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  1. Corporate culture and organizational fragility
    Erschienen: [2023]
    Verlag:  Paris School of Economics, Paris

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VS 331
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / Paris School of Economics ; no 2023, 04
    Schlagworte: Corporate Culture; Networks; Fragility
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  2. Fragility of secured credit chains
    Erschienen: [2023]
    Verlag:  Study Center Gerzensee, Gerzensee

    We present a model of secured credit chains in which assets generated from intermediation activity and pledged as collateral create fragility. A dealer stands between a borrower and a financier. The dealer borrows from the financier to fund her... mehr

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    We present a model of secured credit chains in which assets generated from intermediation activity and pledged as collateral create fragility. A dealer stands between a borrower and a financier. The dealer borrows from the financier to fund her project, subject to a moral hazard problem, In addition, the dealer can intermediate between the financier and the borrower, forming a credit chain. Intermediation profits can thus act as collateral for the loan to fund the dealer's own project. When these profits are risky, however, using them as collateral may undermine the dealer's incentives, generating fragility in the chain. The arrival of news about the value of the revenue of the intermediation activity further increases fragility. This fragility channel generates a premium for safe or opaque collateral. The environment considered in our model applies to various situations, such as trade credit chains, securitization and repo markets.

     

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/278453
    Auflage/Ausgabe: This version: February, 2023
    Schriftenreihe: Working paper / Study Center Gerzensee ; 23, 01
    Schlagworte: Collateral; Secured Lending; Intermediation; Fragility
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  3. Essays in empirical finance
    Erschienen: [2023]
    Verlag:  Tilburg University, Tilburg

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Dissertation
    Format: Online
    ISBN: 9789056687120
    Weitere Identifier:
    Schriftenreihe: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 710 (2023)]
    Schlagworte: Empirical Finance; Term Structure; Corporate Bonds; Risk Premia; Equity; Maturity; Central Bank Intervention; Bank Runs; Equity Risk; Unconventional Monetary Policy; Fragility; European Central Bank; Bank Lending; Asset Pricing Models; Risk Premium; Severity; Financial Sector; Banking Sector; Methodology
    Umfang: 1 Online-Ressource (circa 173 Seiten), Illustrationen
    Bemerkung(en):

    Dissertation, Tilburg University, 2023

  4. Fragility of secured credit chains
    Erschienen: [2023]
    Verlag:  Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics, Bern, Switzerland

    We present a model of secured credit chains in which assets generated from intermediation activity and pledged as collateral create fragility. A dealer stands between a borrower and a financier. The dealer borrows from the financier to fund her... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 182
    keine Fernleihe

     

    We present a model of secured credit chains in which assets generated from intermediation activity and pledged as collateral create fragility. A dealer stands between a borrower and a financier. The dealer borrows from the financier to fund her project, subject to a moral hazard problem, In addition, the dealer can intermediate between the financier and the borrower, forming a credit chain. Intermediation profits can thus act as collateral for the loan to fund the dealer's own project. When these profits are risky, however, using them as collateral may undermine the dealer's incentives, generating fragility in the chain. The arrival of news about the value of the revenue of the intermediation activity further increases fragility. This fragility channel generates a premium for safe or opaque collateral. The environment considered in our model applies to various situations, such as trade credit chains, securitization and repo markets.

     

    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/278437
    Auflage/Ausgabe: This version: February, 2023
    Schriftenreihe: Discussion papers / Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics ; 23, 04 (April, 2023)
    Schlagworte: Collateral; Secured Lending; Intermediation; Fragility
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen