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Bo Becker

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Bo Becker & Efraim Benmelech, 2021. "The Resilience of the U.S. Corporate Bond Market During Financial Crises," NBER Working Papers 28868, National Bureau of Economic Research, Inc.

    Cited by:

    1. Darmouni, Olivier & Papoutsi, Melina, 2022. "Europe's growing league of small corporate bond issuers: new players, different game dynamics," Research Bulletin, European Central Bank, vol. 96.
    2. Fatica, Serena & Panzica, Roberto, 2021. "Sustainable investing in times of crisis: evidence from bond holdings and the COVID-19 pandemic," JRC Working Papers in Economics and Finance 2021-07, Joint Research Centre, European Commission.
    3. Ghizlane Barzi & Bamousse Zineb, 2023. "Resilience at the heart of the financial function of companies: a lever for sustainability against the effects of crises in Morocco - Case of Covid-19 [La résilience au coeur de la fonction financi," Post-Print hal-04367540, HAL.
    4. Valentina Bruno & Michele H. Dathan & Yuriy Kitsul, 2024. "Corporate Bond Issuance Over Financial Stress Episodes: A Global Perspective," International Finance Discussion Papers 1390, Board of Governors of the Federal Reserve System (U.S.).
    5. Darmouni, Olivier & Papoutsi, Melina, 2022. "The rise of bond financing in Europe: five facts about new and small issuers," Working Paper Series 2663, European Central Bank.
    6. John J Shim & Karamfil Todorov, 2021. "ETFs, illiquid assets, and fire sales," BIS Working Papers 975, Bank for International Settlements.
    7. John M Griffin & Jordan Nickerson, 2023. "Are CLO Collateral and Tranche Ratings Disconnected?," The Review of Financial Studies, Society for Financial Studies, vol. 36(6), pages 2319-2360.

  2. Becker, Bo & Opp, Marcus & Saidi, Farzad, 2020. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Eliminating Capital Requirements," CEPR Discussion Papers 14373, C.E.P.R. Discussion Papers.

    Cited by:

    1. Grochola, Nicolaus & Browne, Mark Joseph & Gründl, Helmut & Schlütter, Sebastian, 2021. "Exploring the market risk profiles of U.S. and European life insurers," ICIR Working Paper Series 39/21, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).

  3. Becker, Bo & Ivashina, Victoria, 2019. "Disruption and Credit Markets," CEPR Discussion Papers 13508, C.E.P.R. Discussion Papers.

    Cited by:

    1. Dutordoir, Marie & Pappas, Kostas & Xu, Alice Liang & Zeng, Cheng (Colin), 2023. "Covenants in convertible bonds: Boon or boilerplate?," Journal of Corporate Finance, Elsevier, vol. 80(C).

  4. Baghai, Ramin & Becker, Bo & Pitschner, Stefan, 2018. "The Private Use of Credit Ratings: Evidence from Mutual Fund Investment Mandates," CEPR Discussion Papers 13418, C.E.P.R. Discussion Papers.

    Cited by:

    1. Shapiro, Joel & Josephson, Jens, 2019. "Credit Ratings and Structured Finance," CEPR Discussion Papers 13534, C.E.P.R. Discussion Papers.
    2. Baghai, Ramin & Becker, Bo, 2018. "Reputations and credit ratings: evidence from commercial mortgage-backed securities," CEPR Discussion Papers 12648, C.E.P.R. Discussion Papers.
    3. Gunter Löffler, 2020. "The Systemic Risk Implications of Using Credit Ratings Versus Quantitative Measures to Limit Bond Portfolio Risk," Journal of Financial Services Research, Springer;Western Finance Association, vol. 58(1), pages 39-57, August.
    4. Abad, Pilar & Díaz, Antonio & Escribano, Ana & Robles, M.-Dolores, 2021. "Crossing boundaries beyond the investment grade: Induced trading by rating-contingent investment constraints," Journal of Corporate Finance, Elsevier, vol. 67(C).
    5. Huang, He & Svec, Jiri & Wu, Eliza, 2021. "The game changer: Regulatory reform and multiple credit ratings," Journal of Banking & Finance, Elsevier, vol. 133(C).

  5. Albertazzi, Ugo & Becker, Bo & Boucinha, Miguel, 2018. "Portfolio rebalancing and the transmission of large-scale asset programmes: evidence from the euro area," Working Paper Series 2125, European Central Bank.

    Cited by:

    1. Urbschat, Florian & Watzka, Sebastian, 2020. "Quantitative easing in the Euro Area – An event study approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 77(C), pages 14-36.
    2. Zhou, Siwen, 2019. "Assessing the Macroeconomic Impact of the ECB’s Asset Purchase Programme in a Dynamic Nelson–Siegel Modelling Framework," MPRA Paper 92530, University Library of Munich, Germany.
    3. Pietro Cova & Patrizio Pagano & Massimiliano Pisani, 2019. "Domestic and International Effects of the Eurosystem Expanded Asset Purchase Programme: A Structural Model-Based Analysis," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(2), pages 315-348, June.
    4. Albertazzi, Ugo & Becker, Bo & Boucinha, Miguel, 2021. "Portfolio rebalancing and the transmission of large-scale asset purchase programs: Evidence from the Euro area," Journal of Financial Intermediation, Elsevier, vol. 48(C).
    5. Margherita Bottero & Ms. Camelia Minoiu & José-Luis Peydró & Andrea Polo & Mr. Andrea F Presbitero & Enrico Sette, 2019. "Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data," IMF Working Papers 2019/044, International Monetary Fund.
    6. Kabundi, Alain & De Simone, Francisco Nadal, 2022. "Euro area banking and monetary policy shocks in the QE era," Journal of Financial Stability, Elsevier, vol. 63(C).
    7. Eiblmeier, Sebastian, 2023. "Differential Effects of Unconventional Monetary Policy," Hannover Economic Papers (HEP) dp-707, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    8. Buchholz, Manuel & Schmidt, Kirsten & Tonzer, Lena, 2017. "Do conventional monetary policy instruments matter in unconventional times?," IWH Discussion Papers 12/2017, Halle Institute for Economic Research (IWH).
    9. Hobelsberger, Karin & Kok, Christoffer & Mongelli, Francesco Paolo, 2022. "A tale of three crises: synergies between ECB tasks," Occasional Paper Series 305, European Central Bank.
    10. Itay Goldstein & Jonathan Witmer & Jing Yang, 2018. "Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing," Staff Working Papers 18-33, Bank of Canada.
    11. Matthieu Darracq Paries & Jenny Korner & Niki Papadopoulou, 2019. "Empowering Central Bank Asset Purchases: The Role of Financial Policies," Working Papers 2019-1, Central Bank of Cyprus.
    12. Tischer, Johannes, 2021. "Quantitative easing, safe asset scarcity and bank lending," Discussion Papers 35/2021, Deutsche Bundesbank.
    13. Cawley, Cormac & Finnegan, Marie, 2019. "Transmission channels of central bank asset purchases in the Irish economy," MPRA Paper 96547, University Library of Munich, Germany.
    14. Martijn A. Boermans & John D. Burger, 2020. "Fickle Emerging Market Flows, Stable Euros, and the Dollar Risk Factor," Working Papers 676, DNB.
    15. Bergant, Katharina & Fidora, Michael & Schmitz, Martin, 2018. "International capital flows at the security level – evidence from the ECB’s asset purchase programme," ECMI Papers 13926, Centre for European Policy Studies.
    16. Botta, Alberto & Tippet, Ben & Onaran, Özlem, 2018. "Divergence between the core and the periphery and secular stagnation in the Eurozone," Greenwich Papers in Political Economy 20405, University of Greenwich, Greenwich Political Economy Research Centre.
    17. Gábor Dávid Kiss & Mercédesz Mészáros, 2020. "Gravity Among Central Bank Balance Sheets: Monetary Policy Spill-Over on FX Volatility," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 5(1), pages 33-57, June.
    18. R.J. Galema & S. Lugo, 2017. "When central banks buy corporate bonds:: Target selection and impact of the European Corporate Sector Purchase Program," Working Papers 17-16, Utrecht School of Economics.
    19. Albertazzi, Ugo & Barbiero, Francesca & Marqués-Ibáñez, David & Popov, Alexander & Rodriguez d’Acri, Costanza & Vlassopoulos, Thomas, 2020. "Monetary policy and bank stability: the analytical toolbox reviewed," Working Paper Series 2377, European Central Bank.
    20. Craig, Ben & Giuzio, Margherita & Paterlini, Sandra, 2020. "The effect of possible EU diversification requirements on the risk of banks’ sovereign bond portfolios," Working Paper Series 2384, European Central Bank.
    21. Bottero, Margherita & Minoiu, Camelia & Peydró, José-Luis & Polo, Andrea & Presbitero, Andrea & Sette, Enrico, 2020. "Expansionary Yet Different: Credit Supply and Real Effects of Negative Interest Rate Policy," EconStor Preprints 216807, ZBW - Leibniz Information Centre for Economics, revised 2020.
    22. Cormac Cawley & Marie Finnegan, 2019. "Transmission Channels of Central Bank Asset Purchases in the Irish Economy," Economies, MDPI, vol. 7(4), pages 1-25, September.
    23. Giovanna Bua & Peter G. Dunne, 2019. "The Portfolio Rebalancing Effects of the ECB's Asset Purchase Programme," International Journal of Central Banking, International Journal of Central Banking, vol. 15(5), pages 1-46, December.
    24. Peydró, José-Luis & Polo, Andrea & Sette, Enrico, 2021. "Monetary policy at work: Security and credit application registers evidence," Journal of Financial Economics, Elsevier, vol. 140(3), pages 789-814.
    25. Eiblmeier, Sebastian, 2024. "Differential Effects of Unconventional Monetary Policy," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302432, Verein für Socialpolitik / German Economic Association.
    26. Andreeva, Desislava C. & García-Posada, Miguel, 2021. "The impact of the ECB's targeted long-term refinancing operations on banks’ lending policies: The role of competition," Journal of Banking & Finance, Elsevier, vol. 122(C).
    27. Tischer, Johannes, 2018. "Quantitative easing, portfolio rebalancing and credit growth: Micro evidence from Germany," Discussion Papers 20/2018, Deutsche Bundesbank.
    28. van Riet Ad, 2019. "Twenty Years of European Central Bank Monetary Policy: A Keynesian and Austrian Perspective," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 239(5-6), pages 797-840, October.
    29. Joost Bats, 2020. "Corporates dependence on banks: The impact of ECB corporate sector purchases," Working Papers 667, DNB.
    30. Acurio Vásconez, Verónica & Damette, Olivier & Shanafelt, David W., 2023. "Macroepidemics and unconventional monetary policy," Economic Modelling, Elsevier, vol. 126(C).
    31. Blaes, Barno A. & Kraaz, Björn & Offermanns, Christian J., 2019. "The effects of the eurosystem's APP on euro area bank lending: Letting different data speak," Discussion Papers 26/2019, Deutsche Bundesbank.
    32. Altavilla, Carlo & Andreeva, Desislava & Boucinha, Miguel & Holton, Sarah, 2019. "Monetary policy, credit institutions and the bank lending channel in the euro area," Occasional Paper Series 222, European Central Bank.
    33. Selva Demiralp & Jens Eisenschmidt & Thomas Vlassopoulos, 2021. "Negative interest rates, excess liquidity and retail deposits: Banks’ reaction to unconventional monetary policy in the euro area," Koç University-TUSIAD Economic Research Forum Working Papers 1910, Koc University-TUSIAD Economic Research Forum.
    34. António Afonso & Francisco Gomes Pereira, 2022. "Unconventional Monetary Policy in the Euro Area. Impacts on Loans, Employment, and Investment," Working Papers REM 2022/0218, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    35. Takaoka, Sumiko & Takahashi, Koji, 2022. "Corporate debt and unconventional monetary policy: The risk-taking channel with bond and loan contracts," Journal of Financial Stability, Elsevier, vol. 60(C).
    36. Óscar Arce & Miguel García-Posada & Sergio Mayordomo & Steven Ongena, 2018. "Adapting lending policies in a “negative-for-long” scenario (Updated October 2020)," Working Papers 1832, Banco de España, revised Oct 2020.
    37. Tischer, Johannes, 2022. "Quantitative Easing, Safe Asset Scarcity and Bank Lending," VfS Annual Conference 2022 (Basel): Big Data in Economics 264035, Verein für Socialpolitik / German Economic Association.
    38. Evgenidis, Anastasios & Salachas, Evangelos, 2019. "Unconventional monetary policy and the credit channel in the euro area," Economics Letters, Elsevier, vol. 185(C).
    39. Jakub Jakl, 2019. "The SER Spread Under the ECB Quantitative Easing," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2019(2), pages 43-70.
    40. Paludkiewicz, Karol, 2018. "Unconventional monetary policy, bank lending, and security holdings: The yield-induced portfolio rebalancing channel," Discussion Papers 22/2018, Deutsche Bundesbank.
    41. Stefano Neri & Stefano Siviero, 2019. "The non-standard monetary policy measures of the ECB: motivations, effectiveness and risks," Questioni di Economia e Finanza (Occasional Papers) 486, Bank of Italy, Economic Research and International Relations Area.
    42. Verónica Acurio Vásconez & Olivier Damette & David W. Shanafelt, 2021. "Macroepidemics and unconventional monetary policy: Coupling macroeconomics and epidemiology in a financial DSGE-SIR framework," Working Papers of BETA 2021-04, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    43. Altavilla, Carlo & Boucinha, Miguel & Holton, Sarah & Ongena, Steven, 2018. "Credit supply and demand in unconventional times," Working Paper Series 2202, European Central Bank.
    44. Mészáros Mercédesz & Kiss Gábor Dávid, 2020. "Spillover effects of unconventional monetary policy on capital markets in the shadow of the Eurozone: A sample of non-Eurozone countries," Review of Economic Perspectives, Sciendo, vol. 20(2), pages 171-195, June.

  6. Baghai, Ramin & Becker, Bo, 2018. "Reputations and credit ratings: evidence from commercial mortgage-backed securities," CEPR Discussion Papers 12648, C.E.P.R. Discussion Papers.

    Cited by:

    1. Shapiro, Joel & Josephson, Jens, 2019. "Credit Ratings and Structured Finance," CEPR Discussion Papers 13534, C.E.P.R. Discussion Papers.
    2. Vink, Dennis & Nawas, Mike & van Breemen, Vivian, 2021. "Security design and credit rating risk in the CLO market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    3. Dong, Yi & Hou, Qiannan & Ni, Chenkai, 2021. "Implicit government guarantees and credit ratings," Journal of Corporate Finance, Elsevier, vol. 69(C).
    4. Klusak, Patrycja & Uymaz, Yurtsev & Alsakka, Rasha, 2024. "Politicians’ connections and sovereign credit ratings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 94(C).
    5. Baghai, Ramin & Becker, Bo & Pitschner, Stefan, 2018. "The Private Use of Credit Ratings: Evidence from Mutual Fund Investment Mandates," CEPR Discussion Papers 13418, C.E.P.R. Discussion Papers.
    6. Li, Zhe & Liang, Shuguang & Pan, Xianyou & Pang, Meng, 2024. "Credit risk prediction based on loan profit: Evidence from Chinese SMEs," Research in International Business and Finance, Elsevier, vol. 67(PA).
    7. Hung, Mingyi & Kraft, Pepa & Wang, Shiheng & Yu, Gwen, 2022. "Market power and credit rating standards: Global evidence," Journal of Accounting and Economics, Elsevier, vol. 73(2).
    8. Vu, Huong & Alsakka, Rasha & ap Gwilym, Owain, 2022. "Does competition improve sovereign credit rating quality?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    9. Wasi, Md Abdul & Pham, Thu Phuong & Zurbruegg, Ralf, 2021. "The non-pecuniary determinants of sovereign and bank rating changes," Finance Research Letters, Elsevier, vol. 41(C).
    10. Alessio Piccolo & Joel Shapiro, 2022. "Credit Ratings and Market Information," The Review of Financial Studies, Society for Financial Studies, vol. 35(10), pages 4425-4473.
    11. Xing Liu & Lingxuan Yang & Yu Liu, 2023. "Does reputation matter? Evidence on spatial competition in China's bond market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(S1), pages 1533-1570, April.
    12. Samuel B. Bonsall & Kevin Koharki & Pepa Kraft & Karl A. Muller & Anywhere Sikochi, 2023. "Do Rating Agencies Behave Defensively for Higher Risk Issuers?," Management Science, INFORMS, vol. 69(8), pages 4864-4887, August.
    13. Jones, Laurence & Alsakka, Rasha & ap Gwilym, Owain & Mantovan, Noemi, 2022. "Regulating rating agencies: A conservative behavioural change," Journal of Financial Stability, Elsevier, vol. 60(C).
    14. Anna Bayona & Oana Peia & Razvan Vlahu, 2023. "Credit Ratings and Investments," Working Papers 776, DNB.
    15. Kittiphod Charoontham & Thunyarat Amornpetchkul, 2023. "Compensation reform analysis on inflated credit rating attenuation," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 50(3), pages 627-645, September.

  7. Becker, Bo & Ivashina, Victoria, 2017. "Financial Repression In The European Sovereign Debt Crisis," CEPR Discussion Papers 12185, C.E.P.R. Discussion Papers.

    Cited by:

    1. Tomas Williams & Lorenzo Pandolfi, 2017. "Capital Flows and Sovereign Debt Markets: Evidence from Index Rebalancings," Working Papers 2017-11, The George Washington University, Institute for International Economic Policy.
    2. Lara Coulier & Alessio Reghezza, 2024. "Are low interest rates firing back? Interest rate risk in the banking book and bank lending in a rising interest rate environment," BIS Working Papers 1202, Bank for International Settlements.
    3. Affinito, Massimiliano & Albareto, Giorgio & Santioni, Raffaele, 2022. "Purchases of sovereign debt securities by banks during the crisis: The role of balance sheet conditions," Journal of Banking & Finance, Elsevier, vol. 138(C).
    4. Albertazzi, Ugo & Becker, Bo & Boucinha, Miguel, 2021. "Portfolio rebalancing and the transmission of large-scale asset purchase programs: Evidence from the Euro area," Journal of Financial Intermediation, Elsevier, vol. 48(C).
    5. Böhm, Hannes & Eichler, Stefan, 2020. "Avoiding the fall into the loop: Isolating the transmission of bank-to-sovereign distress in the Euro Area," Journal of Financial Stability, Elsevier, vol. 51(C).
    6. Pietrovito, Filomena & Pozzolo, Alberto Franco, 2022. "Did small banks trade-off lending with government bond purchases during the Sovereign debt crisis?," Economics & Statistics Discussion Papers esdp22083, University of Molise, Department of Economics.
    7. Rancan, Michela & Cariboni, Jessica & Keasey, Kevin & Vallascas, Francesco, 2023. "Bond issuance and the funding choices of European banks: The consequences of public debt," Journal of Empirical Finance, Elsevier, vol. 74(C).
    8. Hristov, Nikolay & Hülsewig, Oliver & Kolb, Benedikt, 2024. "Macroprudential capital regulation and fiscal balances in the euro area," Journal of International Money and Finance, Elsevier, vol. 143(C).
    9. Behn, Markus & Forletta, Marco & Reghezza, Alessio, 2024. "Buying insurance at low economic cost – the effects of bank capital buffer increases since the pandemic," Working Paper Series 2951, European Central Bank.
    10. Kliem, Martin & Kriwoluzky, Alexander & Müller, Gernot J. & Scheer, Alexander, 2024. "Financial repression in general equilibrium: The case of the United States, 1948-1974," Discussion Papers 20/2024, Deutsche Bundesbank.
    11. Stine Louise von Rüden & Marti G Subrahmanyam & Dragon Yongjun Tang & Sarah Qian Wang, 2023. "Can Central Banks Boost Corporate Investment? Evidence from ECB Liquidity Injections," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 12(2), pages 402-442.
    12. Koijen, Ralph S.J. & Koulischer, François & Nguyen, Benoît & Yogo, Motohiro, 2021. "Inspecting the mechanism of quantitative easing in the euro area," Journal of Financial Economics, Elsevier, vol. 140(1), pages 1-20.
    13. Andreas Hoffmann, 2019. "Beware of Financial Repression: Lessons from History," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 54(4), pages 259-266, July.
    14. Xuan Wang, 2019. "When Do Currency Unions Benefit From Default ?," 2019 Papers pwa938, Job Market Papers.
    15. Farinha, Luísa & Spaliara, Marina-Eliza & Tsoukas, Serafeim, 2019. "Bank shocks and firm performance: New evidence from the sovereign debt crisis," Journal of Financial Intermediation, Elsevier, vol. 40(C).
    16. Xuan Wang, 2021. "Bankruptcy Codes and Risk Sharing of Currency Unions," Tinbergen Institute Discussion Papers 21-009/IV, Tinbergen Institute.
    17. Eric Magnin & Nikolay Nenovsky, 2022. "Soft monetary constraint and shortage in the European sovereign debt economy," Post-Print hal-03665392, HAL.
    18. Pietro Grandi & Jean Belin & Elisa Darriet & Marianne Guille, 2024. "SMEs, R &D financing, and credit shocks," Small Business Economics, Springer, vol. 63(1), pages 325-347, June.
    19. Peydró, José-Luis & Polo, Andrea & Sette, Enrico & Vanasco, Victoria, 2023. "Risk mitigating versus risk shifting: Evidence from banks security trading in crises," EconStor Preprints 226219, ZBW - Leibniz Information Centre for Economics.
    20. Adrián Ferreras & Paula Castro & María T. Tascón, 2024. "Carbon performance and financial debt: Effect of formal and informal institutions," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 2801-2822, July.
    21. Saka, Orkun, 2018. "Domestic banks as lightning rods? Home bias and information during Eurozone crisis," LSE Research Online Documents on Economics 118921, London School of Economics and Political Science, LSE Library.
    22. Thornton, John & Vasilakis, Chrysovalantis, 2023. "Bank regulations and surges and stops in credit: Panel evidence," Journal of Financial Stability, Elsevier, vol. 67(C).
    23. Xiong, Jiacai & Huang, Ling & Yang, Zelin & Wang, Xin, 2024. "The impact of local government debt on entrepreneurship: Evidence from a quasi-natural experiment of local debt governance reform," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 501-519.
    24. Ohls, Jana, 2017. "Moral suasion in regional government bond markets," Discussion Papers 33/2017, Deutsche Bundesbank.
    25. Pablo D'Erasmo & Igor Livshits & Koen Schoors, 2019. "Banking Regulation With Risk Of Sovereign Default," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 19/964, Ghent University, Faculty of Economics and Business Administration.
    26. Gerald P. Dwyer & Biljana Gilevska & María J. Nieto & Margarita Samartín, 2024. "The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets," Working Papers 2416, Banco de España.
    27. Olli Palm'en, 2020. "Sovereign Default Risk and Credit Supply: Evidence from the Euro Area," Papers 2006.03592, arXiv.org.
    28. Chen, Suyun & Li, Zongze & Xie, Feixue & Xu, Xiaofang, 2024. "The signaling effect of local government debt: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 95(PA).
    29. Hasan, Iftekhar & Kim, Suk-Joong & Politsidis, Panagiotis & Wu, Eliza, 2021. "Loan syndication under Basel II: How do firm credit ratings affect the cost of credit?," MPRA Paper 107083, University Library of Munich, Germany.
    30. Isha Agarwal & David Jaume & Everardo Tellez de la Vega & Martin Tobal, 2024. "Differential Crowding Out Effects of Government Loans and Bonds: Evidence from an Emerging Market Economy," Working Papers 314, Red Nacional de Investigadores en Economía (RedNIE).
    31. Diana Bonfim & Sujiao Zhao & Miguel A. Ferreira, 2021. "Sovereign-Bank Diabolic Loop: The Government Procurement Channel," Working Papers w202109, Banco de Portugal, Economics and Research Department.
    32. Mohammed Saharti & Sajid M. Chaudhry & Nisar Ahmad & Syed Mujahid Hussain, 2024. "Syndicated loans: mapping the trends, sources and intellectual evolution," Review of Quantitative Finance and Accounting, Springer, vol. 62(4), pages 1569-1592, May.
    33. Vivek Sharma & Edgar Silgado-Gómez, 2019. "Sovereign Spread Volatility and Banking Sector," CEIS Research Paper 454, Tor Vergata University, CEIS, revised 08 Mar 2019.
    34. Yang, Yang & Chen, Wanying & Yu, Zhuangxiong, 2023. "Local government debt and corporate digital transformation: Evidence from China," Finance Research Letters, Elsevier, vol. 57(C).
    35. Mariia A. Elkina, 2021. "Financial Repression And Transmission Of Macroeconomic Shocks In A DSGE Model With Financial Frictions," HSE Working papers WP BRP 246/EC/2021, National Research University Higher School of Economics.
    36. Brunetti, Celso & Harris, Jeffrey H. & Mankad, Shawn, 2023. "Networks, interconnectedness, and interbank information asymmetry," Journal of Financial Stability, Elsevier, vol. 67(C).
    37. Bessler, Wolfgang & Gonenc, Halit & Tinoco, Mario Hernandez, 2023. "Information asymmetry, agency costs, and payout policies: An international analysis of IFRS adoption and the global financial crisis," Economic Systems, Elsevier, vol. 47(4).
    38. Gori, Filippo, 2018. "Dissecting the ‘doom loop’: the bank-sovereign credit risk nexus during the US debt ceiling crisis," MPRA Paper 87994, University Library of Munich, Germany.
    39. Wan, Peng & Chen, Xiangyu & Ke, Yun & Dong, Wang, 2024. "Does local government debt affect corporate social responsibility? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 334-348.
    40. Gil Nogueira & Luísa Farinha & Laura Blattner, 2021. "Not All Shocks Are Created Equal: Assessing Heterogeneity in the Bank Lending Channel," Working Papers w202120, Banco de Portugal, Economics and Research Department.
    41. Diana Bonfim & Miguel A. Ferreira & Francisco Queiro & Sujiao (Emma) Zhao, 2022. "Fiscal policy and credit supply: The procurement channel," Nova SBE Working Paper Series wp644, Universidade Nova de Lisboa, Nova School of Business and Economics.
    42. Dimitris K. Chronopoulos & George Dotsis & Nikolaos T. Milonas, 2020. "International Evidence on the Determinants of Domestic Sovereign Debt Bank Holdings," Journal of Financial Services Research, Springer;Western Finance Association, vol. 58(2), pages 143-160, December.

  8. Becker, Bo & Baghai, Ramin, 2016. "Non-rating revenue and conflicts of interest," CEPR Discussion Papers 11508, C.E.P.R. Discussion Papers.

    Cited by:

    1. Monika Kussetya Ciptani & Mila Reyes & Regitha Seshanda Azizah, 2024. "Balancing Audit Quality to Auditees Cash Reserves: A Phenomenon in Indonesia," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(4), pages 824-835, April.
    2. Krishnan, Kaveri & Mukherji, Arnab & Basu, Sankarshan, 2020. "Market responses to increased transparency: An Indian narrative," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 663-677.
    3. Leo Tang & Marietta Peytcheva & Pei Li, 2020. "Investor-Paid Ratings and Conflicts of Interest," Journal of Business Ethics, Springer, vol. 163(2), pages 365-378, May.
    4. Bonsall, Samuel B. & Gillette, Jacquelyn R. & Pundrich, Gabriel & So, Eric, 2024. "Conflicts of interest in subscriber-paid credit ratings," Journal of Accounting and Economics, Elsevier, vol. 77(1).
    5. Terovitis, Spyros, 2022. "Information disclosure and the feedback effect in capital markets," Journal of Financial Intermediation, Elsevier, vol. 49(C).
    6. Bo Becker & Marcus M Opp & Farzad Saidi, 2022. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class," The Review of Financial Studies, Society for Financial Studies, vol. 35(12), pages 5438-5482.
    7. Wai Choi Lee & Jianfu Shen & Tsun Se Cheong & Michal Wojewodzki, 2021. "Detecting conflicts of interest in credit rating changes: a distribution dynamics approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-23, December.
    8. Nordine Abidi & Matteo Falagiarda & Ixart Miquel-Flores, 2022. "Quantitative Easing and Credit Rating Agencies," IMF Working Papers 2022/113, International Monetary Fund.
    9. Guneren Genc, Elif & Deniz Basar, Ozlem, 2019. "Comparison of Country Ratings of Credit Rating Agencies with MOORA Method," Business and Economics Research Journal, Uludag University, Faculty of Economics and Administrative Sciences, vol. 10(2), pages 391-404, April.
    10. Nguyen, Quan M.P. & Do, Hung Xuan & Molchanov, Alexander & Nguyen, Lily & Nguyen, Nhut H., 2023. "Political similarities in credit ratings," International Review of Financial Analysis, Elsevier, vol. 86(C).
    11. Basu, Kaushik & Sun, Haokun, 2022. "The power and influence of rating agencies with insights into their misuse," Economic Modelling, Elsevier, vol. 109(C).
    12. Hung, Mingyi & Kraft, Pepa & Wang, Shiheng & Yu, Gwen, 2022. "Market power and credit rating standards: Global evidence," Journal of Accounting and Economics, Elsevier, vol. 73(2).
    13. Bae, Kee-Hong & Driss, Hamdi & Roberts, Gordon S., 2019. "Does competition affect ratings quality? Evidence from Canadian corporate bonds," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 605-623.
    14. Vu, Huong & Alsakka, Rasha & ap Gwilym, Owain, 2022. "Does competition improve sovereign credit rating quality?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    15. Krystyniak, Karolina & Staneva, Viktoriya, 2024. "The myth of tightening credit rating standards in the market for corporate debt," Journal of Banking & Finance, Elsevier, vol. 162(C).
    16. Zhao, Sheng & Moreira, Fernando & Wang, Tong, 2021. "Is solicitation status related to rating conservatism and rating quality?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    17. Andreas G. F. Hoepner & Savio Dimatteo & Joe Schauld & Pei-Shan Yi & Mirco Musolesi, 2017. "Tweeting About Sustainability: Can Emotional Nowcasting Discourage Greenwashing?," ICMA Centre Discussion Papers in Finance icma-dp2017-02, Henley Business School, University of Reading.
    18. Darmouni, Olivier & Papoutsi, Melina, 2022. "The rise of bond financing in Europe: five facts about new and small issuers," Working Paper Series 2663, European Central Bank.
    19. Jarosław Brożek & Anna Kożuch & Marek Wieruszewski & Roman Jaszczak & Krzysztof Adamowicz, 2024. "Taxonomy Regulation as a New Instrument for the Sustainable Management of the Forest Environment in Europe," Sustainability, MDPI, vol. 16(20), pages 1-20, October.
    20. Samuel B. Bonsall & Kevin Koharki & Pepa Kraft & Karl A. Muller & Anywhere Sikochi, 2023. "Do Rating Agencies Behave Defensively for Higher Risk Issuers?," Management Science, INFORMS, vol. 69(8), pages 4864-4887, August.
    21. Becker, Bo & Opp, Marcus & Saidi, Farzad, 2020. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Eliminating Capital Requirements," CEPR Discussion Papers 14373, C.E.P.R. Discussion Papers.
    22. Martijn Boermans & Bram van der Kroft, 2020. "Capital regulation induced reaching for systematic yield: Financial instability through fire sales," Working Papers 673, DNB.
    23. John M Griffin & Jordan Nickerson, 2023. "Are CLO Collateral and Tranche Ratings Disconnected?," The Review of Financial Studies, Society for Financial Studies, vol. 36(6), pages 2319-2360.
    24. A. Talha Yalta & Yasemin Yalta, 2018. "Are the Credit Rating Agencies Biased Against MENA Countries?," Working Papers 1274, Economic Research Forum, revised 19 Dec 2018.
    25. Yalta, A. Talha & Yalta, A. Yasemin, 2018. "Are credit rating agencies regionally biased?," Economic Systems, Elsevier, vol. 42(4), pages 682-694.

  9. Becker, Bo & Ivashina, Victoria, 2016. "Covenant-Light Contracts And Creditor Coordination," Working Paper Series 325, Sveriges Riksbank (Central Bank of Sweden).

    Cited by:

    1. Celil, Hursit S. & Julio, Brandon & Selvam, Srinivasan, 2023. "Investment sensitivity to lender default shocks," Journal of Corporate Finance, Elsevier, vol. 79(C).
    2. Nina Boyarchenko & Giovanni Favara & Moritz Schularick, 2022. "Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges," Finance and Economics Discussion Series 2022-006, Board of Governors of the Federal Reserve System (U.S.).
    3. Petro Lisowsky & Michael Minnis & Andrew Sutherland, 2017. "Economic Growth and Financial Statement Verification," Journal of Accounting Research, Wiley Blackwell, vol. 55(4), pages 745-794, September.
    4. De Novellis, G. & Musile Tanzi, P. & Ranalli, M.G. & Stanghellini, E., 2024. "Leveraged finance exposure in the banking system: Systemic risk and interconnectedness," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 90(C).
    5. Kang, Di & Zhuang, Zhuang, 2019. "Should companies care who their lender is? Evidence from loan covenants," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    6. Falk Bräuning & Victoria Ivashina & Ali Ozdagli, 2022. "High-Yield Debt Covenants and Their Real Effects," NBER Working Papers 29888, National Bureau of Economic Research, Inc.
    7. Mitchell Berlin & Gregory P. Nini & Edison Yu, 2019. "Concentration of Control Rights in Leveraged Loan Syndicates," Working Papers 19-41, Federal Reserve Bank of Philadelphia.
    8. Isin, Adnan Anil, 2018. "Tax avoidance and cost of debt: The case for loan-specific risk mitigation and public debt financing," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 344-378.
    9. Gregory Duffee & Peter Hördahl, 2021. "Debt specialisation and diversification: International evidence," BIS Working Papers 928, Bank for International Settlements.
    10. Acharya, Viral & Almeida, Heitor & Ippolito, Filippo & Orive, Ander Perez, 2020. "Bank lines of credit as contingent liquidity: Covenant violations and their implications," Journal of Financial Intermediation, Elsevier, vol. 44(C).
    11. Haotian Xiang, 2019. "Time Inconsistency and Financial Covenants," 2019 Meeting Papers 63, Society for Economic Dynamics.
    12. Amir Kermani & Yueran Ma, 2020. "Two Tales of Debt," NBER Working Papers 27641, National Bureau of Economic Research, Inc.
    13. Stefano Colonnello & Michael Koetter & Moritz Stieglitz, 2021. "Benign Neglect Of Covenant Violations: Blissful Banking Or Ignorant Monitoring?," Economic Inquiry, Western Economic Association International, vol. 59(1), pages 459-477, January.
    14. Zbigniew Korzeb & Pawel Niedziolka, 2021. "Covenant Based Credit Capacity Model for Real Estate Capital Groups: Evidence from Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 410-420.
    15. Victoria Ivashina & Boris Vallee, 2020. "Weak Credit Covenants," NBER Working Papers 27316, National Bureau of Economic Research, Inc.
    16. Akdoğu, Evrim & Alp Paukowits, Aysun, 2022. "Supply of credit and corporate bond covenants," Journal of Corporate Finance, Elsevier, vol. 72(C).
    17. Miguel Faria-e-Castro & Radhakrishnan Gopalan & Avantika Pal & Juan M. Sanchez & Vijay Yerramilli, 2022. "EBITDA Add-backs in Debt Contracting: A Step Too Far?," Working Papers 2022-029, Federal Reserve Bank of St. Louis.
    18. Amiraslani, Hami & Donovan, John & Phillips, Matthew A. & Wittenberg-Moerman, Regina, 2023. "Contracting in the Dark: The rise of public-side lenders in the syndicated loan market," Journal of Accounting and Economics, Elsevier, vol. 76(1).
    19. Berlin, Mitchell & Nini, Greg & Yu, Edison G., 2020. "Concentration of control rights in leveraged loan syndicates," Journal of Financial Economics, Elsevier, vol. 137(1), pages 249-271.
    20. Zahn Bozanic & Maria Loumioti & Florin P. Vasvari, 2018. "Corporate Loan Securitization and the Standardization of Financial Covenants," Journal of Accounting Research, Wiley Blackwell, vol. 56(1), pages 45-83, March.
    21. Daniel Ferreira & Miguel A. Ferreira & Beatriz Mariano, 2018. "Creditor Control Rights and Board Independence," Journal of Finance, American Finance Association, vol. 73(5), pages 2385-2423, October.
    22. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
    23. De Novellis, G. & Musile Tanzi, P. & Stanghellini, E., 2024. "Covenant-lite agreement and credit risk: A key relationship in the leveraged loan market," Research in International Business and Finance, Elsevier, vol. 70(PB).
    24. Sharjil M. Haque & Anya V. Kleymenova, 2023. "Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations," Finance and Economics Discussion Series 2023-018, Board of Governors of the Federal Reserve System (U.S.).
    25. Bushman, Robert & Gao, Janet & Martin, Xiumin & Pacelli, Joseph, 2021. "The influence of loan officers on loan contract design and performance," Journal of Accounting and Economics, Elsevier, vol. 71(2).
    26. Elkamhi, Redouane & Nozawa, Yoshio, 2022. "Fire-sale risk in the leveraged loan market," Journal of Financial Economics, Elsevier, vol. 146(3), pages 1120-1147.
    27. Ersahin, Nuri & Irani, Rustom M. & Le, Hanh, 2021. "Creditor control rights and resource allocation within firms," Journal of Financial Economics, Elsevier, vol. 139(1), pages 186-208.

  10. Bo Becker & Victoria Ivashina, 2013. "Reaching for Yield in the Bond Market," NBER Working Papers 18909, National Bureau of Economic Research, Inc.

