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Funding modes of German banks: structural changes and its implications
In: Working papers 121
Does Good Corporate Governance Pay Off in the Long Run? Evidence From Stock Market Segment Switches in Brazil
In: Brazilian Review of Finance, Vol. 17, No. 3, September 2019, pp. 1–25
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Working paper
Costs and Benefits of Trading with Stock Dealers: The Case of Systematic Internalizers
In: European Financial Management, Open Access: https://doi.org/10.1111/eufm.12430
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High-Frequency Traders and Single-Dealer Platforms
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Working paper
Cyclicality of SME lending and government involvement in banks
In: Discussion paper 2015,39
Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.
"Less is More": Credit Default Swaps and Firm Cyclicality
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Working paper
Cyclicality of SME lending and government involvement in banks
Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.
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Cyclicality of SME Lending and Government Involvement in Banks
In: Bundesbank Discussion Paper No. 39/2015
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Working paper
Lending Technologies and Consumer Defaults in Times of Crisis: Evidence from Brazil
In: FRL-D-23-03630
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Working paper