Haku
Viitteet 11-18 / 18
Can lenders discern managerial ability from luck? Evidence from bank loan contracts
(15.02.2018)
Journal of Banking and Finance February
Journal of Banking and Finance February
We investigate the effect of managerial ability versus luck on bank loan contracting. Borrowers showing a persistently superior managerial ability over previous years (more likely due to ability) enjoy a lower loan spread, ...
Private benefits of control and bank loan contracts
(31.01.2018)
Journal of Corporate Finance April 2018
Journal of Corporate Finance April 2018
This paper investigates whether or not private benefits of control by managers and large shareholders influence the financing cost of firms. Evidence shows that lending banks demand a significantly higher loan spread, ...
Monetary Policy, the Financial Cycle, and Ultra-Low Interest Rates
(15.09.2017)
International Journal of Central Banking 4 ; September
International Journal of Central Banking 4 ; September
Do the prevailing unusually and persistently low real interest rates reflect a decline in the natural rate of interest as commonly thought? We argue that this is only part of the story. The critical role of financial factors ...
The interaction of monetary and macroprudential policies
(17.06.2019)
Journal of Money, Credit and Banking 4 ; June
Journal of Money, Credit and Banking 4 ; June
I analyze a New Keynesian dynamic stochastic general equilibrium (DSGE) model where the financing of productive investment is affected by a moral hazard problem. I solve for jointly Ramsey‐optimal monetary and macroprudential ...
Leverage dynamics and the burden of debt
(01.04.2020)
Oxford Bulletin of Economics and Statistics 2
Oxford Bulletin of Economics and Statistics 2
In addition to leverage, the debt service burden of households and firms is an important link between financial and real developments at the aggregate level. Using US data from 1985 to 2017, we find that the debt service ...
The Risk-Taking Channel of Monetary Policy in the U.S. : Evidence from Corporate Loan Data
(27.01.2017)
Journal of Money, Credit and Banking 1 ; February
Journal of Money, Credit and Banking 1 ; February
To study the presence of a risk-taking channel in the U.S., we build a comprehensive data set from the syndicated corporate loan market and measure monetary policy using different measures, most notably Taylor (1993) and ...
Banking Crisis Prediction with Differenced Relative Credit
(02.12.2019)
Applied Economics Quarterly 4
Applied Economics Quarterly 4
Indicators based on the ratio of credit to GDP have been found to be highly useful predictors of banking crises. Differences in this ratio seem a highly promising early warning indicator. We test a large number of slightly ...
Senior debt and market discipline : Evidence from bank-to-bank loans
(02.01.2019)
Journal of Banking and Finance January ; 2019
Journal of Banking and Finance January ; 2019
We empirically investigate whether taking senior bank loans would enhance market discipline and control risk-taking among borrowing banks. Controlling for endogeneity concern arising from borrowing bank self-select into ...