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    1. Shapiro, Joel & Josephson, Jens, 2019. "Credit Ratings and Structured Finance," CEPR Discussion Papers 13534, C.E.P.R. Discussion Papers.
    2. Milton Harris & Christian Opp & Marcus Opp, 2020. "The Aggregate Demand for Bank Capital," NBER Working Papers 27858, National Bureau of Economic Research, Inc.
    3. Beck, Günter Wilfried & Kotz, Hans-Helmut, 2016. "Euro area shadow banking activities in a low-interest-rate environment: A flow-of-funds perspective," SAFE White Paper Series 37, Leibniz Institute for Financial Research SAFE.
    4. Dong Beom Choi & Michael R. Holcomb & Donald P. Morgan, 2020. "Bank Leverage Limits and Regulatory Arbitrage: Old Question‐New Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(S1), pages 241-266, October.
    5. Abraham,Facundo & Cortina Lorente,Juan Jose & Schmukler,Sergio L., 2020. "Growth of Global Corporate Debt : Main Facts and Policy Challenges," Policy Research Working Paper Series 9394, The World Bank.
    6. Converse, Nathan & Mallucci, Enrico, 2023. "Differential treatment in the bond market: Sovereign risk and mutual fund portfolios," Journal of International Economics, Elsevier, vol. 145(C).
    7. Viral V. Acharya & Ryan Banerjee & Matteo Crosignani & Tim Eisert & Renée Spigt, 2022. "Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels," NBER Working Papers 29777, National Bureau of Economic Research, Inc.
    8. Janice C. Eberly & James H. Stock & Jonathan H. Wright, 2020. "The Federal Reserve's Current Framework for Monetary Policy: A Review and Assessment," International Journal of Central Banking, International Journal of Central Banking, vol. 16(1), pages 5-71, February.
    9. Huang, Jialin & Luo, Yu & Peng, Yuchao, 2021. "Corporate financial asset holdings under economic policy uncertainty: Precautionary saving or speculating?," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 1359-1378.
    10. Alogoskoufis, Spyros & Langfield, Sam, 2018. "Regulating the doom loop," ESRB Working Paper Series 74, European Systemic Risk Board.
    11. Beyer, Marcel, 2023. "Gambling for recovery? Exploring the riskiness of European insurers' assets during the Covid-19 crisis 2020," ICIR Working Paper Series 46/23, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR), revised 2023.
    12. Alan Xiaochen Feng, 2018. "Bank Competition, Risk Taking, and their Consequences: Evidence from the U.S. Mortgage and Labor Markets," IMF Working Papers 2018/157, International Monetary Fund.
    13. Anna Battauz & Marzia Donno & Alessandro Sbuelz, 2017. "Reaching nirvana with a defaultable asset?," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 40(1), pages 31-52, November.
    14. Jiang, Hao & Li, Yi & Sun, Zheng & Wang, Ashley, 2022. "Does mutual fund illiquidity introduce fragility into asset prices? Evidence from the corporate bond market," Journal of Financial Economics, Elsevier, vol. 143(1), pages 277-302.
    15. Kempf, Elisabeth, 2020. "The job rating game: Revolving doors and analyst incentives," Journal of Financial Economics, Elsevier, vol. 135(1), pages 41-67.
    16. Benjamin Knox & Jakob Ahm Sørensen, 2024. "Insurers’ Investments and Insurance Prices," Finance and Economics Discussion Series 2024-058, Board of Governors of the Federal Reserve System (U.S.).
    17. Fatica, Serena & Panzica, Roberto, 2021. "Sustainable investing in times of crisis: evidence from bond holdings and the COVID-19 pandemic," JRC Working Papers in Economics and Finance 2021-07, Joint Research Centre, European Commission.
    18. Chen, Xuanjuan & Sun, Zhenzhen & Yao, Tong & Yu, Tong, 2020. "Does operating risk affect portfolio risk? Evidence from insurers' securities holding," Journal of Corporate Finance, Elsevier, vol. 62(C).
    19. Nicos Scordis, 2020. "A note on risk and value from an underutilized dataset: Consolidated disclosures," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 23(1), pages 105-112, March.
    20. Cai, Chen & Wang, Jinjing, 2023. "Does military leadership regulate sin investments? Evidence from property/casualty insurance industry," Finance Research Letters, Elsevier, vol. 58(PC).
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    22. Carlo Altavilla & Luc Laeven & José-Luis Peydró, 2021. "Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers," Working Papers 1246, Barcelona School of Economics.
    23. Nathan Foley-Fisher & Rodney Ramcharan & Edison Yu, 2015. "The impact of unconventional monetary policy on firm financing constraints: evidence from the maturity extension program," Working Papers 15-30, Federal Reserve Bank of Philadelphia.
    24. Bekaert, Geert & De Santis, Roberto A., 2021. "Risk and return in international corporate bond markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    25. Campbell, John Y. & Sigalov, Roman, 2022. "Portfolio choice with sustainable spending: A model of reaching for yield," Journal of Financial Economics, Elsevier, vol. 143(1), pages 188-206.
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    27. Albertazzi, Ugo & Becker, Bo & Boucinha, Miguel, 2021. "Portfolio rebalancing and the transmission of large-scale asset purchase programs: Evidence from the Euro area," Journal of Financial Intermediation, Elsevier, vol. 48(C).
    28. Joseph Briggs & Christopher Tonetti, 2019. "Risky Insurance: Insurance Portfolio Choice with Incomplete Markets," 2019 Meeting Papers 1388, Society for Economic Dynamics.
    29. Casiraghi, Marco, 2020. "Bailouts, sovereign risk and bank portfolio choices," Journal of Banking & Finance, Elsevier, vol. 119(C).
    30. Célérier, Claire & Vallée, Boris, 2016. "Catering to investors through product complexity," ESRB Working Paper Series 14, European Systemic Risk Board.
    31. Servaes, Henri & Amiraslani, Hami & Lins, Karl & Tamayo, Ane, 2017. "A Matter of Trust? The Bond Market Benefits of Corporate Social Capital during the Financial Crisis," CEPR Discussion Papers 12321, C.E.P.R. Discussion Papers.
    32. Kent Daniel & Lorenzo Garlappi & Kairong Xiao, 2021. "Monetary Policy and Reaching for Income," Journal of Finance, American Finance Association, vol. 76(3), pages 1145-1193, June.
    33. Nanda, Vikram & Wu, Wei & Zhou, Xing (Alex), 2019. "Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 54(6), pages 2543-2574, December.
    34. Valentina Bruno & Hyun Song Shin, 2017. "Global Dollar Credit and Carry Trades: A Firm-Level Analysis," The Review of Financial Studies, Society for Financial Studies, vol. 30(3), pages 703-749.
    35. Laurens Swinkels & David Blitz & Winfried Hallerbach & Pim Vliet, 2018. "Equity Solvency Capital Requirements - What Institutional Regulation Can Learn from Private Investor Regulation," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(4), pages 633-652, October.
    36. Christian Kubitza, 2022. "Investor-Driven Corporate Finance: Evidence from Insurance Markets," ECONtribute Discussion Papers Series 144, University of Bonn and University of Cologne, Germany.
    37. Kiyotaka Nakashima & Masahiko Shibamoto & Koji Takahashi, 2017. "Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending," Discussion Paper Series DP2017-24, Research Institute for Economics & Business Administration, Kobe University, revised Apr 2019.
    38. Grochola, Nicolaus & Gründl, Helmut & Kubitza, Christian, 2023. "Life insurance convexity," Working Paper Series 2829, European Central Bank.
    39. Gong, D., 2014. "Bank Systemic Risk-Taking and Loan Pricing : Evidence from Syndicated Loans," Other publications TiSEM 5f066f24-3d9c-40dd-aaa5-2, Tilburg University, School of Economics and Management.
    40. Zhong, Xiaoling & Wang, Junbo, 2018. "Prospect theory and corporate bond returns: An empirical study," Journal of Empirical Finance, Elsevier, vol. 47(C), pages 25-48.
    41. Quinn, William & Turner, John D., 2020. "Bubbles in history," QUCEH Working Paper Series 2020-07, Queen's University Belfast, Queen's University Centre for Economic History.
    42. Andrew Ellul & Chotibhak Jotikasthira & Anastasia Kartasheva & Christian T Lundblad & Wolf Wagner, 2022. "Insurers as Asset Managers and Systemic Risk," The Review of Financial Studies, Society for Financial Studies, vol. 35(12), pages 5483-5534.
    43. Cici, Gjergji & Schuster, Philipp & Weishaupt, Franziska, 2024. "Once a trader, always a trader: The role of traders in fund management," CFR Working Papers 24-01, University of Cologne, Centre for Financial Research (CFR).
    44. Xuanjuan Chen & Jing-Zhi Huang & Zhenzhen Sun & Tong Yao & Tong Yu, 2020. "Liquidity Premium in the Eye of the Beholder: An Analysis of the Clientele Effect in the Corporate Bond Market," Management Science, INFORMS, vol. 66(2), pages 932-957, February.
    45. Arina Wischnewsky & Matthias Neuenkirch, 2018. "Shadow Banks and the Risk-Taking Channel of Monetary Policy Transmission in the Euro Area," Research Papers in Economics 2018-03, University of Trier, Department of Economics.
    46. Ricardo Sabbadini, 2018. "Loss Aversion and Search for Yield in Emerging Markets Sovereign Debt," Working Papers, Department of Economics 2018_16, University of São Paulo (FEA-USP).
    47. Fulvia Fringuellotti & João A. C. Santos, 2021. "Insurance Companies and the Growth of Corporate Loans' Securitization," Staff Reports 975, Federal Reserve Bank of New York.
    48. Wang, Liying, 2021. "Lifting the veil: The price formation of corporate bond offerings," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1340-1358.
    49. Darmouni, Olivier & Geisecke, Oliver & Rodnyanky, Alexander, 2019. "The Bond Lending Channel of Monetary Policy," MPRA Paper 95141, University Library of Munich, Germany.
    50. Branzoli, Nicola & Gallo, Raffaele & Ilari, Antonio & Portioli, Dario, 2024. "Central banks’ corporate asset purchase programmes and risk-taking by bond funds in the aftermath of market stress," Journal of Financial Stability, Elsevier, vol. 72(C).
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    55. Bernardo Morais & Gaizka Ormazabal & José-Luis Peydró & Mónica Roa & Miguel Sarmiento, 2020. "Forward Looking Loan Provisions: Credit Supply and Risk-taking," Working Papers 1199, Barcelona School of Economics.
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    58. Chung, Kee H. & Wang, Junbo & Wu, Chunchi, 2019. "Volatility and the cross-section of corporate bond returns," Journal of Financial Economics, Elsevier, vol. 133(2), pages 397-417.
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    61. Ralph S.J. Koijen & Motohiro Yogo, 2017. "Risk of Life Insurers: Recent Trends and Transmission Mechanisms," NBER Working Papers 23365, National Bureau of Economic Research, Inc.
    62. Larry Cordell & Michael R. Roberts & Michael Schwert, 2021. "CLO Performance," NBER Working Papers 29410, National Bureau of Economic Research, Inc.
      • Larry Cordell & Michael R. Roberts & Michael Schwert, 2023. "CLO Performance," Journal of Finance, American Finance Association, vol. 78(3), pages 1235-1278, June.
    63. Anna Paulson & Richard Rosen, 2016. "The Life Insurance Industry and Systemic Risk: A Bond Market Perspective," Annual Review of Financial Economics, Annual Reviews, vol. 8(1), pages 155-174, October.
    64. Lamas, Matías & Mencía, Javier, 2019. "What drives sovereign debt portfolios of banks in a crisis context?," ESRB Working Paper Series 88, European Systemic Risk Board.
    65. Grosse-Rueschkamp, Benjamin & Steffen, Sascha & Streitz, Daniel, 2019. "A capital structure channel of monetary policy," Journal of Financial Economics, Elsevier, vol. 133(2), pages 357-378.
    66. O’ Hara, Maureen & Wang, Yihui & (Alex) Zhou, Xing, 2018. "The execution quality of corporate bonds," Journal of Financial Economics, Elsevier, vol. 130(2), pages 308-326.
    67. Czech, Robert & Roberts-Sklar, Matt, 2017. "Investor behaviour and reaching for yield: evidence from the sterling corporate bond market," Bank of England working papers 685, Bank of England.
    68. de Haan, Leo & Vermeulen, Robert, 2021. "Sovereign debt ratings and the country composition of cross-border holdings of euro area sovereign debt," Journal of International Money and Finance, Elsevier, vol. 119(C).
    69. Abad, Pilar & Ferreras, Rodrigo & Robles, M-Dolores, 2019. "Informational role of rating revisions after reputational events and regulation reforms," International Review of Financial Analysis, Elsevier, vol. 62(C), pages 91-103.
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    74. Calomiris, Charles W. & Larrain, Mauricio & Schmukler, Sergio L. & Williams, Tomas, 2022. "Large international corporate bonds: Investor behavior and firm responses," Journal of International Economics, Elsevier, vol. 137(C).
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    76. Beck, Günter Wilfried & Kotz, Hans-Helmut & Zabelina, Natalia, 2016. "Lost in translation? ECB's monetary impulses and financial intermediaries' responses," SAFE White Paper Series 36, Leibniz Institute for Financial Research SAFE.
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    91. Kirti, Divya, 2018. "When gambling for resurrection is too risky," ESRB Working Paper Series 69, European Systemic Risk Board.
    92. Zerbib, Olivier David, 2019. "The effect of pro-environmental preferences on bond prices: Evidence from green bonds," Journal of Banking & Finance, Elsevier, vol. 98(C), pages 39-60.
    93. Fang, Lily & Ivashina, Victoria & Lerner, Josh, 2015. "The disintermediation of financial markets: Direct investing in private equity," Journal of Financial Economics, Elsevier, vol. 116(1), pages 160-178.
    94. Berg, Tobias & Kaserer, Christoph, 2015. "Does contingent capital induce excessive risk-taking?," Journal of Financial Intermediation, Elsevier, vol. 24(3), pages 356-385.
    95. Jun Kyung Auh & Mattia Landoni, 2022. "Loan Terms and Collateral: Evidence from the Bilateral Repo Market," Journal of Finance, American Finance Association, vol. 77(6), pages 2997-3036, December.
    96. Konradt, Maximilian, 2023. "Do pension funds reach for yield? Evidence from a new database," MPRA Paper 116209, University Library of Munich, Germany.
    97. Domenico Rocco Cambrea & Stefano Colonnello & Giuliano Curatola & Giulia Fantini, 2019. "CEO investment of deferred compensation plans and firm performance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 46(7-8), pages 944-976, July.
    98. Sanjay K. Nawalkha & Xiaoyang Zhuo, 2022. "A Theory of Equivalent Expectation Measures for Contingent Claim Returns," Journal of Finance, American Finance Association, vol. 77(5), pages 2853-2906, October.
    99. Efing, Matthias, 2016. "Arbitraging the Basel securitization framework: Evidence from German ABS investment," ESRB Working Paper Series 22, European Systemic Risk Board.
    100. Ge, Shan & Weisbach, Michael S., 2021. "The role of financial conditions in portfolio choices: The case of insurers," Journal of Financial Economics, Elsevier, vol. 142(2), pages 803-830.
    101. Paul R. Masson, 2013. "The Dangers of an Extended Period of Low Interest Rates: Why the Bank of Canada Should Start Raising Them Now," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 381, May.
    102. Pascal François & Stephanie Heck & Georges Hübner & Thomas Lejeune, 2022. "Comoment risk in corporate bond yields and returns," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(3), pages 471-512, September.
    103. Antonio Falato & Diana A. Iercosan & Filip Zikes, 2019. "Banks as Regulated Traders," Finance and Economics Discussion Series 2019-005r1, Board of Governors of the Federal Reserve System (U.S.), revised 04 Aug 2021.
    104. Timmer, Yannick, 2016. "Cyclical investment behavior across financial institutions," Discussion Papers 08/2016, Deutsche Bundesbank.
    105. Sanjay K. Nawalkha & Xiaoyang Zhuo, 2020. "A Theory of Equivalent Expectation Measures for Contingent Claim Returns," Papers 2006.15312, arXiv.org, revised May 2022.
    106. Fang Cai & Song Han & Dan Li & Yi Li, 2016. "Institutional Herding and Its Price Impact : Evidence from the Corporate Bond Market," Finance and Economics Discussion Series 2016-091, Board of Governors of the Federal Reserve System (U.S.).
    107. Axel Möhlmann, 2021. "Interest rate risk of life insurers: Evidence from accounting data," Financial Management, Financial Management Association International, vol. 50(2), pages 587-612, June.
    108. Jess N. Cornaggia & Kimberly J. Cornaggia & John E. Hund, 2017. "Credit Ratings Across Asset Classes: A Long-Term Perspective," Review of Finance, European Finance Association, vol. 21(2), pages 465-509.
    109. Gunter Löffler, 2020. "The Systemic Risk Implications of Using Credit Ratings Versus Quantitative Measures to Limit Bond Portfolio Risk," Journal of Financial Services Research, Springer;Western Finance Association, vol. 58(1), pages 39-57, August.
    110. Martijn A. Boermans & Robert Vermeulen, 2020. "International investment positions revisited: Investor heterogeneity and individual security characteristics," Review of International Economics, Wiley Blackwell, vol. 28(2), pages 466-496, May.
    111. Nawalkha, Sanjay K & Zhuo, Xiaoyang, 2020. "A Theory of Equivalent Expectation Measures for Expected Prices of Contingent Claims," OSF Preprints hsxtu, Center for Open Science.
    112. Hendershott, Terrence & Li, Dan & Livdan, Dmitry & Schürhoff, Norman, 2024. "When failure is an option: Fragile liquidity in over-the-counter markets," Journal of Financial Economics, Elsevier, vol. 157(C).
    113. James Brugler & Carole Comerton-Forde & J Spencer Martin, 2022. "Secondary Market Transparency and Corporate Bond Issuing Costs [Asset pricing and the bid–ask spread]," Review of Finance, European Finance Association, vol. 26(1), pages 43-77.
    114. Chen Lian & Yueran Ma & Carmen Wang, 2019. "Low Interest Rates and Risk-Taking: Evidence from Individual Investment Decisions," The Review of Financial Studies, Society for Financial Studies, vol. 32(6), pages 2107-2148.
    115. Liu, Yan, 2023. "Essays on credit rating agencies in China," Other publications TiSEM b54b3315-1185-48b8-aaf8-8, Tilburg University, School of Economics and Management.
    116. Elisa Luciano & Jean Charles Rochet, 2021. "Risk Appetite Fluctuations in the Insurance Industry," Carlo Alberto Notebooks 666 JEL Classification: G, Collegio Carlo Alberto.
    117. Onofrio Panzarino, 2023. "Investor behavior under market stress:evidence from the Italian sovereign bond market," Temi di discussione (Economic working papers) 33, Bank of Italy, Economic Research and International Relations Area.
    118. Chen, Chen & Wang, Tao & Jia, Ximeng, 2023. "Short-termism in financial decision-making: Uncovering the influence of managerial myopia on corporate financial asset allocation through MD&A textual analysis," International Review of Financial Analysis, Elsevier, vol. 90(C).
    119. Chia‐Chun Chiang & Hugh Hoikwang Kim & Greg Niehaus, 2022. "Opaque liabilities, learning, and the cost of equity capital for insurers," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(4), pages 1031-1076, December.
    120. John Ammer & Stijn Claessens & Alexandra M. Tabova & Caleb Wroblewski, 2018. "Searching for Yield Abroad : Risk-Taking Through Foreign Investment in U.S. Bonds," International Finance Discussion Papers 1224, Board of Governors of the Federal Reserve System (U.S.).
    121. Warinthip Worasak & Nuwat Nookhwun & Pongpitch Amatyakul, 2022. "Monetary Policy and Risk-Taking: Evidence from Thai Corporate Bond Markets," PIER Discussion Papers 186, Puey Ungphakorn Institute for Economic Research.
    122. Stefano Lovo & Philippe Raimbourg & Federica Salvadè, 2022. "Credit Rating Agencies, Information Asymmetry and US Bond Liquidity," Working Papers hal-03890565, HAL.
    123. Roongkiat Ratanabanchuen & Kanis Saengchote, 2018. "Chasing Returns with High-Beta Stocks," PIER Discussion Papers 96, Puey Ungphakorn Institute for Economic Research.
    124. Dekker, Lennart, 2024. "Essays on asset liquidity and investment funds," Other publications TiSEM 5fc9bf77-84e7-4a36-9e3a-1, Tilburg University, School of Economics and Management.
    125. Barbu, Alexandru & Fricke, Christoph & Mönch, Emanuel, 2020. "Procyclical asset management and bond risk premia," Discussion Papers 38/2020, Deutsche Bundesbank.
    126. Ruichang Lu & Weijia He & Xiaojun Zhang, 2023. "Using Available‐for‐sale Securities to Smooth Earnings: Evidence from China," Abacus, Accounting Foundation, University of Sydney, vol. 59(1), pages 163-196, March.
    127. Albertazzi, Ugo & Becker, Bo & Boucinha, Miguel, 2018. "Portfolio rebalancing and the transmission of large-scale asset programmes: evidence from the euro area," Working Paper Series 2125, European Central Bank.
    128. Liu, Clark & Wang, Shujing & Wei, K.C. John & Zhong, Ninghua, 2019. "The demand effect of yield-chasing retail investors: Evidence from the Chinese enterprise bond market," Journal of Empirical Finance, Elsevier, vol. 50(C), pages 57-77.
    129. Willie Dion Reddic, 2021. "Under pressure: investment behaviour of insurers under different financial and regulatory conditions," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(1), pages 1-20, January.
    130. Giovanni Dell'Ariccia & Luc Laeven & Gustavo A. Suarez, 2017. "Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States," Journal of Finance, American Finance Association, vol. 72(2), pages 613-654, April.
    131. Regele, Fabian & Gründl, Helmut, 2021. "Asset concentration risk and insurance solvency regulation," ICIR Working Paper Series 40/21, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).
    132. Bijlsma, Melle & Vermeulen, Robert, 2016. "Insurance companies’ trading behaviour during the European sovereign debt crisis: Flight home or flight to quality?," Journal of Financial Stability, Elsevier, vol. 27(C), pages 137-154.
    133. Craig B. Merrill & Taylor D. Nadauld & Philip E. Strahan, 2019. "Final Demand for Structured Finance Securities," Management Science, INFORMS, vol. 65(1), pages 390-412, January.
    134. Terrence Hendershott & Dan Li & Dmitry Livdan & Norman Schürhoff, 2020. "True Cost of Immediacy," Swiss Finance Institute Research Paper Series 20-71, Swiss Finance Institute.
    135. Benjamin Grosse-Rueschkamp & Jörg Rocholl, 2020. "Ursachen und Konsequenzen von Niedrigzinsen [Causes and Consequences of Low Interest Rates]," Schmalenbach Journal of Business Research, Springer, vol. 72(4), pages 401-421, December.
    136. Timmer, Yannick, 2016. "Cyclical investment behavior across financial institutions," ESRB Working Paper Series 18, European Systemic Risk Board.
    137. Abad, Pilar & Díaz, Antonio & Escribano, Ana & Robles, M.-Dolores, 2021. "Crossing boundaries beyond the investment grade: Induced trading by rating-contingent investment constraints," Journal of Corporate Finance, Elsevier, vol. 67(C).
    138. Natee Amornsiripanitch & Zeqiong Huang & David Kwon & Jinjie Lin, 2022. "Net Income Measurement, Investor Inattention, and Firm Decisions," Working Papers 22-05, Federal Reserve Bank of Philadelphia.
    139. victor Lyonnet, 2018. "Asset-liability management in life insurance: Evidence from France," Working Papers 2018-12, Center for Research in Economics and Statistics.
    140. Ben-Rephael, Azi & Choi, Jaewon & Goldstein, Itay, 2021. "Mutual fund flows and fluctuations in credit and business cycles," Journal of Financial Economics, Elsevier, vol. 139(1), pages 84-108.
    141. Laeven, Luc & Dell'Ariccia, Giovanni & Suarez, Gustavo, 2016. "Bank Leverage and Monetary Policy’s Risk-Taking Channel: Evidence from the United States," CEPR Discussion Papers 11230, C.E.P.R. Discussion Papers.
    142. Ellul, Andrew & Lundblad, Christian T & Wang, Yihui & Jotikasthira, Chotibhak, 2015. "Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading," CEPR Discussion Papers 10450, C.E.P.R. Discussion Papers.
    143. Boermans, Martijn A. & van der Kroft, Bram, 2024. "Capital regulation induced reaching for systematic yield: Financial instability through fire sales," Journal of Banking & Finance, Elsevier, vol. 158(C).
    144. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    145. Gabriel Jiménez & Enrique Moral-Benito & Raquel Vegas, 2018. "Bank lending standards over the cycle: the role of firms’ productivity and credit risk," Working Papers 1811, Banco de España.
    146. David Ng & Ilhyock Shim & Jose Maria Vidal Pastor, 2019. "The role of different institutional investors in Asia-Pacific bond markets during the taper tantrum," BIS Papers chapters, in: Bank for International Settlements (ed.), Asia-Pacific fixed income markets: evolving structure, participation and pricing, volume 102, pages 113-142, Bank for International Settlements.
    147. Johan Hombert & Victor Lyonnet, 2022. "Can Risk Be Shared across Investor Cohorts? Evidence from a Popular Savings Product," The Review of Financial Studies, Society for Financial Studies, vol. 35(12), pages 5387-5437.
    148. Li, Yingqi & Mittoo, Usha R. & Yu, Xin & Zhang, Zhou, 2021. "The impact of global financial crisis on regulation S private debt market," International Review of Economics & Finance, Elsevier, vol. 73(C), pages 231-248.
    149. John Ammer & Alexandra Tabova & Caleb Wroblewski, 2018. "Searching for yield abroad: risk-taking through foreign investment in U.S. bonds," BIS Working Papers 687, Bank for International Settlements.
    150. Nickerson, Jordan & Griffin, John M., 2017. "Debt correlations in the wake of the financial crisis: What are appropriate default correlations for structured products?," Journal of Financial Economics, Elsevier, vol. 125(3), pages 454-474.
    151. deHaan, Ed & Li, Jiacui & Watts, Edward M., 2023. "Retail bond investors and credit ratings," Journal of Accounting and Economics, Elsevier, vol. 76(1).
    152. Song, Fenghua & Thakor, Anjan V., 2019. "Bank culture," Journal of Financial Intermediation, Elsevier, vol. 39(C), pages 59-79.
    153. Wenming Xu & Yan Liu, 2021. "Does reputational capital affect credit rating agencies?: empirical evidence from a natural experiment in China," European Journal of Law and Economics, Springer, vol. 51(3), pages 433-468, June.
    154. Ammer, John & Claessens, Stijn & Tabova, Alexandra & Wroblewski, Caleb, 2019. "Home country interest rates and international investment in U.S. bonds," Journal of International Money and Finance, Elsevier, vol. 95(C), pages 212-227.
    155. Nikolova, Stanislava & Wang, Liying & Wu, Juan (Julie), 2020. "Institutional allocations in the primary market for corporate bonds," Journal of Financial Economics, Elsevier, vol. 137(2), pages 470-490.
    156. J. Christina Wang, 2017. "Banks' search for yield in the low interest rate environment: a tale of regulatory adaptation," Working Papers 17-3, Federal Reserve Bank of Boston.
    157. Kristy Jansen, 2023. "Long-term Investors, Demand Shifts, and Yields," Working Papers 769, DNB.
    158. Spencer J. Couts, 2024. "How do Non-Core Allocations Affect the Risk and Returns of Private Real Estate Funds?," The Journal of Real Estate Finance and Economics, Springer, vol. 68(4), pages 715-748, May.
    159. Purda, Lynnette & Sonmez, Fatma & Zhong, Ligang, 2015. "Financial institution credit assessment and implications for portfolio managers," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 38(C), pages 148-166.
    160. Aigner, Philipp, 2023. "Identifying scenarios for the own risk and solvency assessment of insurance companies," ICIR Working Paper Series 48/23, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).
    161. Ahmed Ahmed & Boris Hofmann & Martin Schmitz, 2023. "Foreign institutional investors, monetary policy, and reaching for yield," BIS Working Papers 1153, Bank for International Settlements.
    162. Katsuhiro Oshima, 2017. "Search-for-Yield and Business Cycles," KIER Working Papers 962, Kyoto University, Institute of Economic Research.
    163. Jiang, Hao & Sun, Zheng, 2020. "Reaching for dividends," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 321-338.
    164. Zheng, Huanhuan, 2023. "Original sin redux and deviations from covered interest parity," Journal of International Money and Finance, Elsevier, vol. 139(C).
    165. Greg Niehaus, 2023. "Personal taxes, cost of insurer equity capital, and the case of offshore hedge fund reinsurers," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 90(2), pages 249-281, June.
    166. Becker, Bo & Opp, Marcus & Saidi, Farzad, 2020. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Eliminating Capital Requirements," CEPR Discussion Papers 14373, C.E.P.R. Discussion Papers.
    167. Hinterschweiger, Marc & Neumann, Tobias & Saporta, Victoria, 2018. "Risk sensitivity and risk shifting in banking regulation," Bank of England Financial Stability Papers 44, Bank of England.
    168. Li, Xiao-Lin & Qiu, Guojing & Ding, Hui, 2022. "The impact of exchange rate policy uncertainty shock on Chinese energy firms' risk-taking," Energy Economics, Elsevier, vol. 105(C).
    169. John M Griffin & Jordan Nickerson, 2023. "Are CLO Collateral and Tranche Ratings Disconnected?," The Review of Financial Studies, Society for Financial Studies, vol. 36(6), pages 2319-2360.
    170. Tyler K. Jensen & Robert R. Johnson & Michael J. McNamara, 2019. "Funding conditions and insurance stock returns: Do insurance stocks really benefit from rising interest rate regimes?," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 22(4), pages 367-391, December.
    171. Kuong, John Chi-Fong & O’Donovan, James & Zhang, Jinyuan, 2024. "Monetary policy and fragility in corporate bond mutual funds," Journal of Financial Economics, Elsevier, vol. 161(C).
    172. Chen, Shiu-Sheng & Huang, Shiangtsz & Lin, Tzu-Yu, 2022. "How do oil prices affect emerging market sovereign bond spreads?," Journal of International Money and Finance, Elsevier, vol. 128(C).
    173. Aramonte, Sirio & Lee, Seung Jung & Stebunovs, Viktors, 2022. "Risk taking and low longer-term interest rates: Evidence from the U.S. syndicated term loan market," Journal of Banking & Finance, Elsevier, vol. 138(C).
    174. John Ammer & John Rogers & Gang Wang & Yang Yu, 2023. "Chinese Asset Managers’ Monetary Policy Forecasts and Fund Performance," Management Science, INFORMS, vol. 69(1), pages 598-616, January.
    175. Ishita Sen, 2023. "Regulatory Limits to Risk Management," The Review of Financial Studies, Society for Financial Studies, vol. 36(6), pages 2175-2223.
    176. Dong Beom Choi & Michael R. Holcomb & Donald P. Morgan, 2018. "Bank leverage limits and regulatory arbitrage: new evidence on a recurring question," Staff Reports 856, Federal Reserve Bank of New York.
    177. Huang, Alan Guoming & Wermers, Russ & Xue, Jinming, 2023. ""Buy the rumor, sell the news": Liquidity provision by bond funds following corporate news events," CFR Working Papers 23-07, University of Cologne, Centre for Financial Research (CFR).
    178. Nicola Branzoli & Raffaele Gallo & Antonio Ilari & Dario Portioli, 2023. "Financial fragilities and risk-taking of corporate bond funds in the aftermath of central bank policy interventions," Temi di discussione (Economic working papers) 1404, Bank of Italy, Economic Research and International Relations Area.

  11. Bo Becker & Marcus Opp, 2013. "Regulatory reform and risk-taking: replacing ratings," NBER Working Papers 19257, National Bureau of Economic Research, Inc.

    Cited by:

    1. Milton Harris & Christian Opp & Marcus Opp, 2020. "The Aggregate Demand for Bank Capital," NBER Working Papers 27858, National Bureau of Economic Research, Inc.
    2. Joseph Briggs & Christopher Tonetti, 2019. "Risky Insurance: Insurance Portfolio Choice with Incomplete Markets," 2019 Meeting Papers 1388, Society for Economic Dynamics.
    3. Ralph S.J. Koijen & Motohiro Yogo, 2017. "Risk of Life Insurers: Recent Trends and Transmission Mechanisms," NBER Working Papers 23365, National Bureau of Economic Research, Inc.
    4. Bo Becker & Marcus M Opp & Farzad Saidi, 2022. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class," The Review of Financial Studies, Society for Financial Studies, vol. 35(12), pages 5438-5482.
    5. Puriya Abbassi & Rajkamal Iyer & José-Luis Peydró & Paul E. Soto, 2023. "Stressed Banks? Evidence from the Largest-Ever Supervisory Review," Finance and Economics Discussion Series 2023-021, Board of Governors of the Federal Reserve System (U.S.).
    6. Michelle L. Barnes, 2016. "Did life insurers benefit from TARP or regulatory forbearance during the financial crisis of 2008–2009?," Working Papers 16-24, Federal Reserve Bank of Boston.
    7. Hu, Xiaolu & Huang, Haozhi & Pan, Zheyao & Shi, Jing, 2019. "Information asymmetry and credit rating: A quasi-natural experiment from China," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 132-152.
    8. David P. Glancy & John Krainer & Robert J. Kurtzman & Joseph B. Nichols, 2019. "Intermediary Segmentation in the Commercial Real Estate Market," Finance and Economics Discussion Series 2019-079, Board of Governors of the Federal Reserve System (U.S.).
    9. Becker, Bo & Opp, Marcus & Saidi, Farzad, 2020. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Eliminating Capital Requirements," CEPR Discussion Papers 14373, C.E.P.R. Discussion Papers.
    10. Goel, Anand M. & Thakor, Anjan V., 2015. "Information reliability and welfare: A theory of coarse credit ratings," Journal of Financial Economics, Elsevier, vol. 115(3), pages 541-557.

  12. Bo Becker & Jens Josephson, 2013. "Insolvency Resolution and the Missing High Yield Bond Markets," NBER Working Papers 19415, National Bureau of Economic Research, Inc.

    Cited by:

    1. Manuel Adelino & Miguel A. Ferreira & Mariassunta Giannetti & Pedro Pires, 2020. "Trade Credit and the Transmission of Unconventional Monetary Policy," NBER Working Papers 27077, National Bureau of Economic Research, Inc.
    2. Ulrich Hege & Pierre Mella-Barral, 2019. "Bond Exchange Offers or Collective Action Clauses?," EconPol Working Paper 32, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    3. Demirguc-Kunt, Asli & Horvath, Balint L. & Huizinga, Harry, 2023. "Loan Recoveries and the Financing of Zombie Firms over the Business Cycle," Discussion Paper 2023-017, Tilburg University, Center for Economic Research.
    4. Darmouni, Olivier & Geisecke, Oliver & Rodnyanky, Alexander, 2019. "The Bond Lending Channel of Monetary Policy," MPRA Paper 95141, University Library of Munich, Germany.
    5. Manthos D Delis & Sizhe Hong & Nikos Paltalidis & Dennis Philip, 2022. "Forward Guidance and Corporate Lending [Measuring euro area monetary policy]," Review of Finance, European Finance Association, vol. 26(4), pages 899-935.
    6. Agrawal, Ashwini & González-Uribe, Juanita & Martínez-Correa, Jimmy, 2022. "Measuring the ex-ante incentive effects of creditor control rights during bankruptcy reorganization," Journal of Financial Economics, Elsevier, vol. 143(1), pages 381-408.
    7. Edward I. Altman & Rui Dai & Wei Wang, 2024. "Global zombie companies: measurements, determinants, and outcomes," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(6), pages 723-744, August.
    8. Robert C. Merton & Richard T. Thakor, 2021. "No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions," NBER Working Papers 28341, National Bureau of Economic Research, Inc.
    9. Elert, Niklas & Henrekson, Magnus, 2020. "Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework," Working Paper Series 1345, Research Institute of Industrial Economics, revised 24 Mar 2021.
    10. Esposito, Federico & Hassan, Fadi, 2023. "Import competition, trade credit and financial frictions in general equilibrium," LSE Research Online Documents on Economics 121378, London School of Economics and Political Science, LSE Library.
    11. Neira, Julian, 2019. "Bankruptcy and cross-country differences in productivity," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 359-381.
    12. Gregory Duffee & Peter Hördahl, 2021. "Debt specialisation and diversification: International evidence," BIS Working Papers 928, Bank for International Settlements.
    13. Amir Kermani & Yueran Ma, 2020. "Two Tales of Debt," NBER Working Papers 27641, National Bureau of Economic Research, Inc.
    14. Federico Esposito & Fadi Hassan, 2023. "Import competition, trade credit and financial frictions in general equilibrium," CEP Discussion Papers dp1901, Centre for Economic Performance, LSE.
    15. Chen, Fang & Huang, Jing-Zhi & Sun, Zhenzhen & Yu, Tong, 2020. "Why do firms issue guaranteed bonds?," Journal of Banking & Finance, Elsevier, vol. 119(C).
    16. Nicolas Crouzet, 2021. "Credit Disintermediation and Monetary Policy," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(1), pages 23-89, March.
    17. Chod, Jiri & Lyandres, Evgeny & Yang, S. Alex, 2019. "Trade credit and supplier competition," Journal of Financial Economics, Elsevier, vol. 131(2), pages 484-505.
    18. Elert, Niklas & Henrekson, Magnus & Stenkula, Mikael, 2017. "Institutional Reform for Innovation and Entrepreneurship: An Agenda for Europe," Working Paper Series 1150, Research Institute of Industrial Economics, revised 16 Feb 2017.
    19. Darmouni, Olivier & Papoutsi, Melina, 2022. "The rise of bond financing in Europe: five facts about new and small issuers," Working Paper Series 2663, European Central Bank.
    20. Moritz Schularick, 2021. "Corporate indebtedness and macroeconomic stabilisation from a long-term perspective," ECONtribute Policy Brief Series 024, University of Bonn and University of Cologne, Germany.

  13. Bo Becker & Daniel Bergstresser & Guhan Subramanian, 2012. "Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge," NBER Working Papers 17797, National Bureau of Economic Research, Inc.

    Cited by:

    1. Acemoglu, Daron & Johnson, Simon & Kermani, Amir & Kwak, James & Mitton, Todd, 2016. "The value of connections in turbulent times: Evidence from the United States," Journal of Financial Economics, Elsevier, vol. 121(2), pages 368-391.
    2. Juan Pineiro-Chousa & Marcos Vizcaíno-González & Jérôme Caby, 2018. "Linking market capitalisation and voting pattern in corporate meetings," Post-Print halshs-02001463, HAL.
    3. Acemoglu, Daron & Hassan, Tarek & Tahoun, Ahmed, 2014. "The Power of the Street: Evidence from Egypt's Arab Spring," CEPR Discussion Papers 10262, C.E.P.R. Discussion Papers.
    4. Anne-Marie Anderson & Nandu Nayar, 2022. "Can regulation enhancing the shareholder franchise increase firm value?," Journal of Regulatory Economics, Springer, vol. 61(3), pages 191-221, June.
    5. Ferri, Fabrizio & Oesch, David, 2013. "Management Influence on Investors: Evidence from Shareholder Votes on the Frequency of Say on Pay," Working Papers on Finance 1329, University of St. Gallen, School of Finance.
    6. Gulen, Huseyin & O'Brien, William J., 2017. "Option repricing, corporate governance, and the effect of shareholder empowerment," Journal of Financial Economics, Elsevier, vol. 125(2), pages 389-415.
    7. Denes, Matthew R. & Karpoff, Jonathan M. & McWilliams, Victoria B., 2017. "Thirty years of shareholder activism: A survey of empirical research," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 405-424.
    8. Vizcaíno, Marcos & Chousa, Juan P., 2016. "Analyzing the influence of the funds' support on Tobin's q using SEM and fsQCA," Journal of Business Research, Elsevier, vol. 69(6), pages 2118-2124.
    9. Stefano Colonnello & Christoph Herpfer, 2021. "Do Courts Matter for Firm Value? Evidence from the US Court System," Journal of Law and Economics, University of Chicago Press, vol. 64(2), pages 403-438.
    10. Eric A. Posner & E. Glen Weyl, 2014. "Benefit-Cost Paradigms in Financial Regulation," The Journal of Legal Studies, University of Chicago Press, vol. 43(S2), pages 1-34.
    11. Ana M. Albuquerque & Mary Ellen Carter & Luann J. Lynch, 2015. "Court Intervention as a Governance Mechanism over CEO Pay: Evidence from the Citigroup Derivative Lawsuit," European Accounting Review, Taylor & Francis Journals, vol. 24(4), pages 637-658, December.
    12. Lucian A. Bebchuk & Alma Cohen & Charles C.Y. Wang, 2011. "Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments," NBER Working Papers 17127, National Bureau of Economic Research, Inc.
    13. Andersen Martin & Bauhoff Sebastian, 2017. "The Share Price Effect of CVS Health’s Announcement to Stop Selling Tobacco: A Comparative Case Study Using Synthetic Controls," Forum for Health Economics & Policy, De Gruyter, vol. 20(1), pages 1-13, June.
    14. Ormazabal, Gaizka, 2018. "The Role of Stakeholders in Corporate Governance: A View from Accounting Research," CEPR Discussion Papers 12775, C.E.P.R. Discussion Papers.
    15. Burnett, Brian M. & Jorgensen, Bjorn N. & Pollard, Troy J., 2017. "The stock market reaction to losing or gaining foreign private issuer status," LSE Research Online Documents on Economics 67900, London School of Economics and Political Science, LSE Library.
    16. C.S. Agnes Cheng & Iftekhar Hasan & Feng Tang & Jing Xie, 2024. "Market Feedback Effect on CEO Pay: Evidence from Peers’ Say-on-Pay Voting Failures," Working Papers 202408, University of Macau, Faculty of Business Administration.
    17. Marcos Vizcaíno-González & Juan Pineiro-Chousa & Jorge Sáinz-González, 2017. "Selecting explanatory factors of voting decisions by means of fsQCA and ANN," Quality & Quantity: International Journal of Methodology, Springer, vol. 51(5), pages 2049-2061, September.
    18. Cohen, Alma & Wang, Charles C.Y., 2013. "How do staggered boards affect shareholder value? Evidence from a natural experiment," Journal of Financial Economics, Elsevier, vol. 110(3), pages 627-641.
    19. Cohen, Alma & Wang, Charles C.Y., 2017. "Reexamining staggered boards and shareholder value," Journal of Financial Economics, Elsevier, vol. 125(3), pages 637-647.
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  15. Bo Becker & Marcus Jacob & Martin Jacob, 2011. "Payout Taxes and the Allocation of Investment," NBER Working Papers 17481, National Bureau of Economic Research, Inc.

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    1. Laura Dobbins & Martin Jacob, 2016. "Do corporate tax cuts increase investments?," Accounting and Business Research, Taylor & Francis Journals, vol. 46(7), pages 731-759, November.
    2. Dautović, Ernest & Gambacorta, Leonardo & Reghezza, Alessio, 2023. "Supervisory Policy Stimulus: Evidence from the Euro Area Dividend Recommendation," CEPR Discussion Papers 18175, C.E.P.R. Discussion Papers.
    3. Eichfelder, Sebastian & Jacob, Martin & Schneider, Kerstin, 2020. "Do tax incentives reduce investment quality?," arqus Discussion Papers in Quantitative Tax Research 248, arqus - Arbeitskreis Quantitative Steuerlehre.
    4. Eichfelder, Sebastian & Jacob, Martin & Schneider, Kerstin, 2023. "Do tax incentives affect investment quality?," Journal of Corporate Finance, Elsevier, vol. 80(C).
    5. Chay, J.B. & Chong, Byung-Uk & Im, Hyun Joong, 2023. "Dividend taxes and investment efficiency: Evidence from the 2003 U.S. personal taxation reform," Journal of Accounting and Economics, Elsevier, vol. 75(1).
    6. Fan, Hongmin & Liang, Chen, 2023. "The pollutant and carbon emissions reduction synergistic effect of green fiscal policy: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PB).
    7. Seppo Kari & Jussi Laitila, 2015. "Nonlinear Dividend Tax and the Dynamics of the Firm," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 71(2), pages 153-177, June.
    8. Spataro, Luca & Crescioli, Tommaso, 2023. "How much capital should be taxed? A review of the quantitative and empirical literature," LSE Research Online Documents on Economics 123640, London School of Economics and Political Science, LSE Library.
    9. Erosa, Andrés & González, Beatriz, 2019. "Taxation and the life cycle of firms," Journal of Monetary Economics, Elsevier, vol. 105(C), pages 114-130.
    10. Sokolovskyi, Dmytro, 2018. "The factors inefficient allocation of investment between economies," MPRA Paper 87032, University Library of Munich, Germany.
    11. Annette Alstadsæter & Martin Jacob & Roni Michaely, 2014. "Do Dividend Taxes Affect Corporate Investment?," CESifo Working Paper Series 4931, CESifo.
    12. Masanori Orihara, 2023. "Election-Day Market Reactions to Tax Proposals: Evidence from a Close Vote," Working Papers 2219, Waseda University, Faculty of Political Science and Economics.
    13. Sebastian Eichfelder & Kerstin Schneider, 2014. "Tax Incentives and Business Investment: Evidence from German Bonus Depreciation," CESifo Working Paper Series 4805, CESifo.
    14. DeYoung, Robert & Jang, Karen Y., 2023. "Testing dividend tax theory: Firm and industry heterogeneity," Journal of Financial Intermediation, Elsevier, vol. 56(C).
    15. Jian Zhang & Ningzhi Wang & Xinyu Zhu & Xiao Yi, 2024. "Does the supply of tax information affect financial restatements? Evidence from the launch of Taxation Administration Information System III in China," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-13, December.
    16. Wang, Zigan & Yin, Qie Ellie & Yu, Luping, 2021. "Real effects of share repurchases legalization on corporate behaviors," Journal of Financial Economics, Elsevier, vol. 140(1), pages 197-219.
    17. Jacob, Martin & Södersten, Jan, 2012. "Mitigating shareholder taxation in small open economies?," Working Paper Series 2012:12, Uppsala University, Department of Economics.
    18. Charles Boissel & Adrien Matray, 2021. "Dividend Taxes and the Allocation of Capital," Working Papers 2021-39, Princeton University. Economics Department..
    19. Antonio De Vito & Martin Jacob & Dirk Schindler & Guosong Xu, 2023. "How Do Corporate Tax Hikes Affect Investment Allocation within Multinationals?," CESifo Working Paper Series 10272, CESifo.
    20. Gabriel RAITA, 2021. "A Theoretical Approach Of The Fiscal System In Romania," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(23), pages 1-5.
    21. Lei, Jin & Qiu, Jiaping & Wan, Chi & Yu, Fan, 2021. "Credit risk spillovers and cash holdings," Journal of Corporate Finance, Elsevier, vol. 68(C).
    22. Yu, Shoujin & Zhang, Ling & Zeng, Yanni & Zhang, Hao, 2017. "Dual influences of regulatory polices on real estate enterprises’ investment —based on the perspective of supply-side reform in China," Finance Research Letters, Elsevier, vol. 23(C), pages 50-57.
    23. Allaudeen Hameed & Jing Xie & Yuxiang Zhong, 2024. "Preferences for dividends and stock returns around the world," Working Papers 202405, University of Macau, Faculty of Business Administration.
    24. Brandstetter, Laura & Jacob, Martin, 2013. "Do corporate tax cuts increase investments?," arqus Discussion Papers in Quantitative Tax Research 153, arqus - Arbeitskreis Quantitative Steuerlehre.
    25. Hail, Luzi & Sikes, Stephanie & Wang, Clare, 2017. "Cross-country evidence on the relation between capital gains taxes, risk, and expected returns," Journal of Public Economics, Elsevier, vol. 151(C), pages 56-73.
    26. Nadja Dwenger & Frank M Fossen & Martin Simmler, 2015. "From financial to real economic crisis: evidence from individual firm¨Cbank relationships in Germany," Working Papers 1516, Oxford University Centre for Business Taxation.
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    31. Annika Hegemann & Angela Kunoth & Kristina Rupp & Caren Sureth-Sloane, 2017. "Hold or sell? How capital gains taxation affects holding decisions," Review of Managerial Science, Springer, vol. 11(3), pages 571-603, July.
    32. Huizinga, Harry & Voget, Johannes & Wagner, Wolf, 2018. "Capital gains taxation and the cost of capital: Evidence from unanticipated cross-border transfers of tax base," Journal of Financial Economics, Elsevier, vol. 129(2), pages 306-328.
    33. Bofinger, Peter & Buch, Claudia M. & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2013. "Gegen eine rückwärtsgewandte Wirtschaftspolitik. Jahresgutachten 2013/14 [Against a backward-looking economic policy. Annual Report 2013/14]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201314, September.
    34. K. Peren Arin & Kevin Devereux & Mieszko Mazur, 2021. "Taxes and firm investment," CAMA Working Papers 2021-08, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    35. Mishra, Anil V. & Anwar, Sajid, 2017. "Foreign portfolio equity holdings and capital gains taxation," International Review of Financial Analysis, Elsevier, vol. 51(C), pages 54-68.
    36. Lee, Seung Chul & Park, S. Saeyeul, 2023. "Dividend taxes and corporate choice: Evidence from 2015 tax cut in South Korea," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    37. Ji, Philip Inyeob, 2016. "Is corporate payout taxation a long run phenomenon? Evidence from international data," The North American Journal of Economics and Finance, Elsevier, vol. 36(C), pages 84-100.
    38. Gustafson, Matthew T. & Iliev, Peter, 2017. "The effects of removing barriers to equity issuance," Journal of Financial Economics, Elsevier, vol. 124(3), pages 580-598.
    39. He, Eric & Jacob, Martin & Vashishtha, Rahul & Venkatachalam, Mohan, 2022. "Does differential taxation of short-term relative to long-term capital gains affect long-term investment?," Journal of Accounting and Economics, Elsevier, vol. 74(1).
    40. Dayanandan, Ajit & Donker, Han & Nofsinger, John, 2022. "Taxing share repurchases," Economics Letters, Elsevier, vol. 221(C).
    41. Annette Alstadsæter & Wojciech Kopczuk & Kjetil Telle, 2014. "Are Closely Held Firms Tax Shelters?," NBER Chapters, in: Tax Policy and the Economy, Volume 28, pages 1-32, National Bureau of Economic Research, Inc.
    42. Kai Chang & Ning Lu & Ze Sheng Li & Yi Ran Wang, 2021. "The combined impacts of fiscal and credit policies on green firm's investment opportunity: Evidences from Chinese firm‐level analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(7), pages 1822-1835, October.
    43. Henrekson, Magnus & Sanandaji, Tino, 2016. "Owner-Level Taxes and Business Activity," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 12(1), pages 1-94, March.
    44. Köthenbürger, Marko & Stimmelmayr, Michael, 2016. "The Efficiency Costs of Dividend Taxation with Managerial Firms," VfS Annual Conference 2016 (Augsburg): Demographic Change 145649, Verein für Socialpolitik / German Economic Association.
    45. Fischer, Marcel & Jensen, Bjarne Astrup, 2017. "The debt tax shield, economic growth and inequality," arqus Discussion Papers in Quantitative Tax Research 219, arqus - Arbeitskreis Quantitative Steuerlehre.
    46. Fauver, Larry & Hung, Mingyi & Li, Xi & Taboada, Alvaro G., 2017. "Board reforms and firm value: Worldwide evidence," Journal of Financial Economics, Elsevier, vol. 125(1), pages 120-142.
    47. Thapa, Chandra & Rao, Sandeep & Farag, Hisham & Koirala, Santosh, 2020. "Access to internal capital, creditor rights and corporate borrowing: Does group affiliation matter?," Journal of Corporate Finance, Elsevier, vol. 62(C).
    48. Dwarkasing, Mintra, 2017. "Essays on inequality and finance," Other publications TiSEM a994c9b7-140f-4f56-bc07-f, Tilburg University, School of Economics and Management.
    49. Yingjie Niu & Jinqiang Yang & Siqi Zhao, 2022. "Robust stimulus of private investment: Tax rate cut or investment subsidy?," International Journal of Economic Theory, The International Society for Economic Theory, vol. 18(3), pages 339-357, September.
    50. Jack Mintz & Patrick Smith & V. Balaji Venkatachalam, 2021. "A New Approach to Improving Small-Business Tax Competitiveness," SPP Research Papers, The School of Public Policy, University of Calgary, vol. 14(24), October.
    51. Wang, Zigan & Yin, Qie Ellie & Yu, Luping, 2024. "Do share repurchases facilitate movement toward target capital structure? International evidence," Journal of Empirical Finance, Elsevier, vol. 77(C).
    52. Jacob, Martin, 2021. "Dividend taxes, employment, and firm productivity," Journal of Corporate Finance, Elsevier, vol. 69(C).
    53. Pedro Verga Matos & Victor Barros & Joaquim Miranda Sarmento, 2020. "Does ESG Affect the Stability of Dividend Policies in Europe?," Sustainability, MDPI, vol. 12(21), pages 1-15, October.
    54. Dwenger, Nadja & Fossen, Frank & Simmler, Martin, 2015. "From financial to real economic crisis. Evidence from individual firm-bank relationships in Germany," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113000, Verein für Socialpolitik / German Economic Association.
    55. Kelley, Stacie O. & Lewellen, Christina M. & Lynch, Daniel P. & Samuel, David M.P., 2024. "“Just BEAT it” do firms reclassify costs to avoid the base erosion and anti-abuse tax (BEAT) of the TCJA?," Journal of Accounting and Economics, Elsevier, vol. 77(2).
    56. Kim, Soojung & Park, Soon Hong & Suh, Jungwon, 2018. "A J-shaped cross-sectional relation between dividends and firm value," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 857-877.
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    60. Ed-Dafali, Slimane & Patel, Ritesh & Iqbal, Najaf, 2023. "A bibliometric review of dividend policy literature," Research in International Business and Finance, Elsevier, vol. 65(C).
    61. Ms. Li Liu, 2018. "Where Does Multinational Investment Go with Territorial Taxation? Evidence from the UK," IMF Working Papers 2018/007, International Monetary Fund.
    62. Bornemann, Tobias, 2018. "Tax avoidance and accounting conservatism," arqus Discussion Papers in Quantitative Tax Research 232, arqus - Arbeitskreis Quantitative Steuerlehre.
    63. Jacob, Martin & Vossebürger, Robert, 2022. "The role of personal income taxes in corporate investment decisions," Journal of Corporate Finance, Elsevier, vol. 77(C).
    64. Boehmer, Ekkehart & Jones, Charles M. & Zhang, Xiaoyan, 2020. "Potential pilot problems: Treatment spillovers in financial regulatory experiments," Journal of Financial Economics, Elsevier, vol. 135(1), pages 68-87.
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    66. Anagnostopoulos, Alexis & Atesagaoglu, Orhan Erem, 2023. "Shareholder tax cuts with household and firm heterogeneity," Finance Research Letters, Elsevier, vol. 57(C).
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  16. Bo Becker & Todd Milbourn, 2010. "How did increased competition affect credit ratings?," NBER Working Papers 16404, National Bureau of Economic Research, Inc.

    Cited by:

    1. Wei Tian & Xiangyun Zhou & Yixiang Tian & Wei Meng, 2020. "Short-term competition and long-term convergence between domestic and global rating agencies: Evidence from China," PLOS ONE, Public Library of Science, vol. 15(5), pages 1-15, May.
    2. Marcelo Rezende, 2014. "The Effects of Bank Charter Switching on Supervisory Ratings," Finance and Economics Discussion Series 2014-20, Board of Governors of the Federal Reserve System (U.S.).
    3. Amstad, Marlene & Packer, Frank & Shek, Jimmy, 2020. "Does sovereign risk in local and foreign currency differ?," Journal of International Money and Finance, Elsevier, vol. 101(C).
    4. Doherty, Neil A. & Kartasheva, Anastasia V. & Phillips, Richard D., 2012. "Information effect of entry into credit ratings market: The case of insurers' ratings," Journal of Financial Economics, Elsevier, vol. 106(2), pages 308-330.
    5. Viral V. Acharya & Ryan Banerjee & Matteo Crosignani & Tim Eisert & Renée Spigt, 2022. "Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels," NBER Working Papers 29777, National Bureau of Economic Research, Inc.
    6. Gil Cohen, 2014. "On the Impact of Bond's Rating Changes on the Firm's Stock Price," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(1), pages 64-70, January.
    7. Patrycja Klusak & Moritz Kraemer & Huong Vu, 2022. "First‐mover disadvantage: the sovereign ratings mousetrap," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 31(1), pages 3-44, February.
    8. Vink, Dennis & Nawas, Mike & van Breemen, Vivian, 2021. "Security design and credit rating risk in the CLO market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    9. Schürhoff, Norman & Chen, Zhihua & Lookman, Aziz & Seppi, Duane J, 2012. "Bond Ratings Matter: Evidence from the Lehman Brothers Index Rating Redefinition," CEPR Discussion Papers 9108, C.E.P.R. Discussion Papers.
    10. Rzeźnik, Aleksandra & Hanley, Kathleen Weiss & Pelizzon, Loriana, 2021. "The salience of ESG ratings for stock pricing: Evidence from (potentially) confused investors," SAFE Working Paper Series 310, Leibniz Institute for Financial Research SAFE, revised 2021.
    11. Kathleen Weiss Hanley & Gerard Hoberg, 2019. "Dynamic Interpretation of Emerging Risks in the Financial Sector," The Review of Financial Studies, Society for Financial Studies, vol. 32(12), pages 4543-4603.
    12. Buchanan, Bonnie & Kaya, Caglar, 2024. "Foundation ownership and creditor governance: Evidence from publicly listed companies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 93(C).
    13. Chen, Xuanjuan & Yao, Tong & Yu, Tong & Zhang, Ting, 2014. "Learning and incentive: A study on analyst response to pension underfunding," Journal of Banking & Finance, Elsevier, vol. 45(C), pages 26-42.
    14. Hyoung-Joo Lim & Dafydd Mali, 2024. "Does Market Performance (Tobin’s Q) Have A Negative Effect On Credit Ratings? Evidence From South Korea," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(1), pages 53-80, March.
    15. Claudia Keser & Asri Özgümüs & Emmanuel Peterle & Martin Schmidt, 2017. "An experimental investigation of rating-market regulation," Working Papers 2017-07, CRESE.
    16. Attig, Najah & Driss, Hamdi & El Ghoul, Sadok, 2021. "Credit ratings quality in uncertain times," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    17. Jacquelyn R. Gillette & Delphine Samuels & Frank S. Zhou, 2020. "The Effect of Credit Ratings on Disclosure: Evidence from the Recalibration of Moody's Municipal Ratings," Journal of Accounting Research, Wiley Blackwell, vol. 58(3), pages 693-739, June.
    18. Di Caro, Paolo, 2014. "Risk, ambiguity and sovereign rating," MPRA Paper 60295, University Library of Munich, Germany.
    19. Alexander Karminsky & Richard Hainsworth & Vasily Solodkov, 2013. "Arm’s Length Method for Comparing Rating Scales," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 3(2), pages 114-135, December.
    20. Leo Tang & Marietta Peytcheva & Pei Li, 2020. "Investor-Paid Ratings and Conflicts of Interest," Journal of Business Ethics, Springer, vol. 163(2), pages 365-378, May.
    21. Fischer, Thomas, 2015. "Market structure and rating strategies in credit rating markets – A dynamic model with matching of heterogeneous bond issuers and rating agencies," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 39-56.
    22. Mariano, Beatriz, 2012. "Market power and reputational concerns in the ratings industry," Journal of Banking & Finance, Elsevier, vol. 36(6), pages 1616-1626.
    23. Hu, Xiaolu & Shi, Jing & Wang, Lafang & Yu, Jing, 2020. "Foreign ownership in Chinese credit ratings industry: Information revelation or certification?," Journal of Banking & Finance, Elsevier, vol. 118(C).
    24. Nanda, Vikram & Wu, Wei & Zhou, Xing (Alex), 2019. "Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 54(6), pages 2543-2574, December.
    25. Lamar Pierce & Jason Snyder, 2015. "Unethical Demand and Employee Turnover," Journal of Business Ethics, Springer, vol. 131(4), pages 853-869, November.
    26. Paul Welfens, 2014. "Issues of modern macroeconomics: new post-crisis perspectives on the world economy," International Economics and Economic Policy, Springer, vol. 11(4), pages 481-527, December.
    27. Jiang, Wen-Hui & Xu, Ling & Chen, Zhen-Song & Govindan, Kannan & Chin, Kwai-Sang, 2022. "Financing equilibrium in a capital constrained supply Chain: The impact of credit rating," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 157(C).
    28. Natalia Kovrijnykh & Anil Kashyap, 2013. "Who Should Pay for Credit Ratings and How?," 2013 Meeting Papers 1125, Society for Economic Dynamics.
    29. Bertrand Hassani & Xin Zhao, 2014. "Reconsidering Corporate Ratings," Post-Print hal-01117683, HAL.
    30. Jeon, Doh-Shin & Lovo, Stefano, 2011. "Reputation as an Entry Barrier in the Credit Rating Industry," TSE Working Papers 11-235, Toulouse School of Economics (TSE), revised 25 May 2012.
    31. Frank Fabozzi & Vivian M. Breemen & Dennis Vink & Mike Nawas & Austin Gengos, 2023. "How much do Investors Rely on Credit Ratings: Empirical evidence from the U.S. and E.U. CLO primary market," Journal of Financial Services Research, Springer;Western Finance Association, vol. 63(2), pages 221-247, April.
    32. Duan, Jin-Chuan & Van Laere, Elisabeth, 2012. "A public good approach to credit ratings – From concept to reality," Journal of Banking & Finance, Elsevier, vol. 36(12), pages 3239-3247.
    33. Yun Wang & Yilan Xu, 2015. "Race to the Top: Credit Rating Bias from Competition," Working Papers 2015-05-12, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University, revised 10 Jul 2015.
    34. Anne Beatty & Jacquelyn Gillette & Reining Petacchi & Joseph Weber, 2019. "Do Rating Agencies Benefit from Providing Higher Ratings? Evidence from the Consequences of Municipal Bond Ratings Recalibration," Journal of Accounting Research, Wiley Blackwell, vol. 57(2), pages 323-354, May.
    35. Gregor Dorfleitner & Johannes Grebler, 2020. "The social and environmental drivers of corporate credit ratings: international evidence," Business Research, Springer;German Academic Association for Business Research, vol. 13(3), pages 1343-1415, November.
    36. Arikawa, Yasuhiro & Byoun, Soku & Han, Seung Hun & Pagano, Michael S. & Shin, Yoon S., 2024. "The role of Japanese corporate governance features in explaining rating differences between global and Japanese rating agencies," Journal of Banking & Finance, Elsevier, vol. 164(C).
    37. Harald Hau & Sam Langfield & David Marques-Ibanez, 2013. "Bank ratings: what determines their quality? [Bank risk during the financial crisis: do business models matter?]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 28(74), pages 289-333.
    38. Chen, Zhihua & Wang, Zhen, 2021. "Do firms obtain multiple ratings to hedge against downgrade risk?," Journal of Banking & Finance, Elsevier, vol. 123(C).
    39. Mathias Reynaert & James M. Sallee, 2021. "Who Benefits When Firms Game Corrective Policies?," American Economic Journal: Economic Policy, American Economic Association, vol. 13(1), pages 372-412, February.
    40. Deb, Pragyan & Manning, Mark & Murphy, Gareth & Penalver, Adrian & Toth, Aron, 2011. "Financial Stability Paper No 9: Whither the Credit Ratings Industry?," Bank of England Financial Stability Papers 9, Bank of England.
    41. Yu-Li Huang & Chung-Hua Shen & Kun-Li Lin, 2022. "Did the rating standard for banks change after the crisis?," Review of Quantitative Finance and Accounting, Springer, vol. 58(4), pages 1617-1663, May.
    42. Saar, Dan & Yagil, Yossi, 2015. "Forecasting sectorial profitability and credit spreads using bond yields," International Review of Economics & Finance, Elsevier, vol. 38(C), pages 29-43.
    43. Jeon, Doh-Shin & Lovo, Stefano, 2013. "Credit Rating Industry: a Helicopter Tour of Stylized Facts and Recent Theories," IDEI Working Papers 762, Institut d'Économie Industrielle (IDEI), Toulouse.
    44. Yixiao Jiang, 2021. "Semiparametric Estimation of a Corporate Bond Rating Model," Econometrics, MDPI, vol. 9(2), pages 1-20, May.
    45. Gredil, Oleg R. & Kapadia, Nishad & Lee, Jung Hoon, 2022. "On the information content of credit ratings and market-based measures of default risk," Journal of Financial Economics, Elsevier, vol. 146(1), pages 172-204.
    46. Aggelos KOTIOS & George GALANOS & Spyros ROUKANAS, 2012. "The Rating Agencies In The International Political Economy," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 11(1), pages 3-15.
    47. Jed J. Neilson & Stephen G. Ryan & K. Philip Wang & Biqin Xie, 2022. "Asset‐Level Transparency and the (E)valuation of Asset‐Backed Securities," Journal of Accounting Research, Wiley Blackwell, vol. 60(3), pages 1131-1183, June.
    48. Marta Allegra Ronchetti, 2018. "What if I knew you did it? An analysis of preliminary ratings’ disclosure under competition," Discussion Papers 2018/09, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    49. Oskar Kowalewski & Krzysztof Jackowicz & Łukasz Kozłowski, 2018. "Depositor discipline through interest costs during good and bad times : The role of the guarantor of last resort," Post-Print hal-01913992, HAL.
    50. Kladakis, George & Skouralis, Alexandros, 2024. "Credit rating downgrades and systemic risk," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 90(C).
    51. Gabriela Kuvikova, 2015. "Credit Ratings and Their Information Value: Evidence from the Recent Financial Crisis," CERGE-EI Working Papers wp544, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    52. Sylvester Eijffinger & Donato Masciandaro (ed.), 2011. "Handbook of Central Banking, Financial Regulation and Supervision," Books, Edward Elgar Publishing, number 14064.
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    54. Singh, Amanjot & Singh, Harminder, 2022. "Insiders' stock pledging disclosures and credit ratings: Evidence from India," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
    55. Kempf, Elisabeth & Tsoutsoura, Margarita, 2018. "Partisan Professionals: Evidence from Credit Rating Analysts," CEPR Discussion Papers 14343, C.E.P.R. Discussion Papers.
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    195. Kejia Hu & Sunil Chopra & Yuche Chen, 2021. "The Effect of Tightening Standards on Automakers’ Non‐compliance," Production and Operations Management, Production and Operations Management Society, vol. 30(9), pages 3094-3115, September.
    196. Marandola, Ginevra, 2016. "InkLocal credit rating agencies: a new dataset," Research in International Business and Finance, Elsevier, vol. 38(C), pages 83-103.
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    199. Samuel B. Bonsall & Kevin Koharki & Pepa Kraft & Karl A. Muller & Anywhere Sikochi, 2023. "Do Rating Agencies Behave Defensively for Higher Risk Issuers?," Management Science, INFORMS, vol. 69(8), pages 4864-4887, August.
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    202. Yuan, Hongqi & Zhou, Yiyuan & Zou, Hong, 2022. "Serving multiple ‘masters’: Evidence from the loan decisions of a publicly listed state-owned bank around a massive economic stimulus programme," Journal of Corporate Finance, Elsevier, vol. 72(C).
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    207. Byoun, Soku & Han, Seung Hun & Shin, Yoon S., 2021. "Does the Nationally Recognized Statistical Rating Organization certification matter for Japanese credit rating agencies?," Journal of Financial Markets, Elsevier, vol. 56(C).
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    216. Huang, He & Svec, Jiri & Wu, Eliza, 2021. "The game changer: Regulatory reform and multiple credit ratings," Journal of Banking & Finance, Elsevier, vol. 133(C).
    217. Rainer Hirk & Kurt Hornik & Laura Vana, 2019. "Multivariate ordinal regression models: an analysis of corporate credit ratings," Statistical Methods & Applications, Springer;Società Italiana di Statistica, vol. 28(3), pages 507-539, September.
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    220. Baker, H. Kent & Dutta, Shantanu & Saadi, Samir & Zhong, Ligang, 2022. "Does media coverage affect credit rating change decisions?," Journal of Banking & Finance, Elsevier, vol. 145(C).
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    223. Zhihua Chen & Aziz A. Lookman & Norman Schürhoff & Duane J. Seppi, 2014. "Rating-Based Investment Practices and Bond Market Segmentation," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 4(2), pages 162-205.
    224. Kedia, Simi & Rajgopal, Shivaram & Zhou, Xing, 2014. "Did going public impair Moody׳s credit ratings?," Journal of Financial Economics, Elsevier, vol. 114(2), pages 293-315.
    225. Deng, Kaihua & Qiao, Guannan, 2022. "Triple A default," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    226. Mariano González Sánchez & María Encina Morales de Vega, 2018. "Corporate reputation and firms' performance: Evidence from Spain," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(6), pages 1231-1245, November.
    227. Ginevra Marandola & Rossella Mossucca, 2021. "When did the stock market start to react less to downgrades by Moody’s, S&P and Fitch?," SN Business & Economics, Springer, vol. 1(2), pages 1-45, February.
    228. Ha Ta & Terry L. Esper & Kenneth Ford & Sebastian Garcia‐Dastuge, 2018. "Trustworthiness Change and Relationship Continuity after Contract Breach in Financial Supply Chains," Journal of Supply Chain Management, Institute for Supply Management, vol. 54(4), pages 42-61, October.
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    230. Prommin, Panu & Jumreornvong, Seksak & Jiraporn, Pornsit, 2014. "The effect of corporate governance on stock liquidity: The case of Thailand," International Review of Economics & Finance, Elsevier, vol. 32(C), pages 132-142.
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    232. Hanyi Zhao & Yixiang Tian & Xiangyun Zhou & Luping Zhang & Wei Meng, 2021. "Rating Regulatory Mechanism Effect Promotion under the Environmental Issuance Effects: Based on the Incentive Difference Hotelling Model," Sustainability, MDPI, vol. 13(10), pages 1-19, May.
    233. Alsakka, Rasha & ap Gwilym, Owain & Vu, Tuyet Nhung, 2014. "The sovereign-bank rating channel and rating agencies' downgrades during the European debt crisis," Journal of International Money and Finance, Elsevier, vol. 49(PB), pages 235-257.
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  17. Bo Becker & Per Strömberg, 2009. "Fiduciary Duties and Equity-Debtholder Conflicts," Harvard Business School Working Papers 10-070, Harvard Business School, revised Dec 2011.

    Cited by:

