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January 2012

Dividends and Bank Capital in the Financial Crisis of 2007-2009 (CEPR DP8801)

January 30, 2012 Comments (0)

Dividends and Bank Capital in the Financial Crisis of 2007-2009 Author(s): Viral V. Acharya, Irvind Gujral, Nirupama Kulkarni, Hyun Song Shin CEPR Discussion Paper Number 8801 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/02/2012 Keyword(s): asset substitution, crisis, regulatory capital, risk-shifting JEL(s): G21, G28, G32, G35, G38 Abstract: The headline numbers appear to show that...

Sizing Up Repo (CEPR DP8795)

January 30, 2012 Comments (0)

Sizing Up Repo Author(s): Arvind Krishnamurthy, Stefan Nagel, Dmitry Orlov CEPR Discussion Paper Number 8795 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/02/2012 Keyword(s): Dealer Banks, Financial Crisis, Repurchase Agreements, Shadow Banking JEL(s): E51, G01, G21, G24 Abstract: We measure the repo funding extended by money market funds (MMF) and securities lenders to the shadow...

Performance Pay, CEO Dismissal, and the Dual Role of Takeovers (CEPR DP8794)

January 30, 2012 Comments (0)

Performance Pay, CEO Dismissal, and the Dual Role of Takeovers Author(s): Mike Burkart, Konrad Raff CEPR Discussion Paper Number 8794 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/02/2012 Keyword(s): Board Interference, CEO Turnover, Compensation, Takeover JEL(s): G34 Abstract: We propose that an active takeover market provides incentives by offering acquisition opportunities to...

Contagion in financial networks: A threat index (CEPR DP8793)

January 30, 2012 Comments (0)

Contagion in financial networks: A threat index Author(s): Gabrielle Demange CEPR Discussion Paper Number 8793 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/02/2012 Keyword(s): bankruptcy, contagion, Contagion in financial networks : a threat index, financial linkages, systemic risk JEL(s): G01, G21, G28 Abstract: An intricate web of claims and obligations ties together the balance...

Robust Capital Regulation (CEPR DP8792)

January 24, 2012 Comments (0)

Robust Capital Regulation Author(s): Viral V. Acharya, Hamid Mehran, Til Schuermann, Anjan Thakor CEPR Discussion Paper Number 8792 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/01/2012 Keyword(s): capital requirements, leverage, market discipline, model risk, systemic risk JEL(s): G12, G21 Abstract: We address the following questions concerning bank capital: why are banks so highly...

Competing on Speed (CEPR DP8786)

January 24, 2012 Comments (0)

Competing on Speed Author(s): Emiliano Pagnotta, Thomas Philippon CEPR Discussion Paper Number 8786 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE), International Macroeconomics (IM) Date of Publication: 01/01/2012 Keyword(s): exchanges, high frequency, speed, trading JEL(s): D40, D43, D61, G12, G15, G18 Abstract: Two forces have reshaped global securities markets in the last decade: Exchanges operate at much...

Evaporating Liquidity (CEPR DP8775)

January 17, 2012 Comments (0)

Evaporating Liquidity Author(s): Stefan Nagel CEPR Discussion Paper Number 8775 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/01/2012 Keyword(s): Financial Crisis, Liquidity, Return Reversals JEL(s): G01, G12 Abstract: The returns of short-term reversal strategies in equity markets can be interpreted as a proxy for the returns from liquidity provision. Analysis of reversal strategies...

Smart Buyers (CEPR DP8774)

January 17, 2012 Comments (0)

Smart Buyers Author(s): Mike Burkart, Samuel Lee CEPR Discussion Paper Number 8774 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/01/2012 Keyword(s): Asymmetric Information, Bilateral trade, Cash-Equity Offers, Commissions, Contingent Value Rights, Debt-Equity Swaps, Lemons Problem, Royalties JEL(s): D82, D84 Abstract: In many bilateral transactions, the seller fears being underpaid...

Why Do Institutional Investors Chase Return Trends? (CEPR DP8773)

January 17, 2012 Comments (0)

Why Do Institutional Investors Chase Return Trends? Author(s): Aydogan Alt, Ron Kaniel, Uzi Yoeli CEPR Discussion Paper Number 8773 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/01/2012 Keyword(s): Institutional Investors, momentum, mutual funds, return trends JEL(s): G11, G20 Abstract: We propose and test a simple explanation for institutional investors’ tendency to chase return...

The Diffusion of Microfinance (CEPR DP8770)

January 17, 2012 Comments (0)

The Diffusion of Microfinance Author(s): Abhijit Banerjee, Arun G Chandrasekhar, Esther Duflo, Matthew O. Jackson CEPR Discussion Paper Number 8770 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/01/2012 Keyword(s): diffusion, microfinance, peer effects, social networks JEL(s): D13, D85, G21, L14, O12, O16, Z13 Abstract: We examine how participation in a microfinance program diffuses...