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  1. The agency of CoCos
    why contingent convertible bonds aren't for everyone
    Autor*in: Goncharenko, Roman; Ongena, Steven; Rauf, Asad
    Erschienen: 29 November 2018
    Verlag:  Centre for Economic Policy Research, London

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Schriftenreihe: Discussion paper series / Centre for Economic Policy Research ; DP13344
    Umfang: 41 Seiten, Illustrationen
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  2. Distance effects in CMBS loan pricing
    banks versus non-banks
    Autor*in: Eichholtz, Piet; Ongena, Steven; Yönder, Erkan
    Erschienen: 2019
    Verlag:  Swiss Finance Institute, Geneva

    Comparing banks to non-bank lenders, we investigate whether the geographical distance between lenders, borrowers and their properties is reflected in the pricing of US mortgages that were included in US CMBS pools during the 2000 to 2017 period. The... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    Comparing banks to non-bank lenders, we investigate whether the geographical distance between lenders, borrowers and their properties is reflected in the pricing of US mortgages that were included in US CMBS pools during the 2000 to 2017 period. The difference in loan spread when bank-borrower distance increases from zero to the median of about 900 miles is 17 basis points, and this effect is more pronounced if the loan is collateralized by a riskier property. On the contrary, geographical distance does not seem to have any effect on the loan spread of mortgages granted by non-bank lenders. Moreover, loans granted to distant borrowers by both bank and non-bank lenders are more likely to default. Our results contribute to the emerging literature on non-bank lender behavior

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 19, 58
    Swiss Finance Institute Research Paper ; No. 19-58
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  3. Gender, credit, and firm outcomes
    Autor*in: Delēs, Manthos D.; Hasan, Iftekhar; Iosifidi, Maria; Ongena, Steven
    Erschienen: 2019
    Verlag:  Swiss Finance Institute, Geneva

    Small and micro enterprises are usually majority owned by entrepreneurs. Using a unique sample of loan applications from such firms, we study the role of owners' gender in the credit decision of banks and the post-credit decision firm outcomes. We... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    Small and micro enterprises are usually majority owned by entrepreneurs. Using a unique sample of loan applications from such firms, we study the role of owners' gender in the credit decision of banks and the post-credit decision firm outcomes. We find that, ceteris paribus, female entrepreneurs are more prudent loan applicants, with both the probabilities to apply for credit and of firm default after the loan origination being smaller. However, the relatively more aggressive behavior of male applicants pays off in terms of higher average firm performance after the loan origination

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 19, 70
    Swiss Finance Institute Research Paper ; No. 19-70
    Schlagworte: Frauen; Geschlechterunterschiede; Kreditgeschäft; Kreditrisiko; Unternehmenserfolg; EU-Staaten
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  4. Efficiency convergence in Islamic and conventional banks
    Autor*in: Izzeldin, Marwan; Johnes, Jill; Ongena, Steven; Pappas, Vasileios; Tsionas, Efthymios G.
    Erschienen: 2019
    Verlag:  Swiss Finance Institute, Geneva

    This paper examines how efficiency dynamics of Islamic and conventional banks compare and how they are converging across different countries. We employ both parametric and non-parametric methods to analyse a panel of Islamic and conventional banks... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
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    keine Fernleihe

     

    This paper examines how efficiency dynamics of Islamic and conventional banks compare and how they are converging across different countries. We employ both parametric and non-parametric methods to analyse a panel of Islamic and conventional banks from 23 countries during the period 1999 to 2014. Parametric methods (stochastic frontiers methods) shows that both steady state efficiency and the speed of convergence of Islamic and conventional banks are similar. A non-parametric framework (classification trees) identifies a varying degree of alignment between the Islamic and conventional banking model across countries, which could explain the plurality in conclusions in the Islamic/conventional bank efficiency debate. We find that the alignment between the two bank types is positively related to the country's financial depth, transparency, economic stability and banking concentration. At the bank level, the alignment in the two banking systems is associated with higher income diversification, liquidity, profitability and financial stability

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 19, 71
    Swiss Finance Institute Research Paper ; No. 19-71
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  5. Does quantitative easing boost bank lending to the real economy or cause other bank asset reallocation?
    the case of the UK
    Autor*in: Giansante, Simone; Fatouh, Mahmoud; Ongena, Steven
    Erschienen: 2019
    Verlag:  Swiss Finance Institute, Geneva

    We investigate the impact of the Bank of England's asset purchase program (APP) on the composition of assets of UK banks, and the implications for the real economy, using a unique database on the program. Knowing the identity of the banks that... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    We investigate the impact of the Bank of England's asset purchase program (APP) on the composition of assets of UK banks, and the implications for the real economy, using a unique database on the program. Knowing the identity of the banks that receive reserves injections through APP (QE banks) provides us with an ideal empirical design for a difference-in-differences exercise. We find no evidence that suggests that QE boosted bank lending to the real economy, even when controlling fully for demand-side effects. The overall reduction of retail lending is more pronounced for treated (QE) banks than for the control group. QE banks reallocated their assets towards lower risk-weighted investments, such as government securities, as indicated by the increased sensitivity of their equity returns to peripheral EU bond returns. Overall, our findings suggest that risk-based capital constraints can limit the effectiveness of expansionary unconventional monetary policies and provide incentives for carry trade activities, when banks are not adequately capitalised

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 19, 72
    Swiss Finance Institute Research Paper ; No. 19-72
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  6. Unintended consequences of the global derivatives market reform
    Autor*in: Gandré, Pauline; Mariathasan, Mike; Merrouche, Ouarda; Ongena, Steven
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    We investigate regulatory arbitrage during the G20's global derivatives market reform. Using hand-collected data on staggered reform progress, we find that banks shift their trading towards less regulated jurisdictions. The result is driven by agenda... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    We investigate regulatory arbitrage during the G20's global derivatives market reform. Using hand-collected data on staggered reform progress, we find that banks shift their trading towards less regulated jurisdictions. The result is driven by agenda items – such as the promotion of central clearing – that are costly, but do not directly benefit banks. We further document that subsidiaries in jurisdictions with more reform progress shift to riskier portfolios. Alleviating endogeneity concerns we show that reform progress is primarily driven by structural (time-invariant) factors

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 02
    Swiss Finance Institute Research Paper ; No. 20-02
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  7. Identifying empty creditors with a shock and micro-data
    Autor*in: Degryse, Hans; Gündüz, Yalın; O'Flynn, Kuchulain; Ongena, Steven
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    Firms with credit-default swaps (CDS) traded on their debt may face "empty creditors'' as hedged creditors have less incentive to participate in firm restructuring. We test for the existence of empty creditors by employing an exogenous change to the... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    Firms with credit-default swaps (CDS) traded on their debt may face "empty creditors'' as hedged creditors have less incentive to participate in firm restructuring. We test for the existence of empty creditors by employing an exogenous change to the bankruptcy code in Germany, that effectively removes their potential impact on CDS firms. Using a unique dataset on bank-firm CDS net notional and credit exposures we find that the probability of default for firms with CDS traded on them drops when the effect of empty creditors is removed. This effect increases in the average CDS hedge position of a firm's creditors and in the concentration of the firm's debt. Further, we find that firms with longer credit relationships, with higher average collateral ratios of their debt, and financially safer firms are less affected by empty creditors. Banks that are not capital constrained, and that are liquidity constrained recognise the empty creditor effect to a larger extent. Furthermore, banks' business models affect the degree to which they recognise the empty creditor effect. Where banks that monitor their creditors less and that earn a smaller portion of their income from interest activities, recognise the empty creditor effect to a larger extent

