Do exposures to sagging real estate, subprime or conduits abroad lead to contraction and flight to quality in bank lending at home?
In: Discussion paper Eurosystem
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In: Discussion paper Eurosystem
In: International finance discussion papers 686
In: CFS working paper 2000/01
This paper measures the economy-wide impact of bank distress on the loss of relationship benefits. We use the near-collapse of the Norwegian banking system during the period 1988 to 1991 to measure the impact of bank distress announcements on the stock prices of firms maintaining a relationship with a distressed bank. We find that although banks experience large and permanent downward revisions in their equity value during the event period, firms maintaining relationships with these banks face only small and temporary changes, on average, in stock price. In other words, the aggregate impact of bank distress on the real economy appears small. We analyze the cross-sectional variation in firm abnormal returns and find that firms that maintain international bank relationships suffer more upon announcement of bank distress.
In: Working paper 498
In: ECB-CFS research network on capital markets and financial integration in Europe
In: Swiss Finance Institute Research Paper No. 24-09
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In: Swiss Finance Institute Research Paper No. 24-28
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In: Journal of policy analysis and management: the journal of the Association for Public Policy Analysis and Management, Band 43, Heft 3, S. 818-845
ISSN: 1520-6688
AbstractCan local government spending spur entrepreneurial activity? To answer this question, we study a setting where, around multiple pre‐determined and non‐manipulable thresholds, municipalities with lower tax revenues receive direct and different monetary grants from the national budget. Employing a fuzzy regression discontinuity design, we find a positive impact of fiscal transfers on the number of firms, especially sole proprietorships and small firms. The impact is stronger in municipalities where the opposition is more involved in the legislative process or more parties are represented in the municipal council.
In: Swiss Finance Institute Research Paper No. 22-31
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In: CEPR Discussion Paper No. DP15384
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In: Swiss Finance Institute Research Paper No. 20-101
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In: Swiss Finance Institute Research Paper No. 20-89
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In: CEPR Discussion Paper No. DP14925
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