmann, 2003, Monetary transmission in ... Donnay and Degryse (2001), Toolsema et al. (2001) Heinemann and Schüller (2002) and Sander and Kleimeier (2002 and 2004) confirm this finding. Mojon (2000), Hofmann (2000 and 2003), Angeloni and...
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WORKING PAPER SERIES NO 1395 / NOVEMBER 2011: ON THE IMPORTANCE OF PRIOR RELATIONSHIPS IN BANK LOANS TO RETAIL CUSTOMERS pptx
... similar line of arguments to identify relationship building of banks with firms. 13ECB Working Paper Series No 1395November 2011 of analyzing the behavior of one bank we examine the loan making ... results suggest that relationships of all kinds have inherent private information and are valuable in screening, in monitoring, and in reducing consumers’ incentives to default. ... making decision of 296 different banks. Finally, we find evidence suggesting screening, monitoring, and borrower incentives as distinct sources of value of relationships. Our paper also adds...
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Tài liệu WORKING PAPER SERIES: TRADING EUROPEAN SOVEREIGN BONDS THE MICROSTRUCTURE OF THE MTS TRADING PLATFORMS docx
... the trading day kicks o® with a relative large spread around 3 basis point in the earlymorning, falling to 2 basis points in the late morning and gradually increasing to 4 basis points in the ... “Identifying the influences of nominal and real rigidities in aggregate price-setting behavior”by G. Coenen and A. T. Levin, November 2004.419 “The design of fiscal rules and forms of governance in ... the main objective of the paper. The investigation of trading surrounding economic announcements in ¯xed incomemarkets has been analyzed by Fleming and Remolona (1999) and Balduzzi, Elton and...
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WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE doc
... effect of inflation targeting. He finds large reductions in the level of expected inflation in the period after the announcement of inflation targets in Australia, Canada, New Zealand, and Sweden, ... the public develops a genuine understanding of the way the central bank thinks 27ECB Working Paper Series No 898May 2008 in market uncertainty or a decrease in uncertainty that is outweighed ... not in the United Kingdom. Another approach, adopted in Johnson (2002) and in Andrew Levin, Fabio Natalucci, and Jeremy Piger (2004), compares targeting to non-targeting countries. Controlling...
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Working Paper Series no 1096 / September 2009: The determinants of Bank capital structure potx
... working paper, University of Minnesota. Frank, M. and Goyal, V. (2008) Trade-off and pecking order theories of debt, in: E. Eckbo (ed.). Handbook of Corporate Finance: Empirical Corporate Finance, ... 1994, Journal of Finance 55, 451-468. Jones, D. and King, K. (1995) The implementation of prompt corrective action, Journal of Banking and Finance 19, 491-510. 47ECB Working Paper Series No 1096Septembre ... A., Herring, R. and Szegö, G. (1995) The role of capital in financial institutions, Journal of Banking and Finance 19, 393-430. Berger, A., DeYoung, R., Flannery, M., Lee, D. and Öztekin, Ö....
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Working PaPer SerieS no 1272 / DeCeMBer 2010: THe iMPaCT of PuBliC guaranTeeS on Bank riSk Taking eviDenCe froM a naTural exPeriMenT pptx
... University of Texas at Austin, McCombs School of Business, Department of Finance, email: andre.guettler@mccombs.utexas.edu; and EBS Business School, Department of Finance, Accounting, and Real ... Lending in the After-math of the US Financial Crisis: Distinguishing between Supply and Demand Effects,”Journal of Financial Economics, forthcoming.Ruckes, M. (2004): “Bank Competition and ... (2003): “Testing for Market Discipline in the European Banking Industry:Evidence From Subordinated Debt Issues,” Journal of Money, Credit and Banking, 35,443 – 472.14ECB Working Paper Series No...
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WORKING PAPER SERIES NO 1376 / SEPTEMBER 2011: THE PRICE OF LIQUIDITY THE EFFECTS OF MARKET CONDITIONS AND BANK CHARACTERISTICS pptx
... effects, as in Hamilton (1996). The final specification is alongthe lines of that in Nyborg, Bindseil and Strebulaev (2002). For details, contact us or see earlier working paper versions of this paper. 36ECB Working ... amount of excess liquiditynot participating in the interbank market), the ECB’s liquidity neutral policy gives rise to a shortage of liquidity in the interbank market.49ECB Working Paper Series ... liquidity. Review of Financial Studies 22, 2201–2238.Bryant, J., 1980. A model of reserves, bank runs, and deposit insurance. Journal of Banking and Finance 4, 335–344.Carlin, B.I., Lobo, M.S.,...
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WORKING PAPER SERIES NO 1471 / SEPTEMBER 2012: FEEDBACK TO THE ECB’S MONETARY ANALYSIS THE BANK OF RUSSIA’S EXPERIENCE WITH SOME KEY TOOLS pdf
... actions in monetary policy and banking regulation and supervision help prevent imbalances in the financial sector of the economy, and thereby not only bring down inflation, but also maintain financial ... analysis of money and credit developments for the purposes of financial stability and underscored the important role of credit and asset price developments in identifying financial imbalances. In ... economic activity has also intensified when attempting to explain drastic GDP fluctuations in Russia. In fact the analysis of the linkage between the turning points in output and real money stock...
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WORKING PAPER SERIES NO 1487 / OCTOBER 2012: ASYMMETRIC INFORMATION IN CREDIT MARKETS, BANK LEVERAGE CYCLES AND MACROECONOMIC DYNAMICS doc
... conventional financial accelerator model. The increase in entrepreneurial bor-rowing in turn requires an increase in bank lending and hence bank leverage, which, in the presence of a leverage constraint ... the initial drop in bNt and lowers investment and entrepreneurial consumption.Turning to the passive banking of the BGG model, the immediate and persistent increase in entrepreneurial borrowing ... featuring leverage constraints in both thebanking and business sector proposed by Meh and Moran (2010) and Gerali et al. (2010),respectively, also …nd a persistent decline of loans to businesses...
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WORKING PAPER SERIES NO. 351 / APRIL 2004: INTEREST RATE DETERMINATION IN THE INTERBANK MARKET pot
... is a clear violation of the law of one price. 25ECB Working Paper Series No. 351April 2004W ORKING PAPER SERIES NO. 351 / APRIL 2004INTEREST RATEDETERMINATION IN THE INTERBANKMARKETby ... Rodriguez-Mendizabal (2003) and include the beginning and the end of the reserve maintenance period, the dates of meetings of the ECB’s Governing Council and the end -of- the month. We argue thatTable ... period38ECB Working Paper Series No. 351April 20041. INTRODUCTION The purpose of this paper is to study the determinants of equilibrium in the market for daily funds. Understanding the behaviour of the...
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