Download or read book Three Essays on Policies Towards Risk written by Cheong-Seok Chang and published by . This book was released on 2006 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Monetary Policy and Financial Markets written by Cinzia Alcidi and published by . This book was released on 2009 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Money and Banking written by Davide Porcellacchia and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Transmission of Monetary Policy to Non bank Credit Activity written by Karl David Boulware and published by . This book was released on 2014 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of three essays that measure the impact of monetary policy on non-bank credit activity by issuer, composition, and duration. The first essay measures the dynamic impact of monetary policy on gross repurchase agreement activity of primary government dealers of the Federal Reserve System. The second essay measures the dynamic impact of monetary policy on commercial paper activity. The third essay measures the impact of monetary policy on issuers of asset-backed securities. In the first essay, we find a positive shock to the federal funds rate significantly affects the level of credit activity. In particular, repo arrangements longer than a day display persistent declines. By comparison, overnight financing increases after a delay. This implies that contractionary monetary policy shocks lead to maturity substitution in the repo market. Our findings show that credit activity in the repo market is more sensitive to monetary policy than previously reported in the literature. In the second essay, our measure of contractionary monetary policy shocks corresponds to a sharp decline in money market mutual fund assets. Though there is an increase in aggregate commercial paper volumes, the impact of monetary policy is stronger for issuers with less liquid balance sheets. Specifically, issuers of asset-backed paper and issuers with second tier credit ratings. Furthermore, there is evidence of a broad substitution towards shorter maturities, in particular for asset backed and nonfinancial paper. In the final essay, we find that an anticipated increase in the target for the federal funds rate impacts the behavior of ABS issuers. In particular, we find commercial paper issuance rises while bond issuance falls. Consequently, our results support the existence of a liquidity risk channel for monetary policy operating through the total supply of non-bank credit activity. In this manner, our findings indicate the monetary transmission mechanism contributes to systemic risk in the shadow banking system through rollover risk. As a result, non-bank credit activity is an important component of the relationship between monetary policy and financial stability.

Download or read book Three Essays on Political Risk Economic Policy Uncertainty and Hedge Fund Returns written by Pattamon Rungmaitree and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Managing Risks And Uncertainty In Business Government Relationship written by Himanshu Bhatt and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within this broad domain of nonmarket strategy, I study a set of research questions concerning firms' risk and uncertainty management strategies as a response to government's policy actions. A robust literature in strategy, international business, and management has long established that governments' and businesses' interests do not always align and a measure of risks and uncertainty persists regarding governments' intent, priorities, and future behavior from the firms' perspective. Adopting a phenomena-driven approach, I advance and elaborate upon our understanding with respect to each of these theoretical perspectives - signaling theory, political risks, and policy uncertainty - by examining instances of governments' policy actions as shifts in institutional environment and how that may relate to firms' evaluation of underlying risks and uncertainty. Specifically, I study three such initiatives - law enforcement actions against organized crime, encouraging private participation in infrastructure projects, and harmonization of patent laws with global standards - in the form of three essays. In doing so, I focus on the firm as the unit of analysis, relying principally on quantitative analyses on a sample of observational data but also use other approaches - case study, interviews, etc. - to support my findings.

Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

Download or read book Three Essays on Economic and Financial Risks in Different Asset Classes and Diverse Regions written by Soodabeh Sarafrazi and published by . This book was released on 2015 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation is titled "Economic and Financial Risks in Different Asset Classes and Different Regions," which encompasses three essays on economic activity and financial risks for the United States, interactions between Islamic and conventional stock markets, and downside risks and optimal diversified equity, bond and commodity portfolios for the PIIGs and CORE of the eurozone. The dissertation investigates migration and cascading of the different kinds of risks in the respected financial markets or regions in an economic policy uncertainty and financial stress environment.

Download or read book Three Essays on Risk Measurement written by Patricio Augusto Contreras and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Systemic Risk and Financial Contagion written by Adrian Alter and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Liquidity Risk written by and published by . This book was released on 2015 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liquidity risk is inherent to the very nature of the banking activity which is to transform short term liabilities into long term assets. That is why liquidity crises are in one way or another implied in most financial crisis episodes. This thesis contributes to the understanding of how liquidity risk and liquidity crises in the banking and financial sector affect the allocation of resources and the functioning of the economy, and also discusses what could be the best institutional arrangements to share liquidity risk across agents and the best economic policies to avoid liquidity crises. It consists of three chapters focusing on diverse aspects of this topic. The first chapter, co-authored with Katerina-Chara Papioti, provides a new way to measure liquidity risk in the financial sector using the bidding behavior of banks in the bond auctions conducted by central banks. The second chapter examines risk-sharing between agents prone to liquidity shocks obtained through generational and intergenerational coalitions and asset trading in overlapping generation economies. Various institutional arrangements including financial intermediaries, stock markets and government interventions are studied in order to compare their risk sharing performance and optimality. The third chapter examines the international dimension of the liquidity issue and studies theoretically what combination of exchange rate regime and central bank policy is less vulnerable to a combined currency and banking crisis focusing on the sudden stop of capital flows as an underlying source of instability.

