Market Size Structure and Small Business Lending: Are Crisis Times Different from Normal Times?
Allen N. Berger, Geraldo Cerqueiro, María Fabiana Penas
Review of Finance, Volume 19, Issue 5, August 2015, Pages 1965–1995, https://doi.org/10.1093/rof/rfu042
Conventional wisdom holds that small banks may have comparative advantages vis-à-vis large banks in serving small opaque firms, while more recent literature suggests that this may not be the case.… Read more...
Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation
Raffaele Santioni, Fabio Schiantarelli, Philip E Strahan
Review of Finance, Volume 24, Issue 4, July 2020, Pages 773–811, https://doi.org/10.1093/rof/rfz020
This paper provides the first direct evidence of substitution towards internal capital markets in response to deterioration of the balance sheet condition of a firm’s bank.… Read more...
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Monetary Policy, Bank Bailouts and the Sovereign-Bank Risk Nexus in the Euro Area
Marcel Fratzscher, Malte Rieth
Review of Finance, Volume 23, Issue 4, July 2019, Pages 745–775, https://doi.org/10.1093/rof/rfy024
A key feature of the European crisis has been the ever closer link between sovereign and bank risk in the euro area.… Read more...
Monetary Policy, Bank Bailouts and the Sovereign-Bank Risk Nexus in the Euro Area Read More »
Trade Less and Exit Overcrowded Markets: Lessons from International Mutual Funds
Teodor Dyakov, Hao Jiang, Marno Verbeek
Review of Finance, Volume 24, Issue 3, May 2020, Pages 677–731, https://doi.org/10.1093/rof/rfz014
We study active investment skills in relation to returns to scale in the active mutual fund industry.… Read more...
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Shuffling through the Bargain Bin: Real-Estate Holdings of Public Firms
Irem Demirci, Umit G Gurun, Erkan Yönder
Review of Finance, Volume 24, Issue 3, May 2020, Pages 647–675, https://doi.org/10.1093/rof/rfz010
Collateral is an important aspect of debt contracts, and particularly when the borrower falls short on liquidity or defaults on its debt, asset-specific factors that determine the liquidation value of the collateral become a concern for the lender.… Read more...
Shuffling through the Bargain Bin: Real-Estate Holdings of Public Firms Read More »
How Rational and Competitive Is the Market for Mutual Funds?
Markus Leippold, Roger Rueegg
Review of Finance, Volume 24, Issue 2, March 2020, Pages 579–613, https://doi.org/10.1093/rof/rfz011
How rational and competitive is the market for mutual funds? The answer is: very.… Read more...
How Rational and Competitive Is the Market for Mutual Funds? Read More »
Loan Officer Incentives, Internal Rating Models, and Default Rates
Tobias Berg, Manju Puri, Jörg Rocholl
Review of Finance, Volume 24, Issue 3, May 2020, Pages 529–578, https://doi.org/10.1093/rof/rfz018
Manipulation of information has been at the center of a wave of recent investigations into fraudulent bank behavior.… Read more...
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Higher Bank Capital Requirements and Mortgage Pricing: Evidence from the Counter-Cyclical Capital Buffer
Christoph Basten
Review of Finance, Volume 24, Issue 2, March 2020, Pages 453–495, https://doi.org/10.1093/rof/rfz009
Basel III introduced the macroprudential tool Counter-Cyclical Capital Buffer (CCyB) as capital requirements that policy-makers can temporarily increase when lending appears excessive.… Read more...
Financial Loss Aversion Illusion
Christoph Merkle
Review of Finance, Volume 24, Issue 2, March 2020, Pages 381–413, https://doi.org/10.1093/rof/rfz002
Loss aversion has been frequently documented in psychology and economics, with the conclusion that losses loom larger than gains by a magnitude of about two.… Read more...
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Yield Spreads and the Corporate Bond Rollover Channel
Florian Nagler
Review of Finance, Volume 24, Issue 2, March 2020, Pages 345–379, https://doi.org/10.1093/rof/rfz005
When firms have exposure to rollover maturing bonds their rollover costs depend on the liquidity in the market.… Read more...
Yield Spreads and the Corporate Bond Rollover Channel Read More »