Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States
In: Journal of Finance, Forthcoming
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In: Journal of Finance, Forthcoming
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In: IMF Working Paper No. 15/61
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In: IMF Working Papers, S. 1-36
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In: NBER Working Paper No. w15356
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In: IMF Working Papers, S. 1-37
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In: IMF Working Papers, S. 1-37
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This paper provides empirical evidence that campaign contributions arestrongly associated with market expectations of future firm-specific political favors,including preferential access to external financing. Using a novel dataset, we find thatfirms in Brazil providing contributions in the 1998 campaign to (elected) federal deputiesexperienced higher stock returns following the election, even after controlling forindustry-specific effects and firm-specific controls. This suggests that federal deputieswere expected to shape policy to benefit these firms in particular. Consistent with suchpolitical favors, we find that these firms relative to a control group substantially increasedtheir financial leverage in the four years following election, suggesting that contributionsgained firms preferential access to finance.
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In: NBER Working Paper No. w8386
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In: IZA Discussion Paper No. 12306
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Offering a framework for understanding the reasons for the regulatory shift from a microprudential to a macroprudential approach to financial regulation, this book provides a list of challenges in the implementation of macroprudential policy and a discussion on its limitations. --
In: Journal of monetary economics, Band 126, S. 171-187
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In: ECB Working Paper No. 20202504
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In: CEPR Discussion Paper No. DP15539
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In: NBER Working Paper No. w27056
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