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 15
    Swiss Finance Institute Research Paper ; No. 20-15
    Umfang: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  8. On-site inspecting zombie lending
    Autor*in: Bonfim, Diana; Cerqueiro, Geraldo; Degryse, Hans; Ongena, Steven
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    In spite of growing regulatory pressure in most developed economies, “zombie lending” remains a widespread practice by banks. In this paper we exploit a series of large-scale on-site inspections made on the credit portfolios of several Portuguese... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    In spite of growing regulatory pressure in most developed economies, “zombie lending” remains a widespread practice by banks. In this paper we exploit a series of large-scale on-site inspections made on the credit portfolios of several Portuguese banks to investigate how these inspections affect banks' future lending decisions. We find that an inspected bank becomes 20% less likely to refinance zombie firms, immediately spurring their default. However, banks change their lending decisions only in the inspected sectors. Overall, banks seemingly reduce zombie lending because the incentives to hold these loans disappear once they are forced to recognize losses

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 16
    Swiss Finance Institute Research Paper ; No. 20-16
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  9. The countercyclical capital buffer and the composition of bank lending
    Autor*in: Auer, Raphael A.; Ongena, Steven
    Erschienen: 21 August 2019
    Verlag:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    LZ 161
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    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
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    Schriftenreihe: Array ; DP13942
    Umfang: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  10. Flooded through the back door: the role of bank capital in local shock spillovers
    Autor*in: Rehbein, Oliver; Ongena, Steven
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    This paper demonstrates that low bank capital carries a negative externality because it amplifies local shock spillovers. We exploit a natural disaster that is transmitted to firms in non-disaster areas via their banks. Firms connected to a strongly... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    This paper demonstrates that low bank capital carries a negative externality because it amplifies local shock spillovers. We exploit a natural disaster that is transmitted to firms in non-disaster areas via their banks. Firms connected to a strongly disaster-exposed bank with lowest-quartile capitalization significantly reduce their total borrowing by 6.6% and tangible assets by 6.9% compared to similar firms connected to a well-capitalized bank. These findings translate to negative regional effects on GDP and unemployment. Additionally, following a disaster event, banks reduce their exposure to currently unaffected but generally disaster-prone areas

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 07
    Swiss Finance Institute Research Paper ; No. 20-07
    Schlagworte: Überschwemmung; Schock; Spillover-Effekt; Bankenliquidität; Eigenkapital; Deutschland
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  11. The impacts of stricter merger legislation on bank mergers and acquisitions
    too-big-to-fail and competition
    Autor*in: Spagnolo, Giancarlo; Carletti, Elena; Ongena, Steven; Siedlarek, Jan-Peter
    Erschienen: 27 February 2020
    Verlag:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    LZ 161
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    Universitätsbibliothek Mannheim
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    Schriftenreihe: Array ; DP14449
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  12. Being stranded with fossil fuel reserves?
    climate policy risk and the pricing of bank loans
    Autor*in: Delēs, Manthos D.; Greiff, Kathrin de; Ongena, Steven
    Erschienen: July 2019
    Verlag:  European Bank for Reconstruction and Development, [London, United Kingdom]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Schriftenreihe: Working paper / European Bank for Reconstruction and Development ; no. 231
    Schlagworte: Unternehmenswert; Produktionsfaktor; Fossile Energie; Umweltpolitik; Umweltmanagement; Kredit
    Umfang: 1 Online-Ressource (circa 75 Seiten), Illustrationen
  13. Fear, anger, and credit
    on bank robberies and loan conditions
    Autor*in: Acevedo, Paola Morales; Ongena, Steven
    Erschienen: June 9, 2019
    Verlag:  Swiss Finance Institute, Geneva

    We study the impact of emotions on real-world decisions made by loan officers by analyzing the loan conditions of loans granted immediately after a bank branch robbery. We find significant differences between the conditions of loans granted after a... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    We study the impact of emotions on real-world decisions made by loan officers by analyzing the loan conditions of loans granted immediately after a bank branch robbery. We find significant differences between the conditions of loans granted after a robbery and changes in loan conditions that occur contemporaneously at unaffected branches. In general, loan officers seem to adopt so-called avoidance behavior. In accordance with the literature on posttraumatic stress, their avoidance behavior is halved within two weeks following the robbery and the effect further varies depending on the presence, or absence, of a firearm during the robbery