Download or read book Three Essays on the Insurance of Income Risk and Monetary Policy written by Swapnil Singh and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The primary focus of this thesis is on the explicit incorporation of individual heterogeneity to address two important questions. First, do the households have more information about their income risk as compared to what is assessed by an econometrician? I find that there is a systematic income risk gap: household's perceived income risk is at least 12 percent lower than what is estimated by an econometrician. Second, is the provision of public insurance necessarily welfare improving in the standard incomplete markets model? I show quantitatively that this may not be the case if one group of individuals receive significantly more public insurance as compared to other groups over time."--Samenvatting auteur.

Download or read book Three Essays in Policy Regime Changes Interest Rate Volatility and Federal Reserve Credibility written by Gikas Angelos Hardouvelis and published by . This book was released on 1985 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Corporate Governance Shareholder Activism and Economic Policy Risk written by Marcel Maier and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Legal Environment Corporate Policy and Governance written by James Malm and published by . This book was released on 2014 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on the legal environment, corporate policy and corporate governance. The dissertation research seeks to contribute to a new understanding of the relationship between the legal environment, corporate behavior and corporate governance. In the first essay, we use a unique hand-collected dataset on corporate subsidiaries and lawsuits to examine the relationship between litigation risk and subsidiary usage by large U.S. corporations. We find that firms, in general, tend to have a large number of subsidiaries when exposed to high litigation risk. Dividing the sample into financially distressed and financially healthy sub-samples, we find that financially distressed firms tend to have a large number of subsidiaries when exposed to high litigation risk, while this tendency is less pronounced in financially healthy firms. High severity litigation risk matters more than low severity litigation risk. The results are consistent with the prediction of theoretical models. Taken together, they bring to light an efficient link between litigation risk and subsidiary usage. The second essay empirically examines the relationship between litigation risk and key financial and investment policy choices. We use a unique hand-collected database on corporate lawsuits as a proxy to measure litigation risk. The key financial and investment policies we investigate include: the levels of financial leverage, cash holdings, and capital expenditures. After controlling for other determinants of corporate financial and investment policies, we find a negative relationship between litigation risk and financial leverage. We also find a positive relationship between the level of cash holdings and securities and intellectual property litigation. In addition, we document a negative relationship between the level of cash holdings and high severity litigation risk in general, and government contracts, corporate governance, and employment and labor litigation, in particular. Furthermore, we find a positive relationship between litigation risk and the level of capital expenditures. Partitioning the sample into unified and parent-subsidiary firms, we find that relative to high litigation risk firms with a unified corporate structure, high litigation risk firms with parent-subsidiary structures have significantly higher levels of financial leverage and cash holdings, and lower level of capital expenditures. Thus, corporate organizational form appears to be a clear substitute for financial policy in responding to litigation risk. Taken together, these results highlight a link between litigation risk and corporate financial and investment policy choices. In Essay three, we examine the effects of board structure on corporate litigation. Using a unique hand-collected dataset on corporate lawsuits and the 2002 NYSE/NASDAQ exchange listing requirements on board independence as an exogenous shock, with the difference-in-difference methodology, we empirically examine how an increase in the percentage of independent directors on boards affects a wide variety of corporate litigation. We find that an exogenous increase in the percentage of independent directors on a board is associated with a significant decrease in corporate litigation. In addition, the results are stronger in industries where the exposure to the various types of corporate litigation is greater. These findings provide evidence of the effective monitoring role of independent directors.

Download or read book Three Essays on Emerging Issues in Economics written by Rik Chakraborti and published by . This book was released on 2017 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contributes three essays to emerging topics in Economics. The first essay examines the role of institutional weaknesses--specifically, weakly defined or enforced property rights--in keeping poor countries heavily dependent on their natural resource base through trade. The essay shows, theoretically and empirically, that a country with weaker property rights will inefficiently under-price its resource base, and export more resource-based goods even to countries that have equally weak property rights. The second essay explores how a firm’s overconfidence about catastrophic environmental risks influences the optimal contract that a regulator writes to reduce the risk at minimal cost. The results show that overconfidence can matter in two important ways: If the firm overestimates the impact of precautionary effort in reducing risk, the optimal contract attains more environmental protection at lower social costs. If the firm, however, underestimates the impact of precautionary effort, the contract is less efficient. Environmental protection is costlier. Moreover, in this case, ignoring the firm’s overconfidence can lead to excessive risk-taking. The third essay explores the interactive economic dynamics of attention and habit formation in the presence of time-inconsistent preferences in mitigating self-control issues. Recent studies in the psychological literature find that self-control is less about resisting unhealthy temptations, and more about breaking unhealthy habits and replacing them with healthy ones. The essay develops a model of habit formation consistent with this observation. A healthy habit in any given domain, in the model, takes a period of sustained attention to form. But, once established, these healthy habits allow an individual to free up scarce \attentional resources," which can then be used to establish healthy habits in other domains. The model has interesting policy implications. It suggests, among other things, that information campaigns or other policies aimed at preventing unhealthy behaviors are best targeted at individuals whose habits are in flux: freshman college students, for example, or people who have recently moved or changed jobs. It also suggests that such policies might have counter-intentional consequences: taxing cigarettes might lead to wide-spread obesity through the channel of cross-domain self-control failures.

Download or read book Three Essays on Asset Prices Credit Risk and Monetary Policy written by 張天惠 and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: