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Social Sciences x Financial Institutions and Services x Welfare Economics x clear all

Cash-in-the-Market Pricing and Optimal Resolution of Bank Failures

Viral V. Acharya and Tanju Yorulmazer.

in The Review of Financial Studies

November 2008; p ublished online December 2007 .

Journal Article. Subjects: Banking; Financial Regulation; Corporate Regulation; Monetary Policy, Central Banking, and the Supply of Money and Credit; Welfare Economics. 16795 words.

As the number of bank failures increases, the set of assets available for acquisition by surviving banks enlarges but the total liquidity available with surviving banks falls. This results...

Crisis Resolution and Bank Liquidity

Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer.

in The Review of Financial Studies

June 2011; p ublished online September 2010 .

Journal Article. Subjects: Banking; Financial Regulation; Corporate Governance; Monetary Policy, Central Banking, and the Supply of Money and Credit; Welfare Economics. 17854 words.

What is the effect of financial crises and their resolution on banks' choice of liquidity? When banks have relative expertise in employing risky assets, the market for these assets clears...

Financing from Family and Friends

Samuel Lee and Petra Persson.

in The Review of Financial Studies

September 2016; p ublished online May 2016 .

Journal Article. Subjects: Corporate Governance; Banking; Economic Development; Household Behaviour and Family Economics; Welfare Economics. 19816 words.

Most informal finance comes from family and friends. Existing informal finance theories cannot match two characteristics of family finance: family investors may accept below-market or even...

The market for bigness: economic power and competition agencies’ duty to curtail it

Adi Ayal.

in Journal of Antitrust Enforcement

October 2013; p ublished online August 2013 .

Journal Article. Subjects: General Economics; Welfare Economics; Antitrust Issues and Policies; Production and Organizations; Market Structure and Pricing; Regulation and Industrial Policy; Financial Regulation. 13430 words.

In its early days antitrust policy was motivated largely by public fears regarding economic power, the excess influence owners of large businesses might exert over political and commercial...

Optimal Asset Allocation and Risk Shifting in Money Management

Suleyman Basak, Anna Pavlova and Alexander Shapiro.

in The Review of Financial Studies

September 2007; p ublished online June 2007 .

Journal Article. Subjects: Economics; Financial Institutions and Services; Welfare Economics; Information, Knowledge, and Uncertainy. 18059 words.

This article investigates a fund manager's risk-taking incentives induced by an increasing and convex relationship of fund flows to relative performance. In a dynamic portfolio choice...

Pecuniary Externalities in Economies with Financial Frictions

Eduardo Dávila and Anton Korinek.

in The Review of Economic Studies

January 2018; p ublished online February 2017 .

Journal Article. Subjects: Money and Interest Rates; Banking; Financial Regulation; Welfare Economics. 20495 words.

Abstract

This article characterizes the efficiency properties of competitive economies with financial constraints, in which phenomena such as fire sales and...

Valuing Agricultural Insurance

Robert G. Chambers.

in American Journal of Agricultural Economics

August 2007; p ublished online August 2007 .

Journal Article. Subjects: Welfare Economics; Agricultural Economics; Insurance. 6608 words.

This paper proposes a method for estimating a farmer's stochastic discount factor that is independent of his or her risk preferences, and shows that that stochastic discount factor is...

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Why Can Margin Requirements Increase Volatility and Benefit Margin Constrained Investors?

Yajun Wang.

in Review of Finance

July 2016; p ublished online August 2015 .

Journal Article. Subjects: Financial Markets; Welfare Economics; Information, Knowledge, and Uncertainy; Economics; Financial Regulation. 14241 words.

We propose a tractable equilibrium model to examine how margin requirements affect asset prices, market volatility, and market participants’ welfare. We show that margin requirements can...