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 19, 42
    BAFFI CAREFIN Centre Research Paper ; No. 2015-10
    Umfang: 1 Online-Ressource (circa 91 Seiten), Illustrationen
  14. The agency of CoCos
    why contingent convertible bonds aren't for everyone
    Autor*in: Goncharenko, Roman; Ongena, Steven; Rauf, Asad
    Erschienen: 2019
    Verlag:  Swiss Finance Institute, Geneva

    Most regulators grant contingent convertible bonds (CoCos) the status of equity. Theory, however, suggests that CoCos can induce debt overhang, thereby, increasing the cost of issuing equity. First, we theoretically investigate how the extent of this... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    Most regulators grant contingent convertible bonds (CoCos) the status of equity. Theory, however, suggests that CoCos can induce debt overhang, thereby, increasing the cost of issuing equity. First, we theoretically investigate how the extent of this debt overhang varies with bank characteristics. Our model predicts that riskier banks face higher debt overhang from CoCos. Our empirical analysis confirms that riskier banks are less likely to issue CoCos than their safer counterparts. Since under Basel III banks are expected to raise equity prior to CoCo conversion, riskier banks that anticipate future equity issuance are less likely to issue CoCos before

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 19, 43
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  15. Bank standalone credit ratings
    Autor*in: King, Michael R.; Ongena, Steven; Tarashev, Nikola A.
    Erschienen: January 2018
    Verlag:  Swiss Finance Institute, [Geneva] ; Bank for International Settlements, Monetary and Economic Department, [Basel]

    We study a unique experiment to examine the importance of rating agencies' private information for bank shareholders. On July 20, 2011, Fitch Ratings refined their bank standalone ratings, which measure intrinsic financial strength, from a 9-point to... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
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    We study a unique experiment to examine the importance of rating agencies' private information for bank shareholders. On July 20, 2011, Fitch Ratings refined their bank standalone ratings, which measure intrinsic financial strength, from a 9-point to a 21-point scale. This refinement did not affect their all-in ratings, which combine assessments of intrinsic strength and extraordinary sovereign support and provide an estimate of banks' creditworthiness. Thus, the impact of the standalone rating refinement was cleanly limited to bank shareholders. We find evidence suggesting that the refinement resulted in higher than expected standalone ratings, but we find only weak evidence of ratings catering. We also find a positive relationship between stock price reactions and rating surprises, revealing that the rating refinement delivered useful information about the importance of bank characteristics for assessing intrinsic financial strength

     
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    Auflage/Ausgabe: Revised January 2018. - This version: January 6, 2018
    Schriftenreihe: Swiss Finance Institute research paper series ; 19, 44
    BIS Working Paper ; No. 542
    BIS working papers ; no 542 (revised January 2018)
    Umfang: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  16. Some borrowers are more equal than others
    bank funding shocks and credit reallocation
    Autor*in: De Jonghe, Olivier; Dewachter, Hans; Mulier, Klaas; Ongena, Steven; Schepens, Glenn
    Erschienen: 2019
    Verlag:  Swiss Finance Institute, Geneva

    This paper provides evidence on the strategic lending decisions made by banks facing a negative funding shock. Using bank- rm level credit data, we show that banks reallocate credit within their domestic loan portfolio in at least three different... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
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    keine Fernleihe

     

    This paper provides evidence on the strategic lending decisions made by banks facing a negative funding shock. Using bank- rm level credit data, we show that banks reallocate credit within their domestic loan portfolio in at least three different ways. First, banks reallocate to sectors where they have high sector presence. Second, they also reallocate to sectors in which they are heavily specialized. Third, they reallocate credit towards low-risk fi rms. These reallocation effects are economically large. A standard deviation improvement in sector presence, sector specialization or fi rm risk reduces the transmission of the funding shock to credit supply by 22, 8 and 10%,respectively

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 19, 45
    Swiss Finance Institute Research Paper ; No. 19-45
    Umfang: 1 Online-Ressource (circa 73 Seiten), Illustrationen
  17. The countercyclical capital buffer and the composition of bank lending
    Autor*in: Auer, Raphael A.; Ongena, Steven
    Erschienen: [2019]
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Do macroprudential regulations on residential lending influence commercial lending behavior too? To answer this question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential mortgages... mehr

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    Do macroprudential regulations on residential lending influence commercial lending behavior too? To answer this question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential mortgages on which extra capital requirements were uniformly imposed by the countercyclical capital buffer (CCyB) introduced in Switzerland in 2012. We find that the CCyB's introduction led to higher growth in commercial lending although this was unrelated to conditions in regional housing markets. Interest rates and fees charged to the firms concurrently increased. We rationalize these findings in a model featuring both private and firm-specific collateral.

     
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    Schriftenreihe: Array ; no. 7815 (August 2019)
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  18. The impact of monetary conditions on bank lending to households
    Autor*in: Gyöngyösi, Győző; Ongena, Steven; Schindele, Ibolya
    Erschienen: 25 March 2019
    Verlag:  Centre for Economic Policy Research, London

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    Auflage/Ausgabe: This Draft: March 20, 2019
    Schriftenreihe: Array ; DP13616
    Umfang: 1 Online-Ressource (circa 72 Seiten)
  19. The effect of unconventional monetary policy on cross-border bank loans
    evidence from an emerging market
    Autor*in: Alper, Koray; Altunok, Fatih; Çapacıoğlu, Tanju; Ongena, Steven
    Erschienen: 2019
    Verlag:  Swiss Finance Institute, Geneva

    We analyze the impact of quantitative easing by the Federal Reserve, European Central Bank and Bank of England on cross‐border credit flows. Relying on comprehensive loan‐level data, we find that Fed QE strongly boosts cross‐border credit granted to... mehr

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    We analyze the impact of quantitative easing by the Federal Reserve, European Central Bank and Bank of England on cross‐border credit flows. Relying on comprehensive loan‐level data, we find that Fed QE strongly boosts cross‐border credit granted to Turkish banks by banks located in the US, Euro Area and UK, while ECB and BoE QEs work only moderately through banks in the EA and UK, respectively. In general QE works at short maturities across bank locations and loan currencies, more strongly for weaker lenders and borrowers, and may have resulted in maturity mismatches in Turkish banks searching for yield

     
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    Auflage/Ausgabe: This draft: July 17, 2019
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 19, 38
    Swiss Finance Institute Research Paper ; No. 19-38
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  20. The geography of mortgage lending in times of FinTech
    Autor*in: Basten, Christoph; Ongena, Steven
    Erschienen: August 2019
    Verlag:  Swiss Finance Institute, Geneva

    How do banks offer mortgages through on online platform to areas without their branch presence? Unique data on responses from different banks to applicant households yield three salient findings: First, banks offer 4% more often and 6 basis points... mehr

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    How do banks offer mortgages through on online platform to areas without their branch presence? Unique data on responses from different banks to applicant households yield three salient findings: First, banks offer 4% more often and 6 basis points cheaper credit when markets have high versus low concentration, implying more profitable future business. Second, they offer 2% more often and 2 bps cheaper credit when unemployment or house price growth in the applicant's state are one standard deviation less correlated with those at home, improving portfolio diversification. Third, these offers are increasingly automated, using available hard information more efficiently

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 19, 39
    Swiss Finance Institute Research Paper ; No. 19-39
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  21. Bank response to higher capital requirements
    evidence from a quasi-natural experiment
    Autor*in: Gropp, Reint; Mosk, Thomas; Ongena, Steven; Wix, Carlo
    Erschienen: [2018]
    Verlag:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    We study the impact of higher capital requirements on banks' balance sheets and its transmission to the real economy. The 2011 EBA capital exercise is an almost ideal quasi-natural experiment to identify this impact with a difference-in-differences... mehr

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    We study the impact of higher capital requirements on banks' balance sheets and its transmission to the real economy. The 2011 EBA capital exercise is an almost ideal quasi-natural experiment to identify this impact with a difference-in-differences matching estimator. We find that treated banks increase their capital ratios by reducing their risk-weighted assets and - consistent with debt overhang - not by raising their levels of equity. Banks reduce lending to corporate and retail customers, resulting in lower asset-, investment- and sales growth for firms obtaining a larger share of their bank credit from the treated banks.

     
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    hdl: 10419/203304
    Schriftenreihe: SAFE working paper ; no. 156
    Schlagworte: Basler Akkord; Bankrechnungslegung; Geldpolitische Transmission; Schätzung; Kapitalstruktur; EU-Staaten
    Umfang: 1 Online-Ressource (circa 86 Seiten), Illustrationen
  22. Credit and income
    Autor*in: Delēs, Manthos D.; Fringuellotti, Fulvia; Ongena, Steven
    Erschienen: 20 January 2019
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP13468
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  23. Bank capital requirements, loan guarantees and firm performance
    Autor*in: Mayordomo, Sergio; Moreno, Antonio; Ongena, Steven; Rodriguez-Moreno, Maria
    Erschienen: 2019
    Verlag:  Swiss Finance Institute, Geneva

    This paper studies the effects of the bank capital requirements imposed by the European authorities in October 2011 on loan collateral and personal guarantees usage to enhance capital ratios. We use detailed information on the loan contracts granted... mehr

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    This paper studies the effects of the bank capital requirements imposed by the European authorities in October 2011 on loan collateral and personal guarantees usage to enhance capital ratios. We use detailed information on the loan contracts granted by a representative Spanish bank and several subsidiaries to nonfinancial corporations around that date. We document that personal guarantees usage increases more than that of collateral, especially at subsidiaries with lower capital ratios. However, although the former type of guarantees demonstrably disciplined firms in their risk-taking before 2011, their subsequent overuse may have blunted their impact and may have even undermined firm performance and investment

     
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    Auflage/Ausgabe: This draft: April 12, 2019
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 19, 28
    Swiss Finance Institute Research Paper ; No. 19-28
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  24. Risk spillovers and interconnectedness between systemically important institutions
    Autor*in: Andrieş, Alin Marius; Ongena, Steven; Sprincean, Nicu; Tunaru, Radu
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    In this paper we gauge the degree of interconnectedness and quantify the linkages between global and other systemically important institutions, and the global financial system. We document that the two groups and the financial system become more... mehr

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    In this paper we gauge the degree of interconnectedness and quantify the linkages between global and other systemically important institutions, and the global financial system. We document that the two groups and the financial system become more interconnected during the global financial crisis when linkages across groups grow. In contrast, during tranquil times linkages within groups prevail. Global systemically important banks contribute most to system-wide distress, but are also most exposed. Other systemically important institutions bear more individual market risk. The two groups and the global financial system also co-vary for periods of up to 60 days. In sum, both groups perform in ways that defy any straightforward categorization

     
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    Auflage/Ausgabe: This version: May 9, 2020
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 40
    Swiss Finance Institute Research Paper ; No. 20-40
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  25. The COVID-19 pandemic and sovereign bond risk
    Autor*in: Andrieş, Alin Marius; Ongena, Steven; Sprincean, Nicu
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    Governments around the world are tackling the COVID-19 pandemic with a mix of public health, fiscal, macroprudential, monetary, or market-based policies. We assess the impact of the pandemic in Europe on sovereign CDS spreads using an event study... mehr

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    Governments around the world are tackling the COVID-19 pandemic with a mix of public health, fiscal, macroprudential, monetary, or market-based policies. We assess the impact of the pandemic in Europe on sovereign CDS spreads using an event study methodology. We find that a higher number of cases and deaths and public health containment responses significantly increase the uncertainty among investors in European government bonds. Other governmental policies magnify the effect in the short run as supply chains are disrupted

     
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    Auflage/Ausgabe: This version: 17 May 2020
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 42
    Swiss Finance Institute Research Paper ; No. 20-42
    Schlagworte: Öffentliche Anleihe; Kreditrisiko; Kreditderivat; Öffentliche Schulden; Coronavirus; Epidemie; EU-Staaten
    Umfang: 1 Online-Ressource (circa 21 Seiten), Illustrationen