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Author: Rafael J. Bautista-Mena
Publisher:
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Category :
Languages : en
Pages : 0
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Author: Rafael J. Bautista-Mena
Publisher:
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Category :
Languages : en
Pages : 0
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Author:
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Category : Dissertations, Academic
Languages : en
Pages : 580
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Author: Joachim von Rheinbaben
Publisher:
ISBN:
Category : Finanzierungstheorie / Asymmetrische Information / Kreditmarkt / Unvollkommene Information / Bank / Agency Theory / Theorie
Languages : en
Pages : 98
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Author: Xiaoye (Phoebe) Tian
Publisher:
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Category :
Languages : en
Pages : 0
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This dissertation explores how imperfections in financial markets affect decisions made by market participants and subsequent market outcomes. The three chapters in this dissertation focus on three different financial markets: corporate lending market for small firms in China, refinance market for residential mortgage in US and retail investment product market in China. The first chapter studies inefficiencies arising from the lack of long-term contracting between borrower (firm) and lender (bank). I draw on a proprietary data from a Chinese bank, which only offers one-year term loans for small firms. How, and to what extent can default risk be reduced if they were able to enter long-term contract? I develop a dynamic model of business lending to analyze borrower's default incentives in an environment with imperfect information and learning. Estimation of the structural model implies that over seventy percent of observed defaults are strategic borrower defaults. In the counterfactual model, banks are able to offer long-term contingent contract which involves a schedule of future lending terms that can vary with time and firm's financial status. I find that optimal long-term contract has two main benefits: First, by frontloading prices, it alleviates agency frictions and disincentivizes willful defaults. Second, by cross-subsidization, it provides insurance for firms against negative shocks. As a result, with long-term contracting 17% fewer firms default, and total firm outputs expand by 2.6%. The second chapter (joint with Chen Zheng) studies the unintended consequences arising from program design, and how it augments the market power of incumbent lenders, in the context of a federal program called Home Affordable Refinance Program. We build a dynamic discrete choice model of refinance decision where the payoff is generated from a search and negotiation process. We estimate the model using data on program participation and pricing decision. The estimation exploits a significant change to the program design that gives exogenous variation in the competitive advantage of incumbent lenders under the program. In a counterfactual where the advantage granted by program design is shut down, we find that it leads to an average welfare improvement of 4,977. The insight from this study could apply to other policies whose implementation depends on intermediaries with incumbency advantage with respect to targeted agents. In the third chapter, I develop an empirical structural model of the wealth management sector in China in order to analyze the welfare impact of the proposed regulation aimed at ending the prevalence of the implicit guarantee in this industry. The implicit guarantee means the bank implicitly promises the returns on wealth management products to investors, and investors choose from differentiated wealth management products based on characteristics including guaranteed returns. In the counterfactual post-regulation scenario, the bank does not guarantee returns, and it only serves as an intermediary charging a constant fee, shifting the underlying risk of investment to investors. The change of consumer welfare hinges on two forces-the adjustment of the bank's markups and investor's disutility of risk. Empirical findings suggest that the markup decreases moderately, but not enough to completely compensate for investor's aversion of risk, so consumer surplus drops slightly as a result of the regulation.
Author: Alice Peng
Publisher: DEStech Publications, Inc
ISBN: 1605951412
Category : Computers
Languages : en
Pages : 916
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The aims of CMIT2013 are to provide a platform for researchers, educators, engineers, and government officials involved in the general areas of management and Information Technology to disseminate their latest research results and exchange views on the fu ture research directions of these fields, to exchange management and information technology and integrate of their practice, application of the academic ideas, improve the academic depth of information technology and its application, provide an internation al communication platform for educational technology and scientific research for the world's universities, business intelligence engineering field experts, professionals, and business executives. The CMIT 2013 tends to collect the latest research results an d applications on management and information technology . It includes a selection of 125 papers from 781 papers submitted to the conference from universities and industries all over the world. All of accepted papers were subjected to strict peerreviewing b y two to four expert referees. The papers have been selected for this volume because of quality and the relevance to the conference. The conference is designed to stimulate the young minds including Research Scholars, Academicians, and Practitioners to co ntribute their ideas, thoughts and nobility in these two disciplines.
Author:
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Category : Dissertation abstracts
Languages : en
Pages : 816
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Author: Adjunct Professor at School of International and Public Affairs Chris Jochnick
Publisher: Oxford University Press on Demand
ISBN: 9780195168006
Category : Business & Economics
Languages : en
Pages : 353
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This is a comprehensive overview of the problems associated with Third World debt and describes new and practical approaches to overcoming them. As contributions come from leading thinkers across a range of disciplines, the text offers a timely guide for understanding and influencing the debt debate.
Author: Hui Miao
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 180
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Author: George W. Fenn
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 260
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Author: Michel de Lange
Publisher:
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Category : Credit
Languages : en
Pages : 140
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