    1. Ni, Xiaoran & Xu, Hongmei, 2023. "Are short selling threats beneficial to creditors? Insights from corporate default risk," Pacific-Basin Finance Journal, Elsevier, vol. 81(C).
    2. Hariem Abdullah & Turgut Tursoy, 2021. "Capital structure and firm performance: evidence of Germany under IFRS adoption," Review of Managerial Science, Springer, vol. 15(2), pages 379-398, February.
    3. Bian, Bo & Li, Yingxiang & Nigro, Casimiro A., 2022. "Conflicting fiduciary duties and fire sales of VC-backed start-ups," LawFin Working Paper Series 35, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
    4. Ni, Xiaoran, 2020. "Does stakeholder orientation matter for earnings management: Evidence from non-shareholder constituency statutes," Journal of Corporate Finance, Elsevier, vol. 62(C).
    5. Giovanni Favara & Erwan Morellec & Enrique J. Schroth & Philip Valta, 2013. "Debt Enforcement, Investment, and Risk Taking Across Countries," Swiss Finance Institute Research Paper Series 13-64, Swiss Finance Institute.
    6. Mark Wallis, 2021. "The effects of relaxing Australia’s statutory dividend restrictions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(2), pages 3685-3733, June.
    7. Agrawal, Ashwini & Gonzalez-Uribe, Juanita & Martinez-Correa, Jimmy, 2020. "Measuring the ex-ante incentive effects of bankruptcy reorganization procedures," LSE Research Online Documents on Economics 118908, London School of Economics and Political Science, LSE Library.
    8. Feldhütter, Peter & Hotchkiss, Edith & Karakaş, Oğuzhan, 2016. "The value of creditor control in corporate bonds," Journal of Financial Economics, Elsevier, vol. 121(1), pages 1-27.
    9. Agrawal, Ashwini & González-Uribe, Juanita & Martínez-Correa, Jimmy, 2022. "Measuring the ex-ante incentive effects of creditor control rights during bankruptcy reorganization," Journal of Financial Economics, Elsevier, vol. 143(1), pages 381-408.
    10. Sterling Huang & Gilles Hilary, 2018. "Zombie Board: Board Tenure and Firm Performance," Journal of Accounting Research, Wiley Blackwell, vol. 56(4), pages 1285-1329, September.
    11. John R. Birge & Rodney P. Parker & Michelle Xiao Wu & S. Alex Yang, 2017. "When Customers Anticipate Liquidation Sales: Managing Operations Under Financial Distress," Manufacturing & Service Operations Management, INFORMS, vol. 19(4), pages 657-673, October.
    12. Bereskin, Frederick L. & Cicero, David C., 2013. "CEO compensation contagion: Evidence from an exogenous shock," Journal of Financial Economics, Elsevier, vol. 107(2), pages 477-493.
    13. Aibai, Abuduwali & Peng, Yuchao & Shen, Peiyi & Xu, Hongmei, 2022. "Can local policy uncertainty curtail corporate speculation on financial assets?," International Review of Financial Analysis, Elsevier, vol. 83(C).
    14. Hu, Jianfeng & Low, Kelvin F.K. & Zhang, Wei, 2022. "The value of fiduciary duties: Evidence from en bloc sales in Singapore," International Review of Law and Economics, Elsevier, vol. 72(C).
    15. Della Seta, Marco & Morellec, Erwan & Zucchi, Francesca, 2020. "Short-term debt and incentives for risk-taking," Journal of Financial Economics, Elsevier, vol. 137(1), pages 179-203.
    16. García Lara, Juan Manuel & García Osma, Beatriz & Penalva, Fernando, 2016. "Accounting conservatism and firm investment efficiency," Journal of Accounting and Economics, Elsevier, vol. 61(1), pages 221-238.
    17. Chu, Yongqiang, 2016. "Debt renegotiation and debt overhang: Evidence from lender mergers," MPRA Paper 72403, University Library of Munich, Germany.
    18. Dain C. Donelson & Christopher G. Yust, 2014. "Litigation Risk and Agency Costs: Evidence from Nevada Corporate Law," Journal of Law and Economics, University of Chicago Press, vol. 57(3), pages 747-780.
    19. Raff, Konrad & Siming, Linus, 2019. "Knighthoods, damehoods, and CEO behaviour," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 302-319.
    20. Hutchinson, Marion & Seamer, Michael & Chapple, Larelle (Ellie), 2015. "Institutional Investors, Risk/Performance and Corporate Governance," The International Journal of Accounting, Elsevier, vol. 50(1), pages 31-52.
    21. Agrawal, Ashwini & Gonzalez-Uribe, Juanita & Martinez-Correa, Jimmy, 2022. "Measuring the ex-ante incentive effects of creditor control rights during bankruptcy reorganization," LSE Research Online Documents on Economics 110482, London School of Economics and Political Science, LSE Library.
    22. Peydró, José-Luis & Polo, Andrea & Sette, Enrico & Vanasco, Victoria, 2023. "Risk mitigating versus risk shifting: Evidence from banks security trading in crises," EconStor Preprints 226219, ZBW - Leibniz Information Centre for Economics.
    23. Rossi, Stefano & Grinstein, Yaniv, 2014. "Good Monitoring, Bad Monitoring," CEPR Discussion Papers 9960, C.E.P.R. Discussion Papers.
    24. David Schoenherr & Jan Starmans, 2022. "When Should Bankruptcy Law Be Creditor‐ or Debtor‐Friendly? Theory and Evidence," Journal of Finance, American Finance Association, vol. 77(5), pages 2669-2717, October.
    25. Liang Tan & Santhosh Ramalingegowda & Yong Yu, 2022. "Third-Party Consequences of Changes in Managerial Fiduciary Duties: The Case of Auditors’ Going Concern Opinions," Management Science, INFORMS, vol. 68(2), pages 1556-1572, February.
    26. Erwan Morellec & Boris Nikolov & Norman Schürhoff, 2015. "Agency Conflicts Around the World," Swiss Finance Institute Research Paper Series 15-21, Swiss Finance Institute, revised Apr 2016.
    27. Alejandro Drexler & Thomas B. King, 2021. "Capital Constraints and Risk Shifting: An Instrumental Approach," Working Paper Series WP-2021-13, Federal Reserve Bank of Chicago.
    28. Leung, Woon Sau & Song, Wei & Chen, Jie, 2019. "Does bank stakeholder orientation enhance financial stability?," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 38-63.
    29. Sandvik, Jason, 2020. "Board monitoring, director connections, and credit quality☆," Journal of Corporate Finance, Elsevier, vol. 65(C).
    30. Chowdhury, Rajib & Doukas, John A. & Park, Jong Chool, 2021. "Stakeholder orientation and the value of cash holdings: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 69(C).
    31. Stefano Colonnello & Christoph Herpfer, 2021. "Do Courts Matter for Firm Value? Evidence from the US Court System," Journal of Law and Economics, University of Chicago Press, vol. 64(2), pages 403-438.
    32. Rao, Sandeep & Koirala, Santosh & Thapa, Chandra & Neupane, Suman, 2022. "When rain matters! Investments and value relevance," Journal of Corporate Finance, Elsevier, vol. 73(C).
    33. Stephen P. Ferris & David Javakhadze & Tijana Rajkovic, 2019. "An international analysis of CEO social capital and corporate risk‐taking," European Financial Management, European Financial Management Association, vol. 25(1), pages 3-37, January.
    34. Chu, Yongqiang, 2017. "Shareholder litigation, shareholder–creditor conflict, and the cost of bank loans," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 318-332.
    35. Ni, Xiaoran & Song, Wei & Yao, Jiaquan, 2020. "Stakeholder orientation and corporate payout policy: Insights from state legal shocks," Journal of Banking & Finance, Elsevier, vol. 121(C).
    36. Vidya Sukumara Panicker & Rajesh Srinivas Upadhyayula & Sumit Mitra, 2023. "Lender representatives on board of directors and internationalization in firms: an institutionalized agency perspective," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(1), pages 75-98, March.
    37. Renjie, Rex Wang & Verwijmeren, Patrick & Xia, Shuo, 2022. "Corporate governance benefits of mutual fund cooperation," IWH Discussion Papers 21/2022, Halle Institute for Economic Research (IWH).
    38. Benjamin Iverson, 2018. "Get in Line: Chapter 11 Restructuring in Crowded Bankruptcy Courts," Management Science, INFORMS, vol. 64(11), pages 5370-5394, November.
    39. Woon Sau Leung & Wei Song & Jie Chen, 2018. "Does Bank Stakeholder Orientation Enhance Financial Stability? Evidence from a Natural Experiment," Working Papers 2018-14, Swansea University, School of Management.
    40. Jagadison K. Aier & Long Chen & Mikhail Pevzner, 2014. "Debtholders’ Demand for Conservatism: Evidence from Changes in Directors’ Fiduciary Duties," Journal of Accounting Research, Wiley Blackwell, vol. 52(5), pages 993-1027, December.
    41. Zhiyao Chen & Ran Duchin, 2024. "Do Nonfinancial Firms Use Financial Assets to Take Risk?," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 13(1), pages 1-37.
    42. Xiaoting Wei & Cameron Truong & Viet Do, 2020. "When are dividend increases bad for corporate bonds?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(2), pages 1295-1326, June.
    43. Daniel Ferreira & Miguel A. Ferreira & Beatriz Mariano, 2018. "Creditor Control Rights and Board Independence," Journal of Finance, American Finance Association, vol. 73(5), pages 2385-2423, October.
    44. Giambona, Erasmo & Lopez-de-Silanes, Florencio & Matta, Rafael, 2022. "Stiffing the creditor: Asset verifiability and bankruptcy," Journal of Financial Intermediation, Elsevier, vol. 52(C).
    45. Patrick Dennis & Kristopher Gerardi & Carola Schenone, 2019. "Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry," FRB Atlanta Working Paper 2019-15, Federal Reserve Bank of Atlanta.
    46. Couwenberg, Oscar & Lubben, Stephen J., 2013. "Solving creditor problems in the twilight zone: Superfluous law and inadequate private solutions," International Review of Law and Economics, Elsevier, vol. 34(C), pages 61-76.
    47. Daniel Bens & Sterling Huang & Liang Tan & Wan Wongsunwai, 2020. "Contracting and Reporting Conservatism around a Change in Fiduciary Duties," Contemporary Accounting Research, John Wiley & Sons, vol. 37(4), pages 2472-2500, December.
    48. Gormley, Todd A. & Matsa, David A., 2016. "Playing it safe? Managerial preferences, risk, and agency conflicts," Journal of Financial Economics, Elsevier, vol. 122(3), pages 431-455.
    49. Ferris, Stephen P. & Javakhadze, David & Rajkovic, Tijana, 2017. "CEO social capital, risk-taking and corporate policies," Journal of Corporate Finance, Elsevier, vol. 47(C), pages 46-71.
    50. Wenxia Ge & Jeong‐Bon Kim, 2020. "How does the executive pay gap influence audit fees? The roles of R&D investment and institutional ownership," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(5-6), pages 677-707, May.
    51. Cuili Qian & Donal Crilly & Ke Wang & Zheng Wang, 2021. "Why Do Banks Favor Employee-Friendly Firms? A Stakeholder-Screening Perspective," Organization Science, INFORMS, vol. 32(3), pages 605-624, May.
    52. Banerjee, Suman & Humphery-Jenner, Mark, 2016. "Directors’ duties of care and the value of auditing," Finance Research Letters, Elsevier, vol. 19(C), pages 1-14.

  18. Bo Becker & Zoran Ivković & Scott Weisbenner, 2009. "Local Dividend Clienteles," NBER Working Papers 15175, National Bureau of Economic Research, Inc.

    Cited by:

    1. Carosi, Andrea, 2016. "Do local causations matter? The effect of firm location on the relations of ROE, R&D, and firm SIZE with MARKET-TO-BOOK," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 388-409.
    2. Wu, Dejun & Lin, Chen & Liu, Sibo, 2016. "Does community environment matter to corporate social responsibility?," Finance Research Letters, Elsevier, vol. 18(C), pages 127-135.
    3. Chen, Deqiu & Li, Sifei & Xiao, Jason Zezhong & Zou, Hong, 2014. "The effect of government quality on corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 384-400.
    4. Benoit d’Udekem, 2021. "Agency Conflicts and Dividend Persistence," Journal of Financial Services Research, Springer;Western Finance Association, vol. 60(2), pages 207-234, December.
    5. Janis Berzins & Øyvind Bøhren & Bogdan Stacescu, 2018. "Shareholder Conflicts and Dividends [A theory of dividends based on tax clienteles]," Review of Finance, European Finance Association, vol. 22(5), pages 1807-1840.
    6. Chao Kevin Li, 2021. "Wealth effects of dividend regulation: Evidence from China," Australian Journal of Management, Australian School of Business, vol. 46(2), pages 197-223, May.
    7. Harris, Lawrence E. & Hartzmark, Samuel M. & Solomon, David H., 2015. "Juicing the dividend yield: Mutual funds and the demand for dividends," Journal of Financial Economics, Elsevier, vol. 116(3), pages 433-451.
    8. Becker, Bo & Cronqvist, Henrik & Fahlenbrach, Rüdiger, 2011. "Estimating the Effects of Large Shareholders Using a Geographic Instrument," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(4), pages 907-942, August.
    9. Serkan Karadas & Jorida Papakroni, 2019. "Local predictive ability of analyst recommendations," Review of Financial Economics, John Wiley & Sons, vol. 37(3), pages 351-371, July.
    10. Chung, Chune Young & Doan, Gia Han & Wang, Kainan, 2024. "Local environmental organizations and long-term investor value appropriation," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    11. Krieger, Kevin & Lee, Bong-Soo & Mauck, Nathan, 2012. "Do Senior Citizens Prefer Dividends? Local Clienteles vs. Firm Characteristics," MPRA Paper 41784, University Library of Munich, Germany.
    12. Krieger, Kevin & Mauck, Nathan & Pruitt, Stephen W., 2021. "The impact of the COVID-19 pandemic on dividends," Finance Research Letters, Elsevier, vol. 42(C).
    13. Hasan, Iftekhar & Shen, Yi & Yuan, Xiaojing, 2021. "Local product market competition and bank loans," Journal of Corporate Finance, Elsevier, vol. 70(C).
    14. Bo Becker & Marcus Jacob & Martin Jacob, 2011. "Payout Taxes and the Allocation of Investment," NBER Working Papers 17481, National Bureau of Economic Research, Inc.
    15. Abakah, Alex Annan & Li, Jiayan, 2023. "Local religious beliefs and bank risk-taking," Journal of Behavioral and Experimental Finance, Elsevier, vol. 40(C).
    16. Cave, Joshua & Lancheros, Sandra, 2024. "Local peer influence on dividend payout decisions," Journal of Banking & Finance, Elsevier, vol. 164(C).
    17. Song, Jeongseop & Zhang, Fan, 2024. "Regional market uncertainty and corporate investment," The North American Journal of Economics and Finance, Elsevier, vol. 69(PB).
    18. Carter, David A. & Shank, Corey A., 2023. "Do religiosity and political beliefs affect female representation and firm performance?," International Review of Financial Analysis, Elsevier, vol. 89(C).
    19. García, Diego & Norli, Øyvind, 2012. "Geographic dispersion and stock returns," Journal of Financial Economics, Elsevier, vol. 106(3), pages 547-565.
    20. Dursun-de Neef, H. Özlem & Schandlbauer, Alexander, 2020. "Procyclical leverage: Evidence from banks’ lending and financing decisions," Journal of Banking & Finance, Elsevier, vol. 113(C).
    21. Anup Agrawal & Yuree Lim, 2018. "Local Obesity Prevalence and Corporate Policies," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 1-33, June.
    22. Cheng, Maoyong & Guo, Pin & Jin, Justin Yiqiang & Geng, Hongyan, 2021. "Political uncertainty and city bank lending in China: Evidence from city government official changes," Emerging Markets Review, Elsevier, vol. 49(C).
    23. Hasan, Mostafa Monzur & Habib, Ahsan, 2020. "Social capital and payout policies," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(1).
    24. Taehyun Kim & Quoc H Nguyen, 2020. "The Effect of Public Spending on Private Investment," Review of Finance, European Finance Association, vol. 24(2), pages 415-451.
    25. Allaudeen Hameed & Jing Xie & Yuxiang Zhong, 2024. "Preferences for dividends and stock returns around the world," Working Papers 202405, University of Macau, Faculty of Business Administration.
    26. Zhang, Lei, 2017. "Local equity market participation and stock liquidity," The Quarterly Review of Economics and Finance, Elsevier, vol. 63(C), pages 101-121.
    27. Júlio Lobão & Patrícia Piedade & Srinivas Nippani, 2022. "Does stock trading volume signal future dividends? Evidence from Iberian firms," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 21(1), pages 53-66, January.
    28. Pornsit Jiraporn & Napatsorn Jiraporn & Adisak Boeprasert & Kiyoung Chang, 2014. "Does Corporate Social Responsibility (CSR) Improve Credit Ratings? Evidence from Geographic Identification," Financial Management, Financial Management Association International, vol. 43(3), pages 505-531, September.
    29. Han, Dun & Han, Liyan & Wu, Yanran & Liu, Pei, 2021. "Dividend or growth funds: What drives individual investors' choices?," International Review of Financial Analysis, Elsevier, vol. 77(C).
    30. Pegoraro, Stefano & Montagna, Mattia, 2021. "Issuance and valuation of corporate bonds with quantitative easing," Working Paper Series 2520, European Central Bank.
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    33. Hai Long & Jianzhi Zhao & Xiaochen Lin & Lanyong Liu, 2022. "Does Venture Capital Reputation Contribute to Pre-IPO Performance of Entrepreneurial Firms in the Chinese Context?," SAGE Open, , vol. 12(4), pages 21582440221, November.
    34. Martin Kapons & Peter Kelly & Robert Stoumbos & Rafael Zambrana, 2023. "Dividends, trust, and firm value," Review of Accounting Studies, Springer, vol. 28(3), pages 1354-1387, September.
    35. Mathur, Ike & Singh, Manohar & Nejadmalayeri, Ali & Jiraporn, Pornsit, 2013. "How do bond investors perceive dividend payouts?," Research in International Business and Finance, Elsevier, vol. 27(1), pages 92-105.
    36. Hameed, Allaudeen & Xie, Jing, 2019. "Preference for dividends and return comovement," Journal of Financial Economics, Elsevier, vol. 132(1), pages 103-125.
    37. Li, Chengcheng & Wang, Xiaoqiong, 2022. "Local peer effects of corporate social responsibility," Journal of Corporate Finance, Elsevier, vol. 73(C).
    38. Jiekun Huang, 2023. "Thy Neighbor’s Vote: Peer Effects in Proxy Voting," Management Science, INFORMS, vol. 69(7), pages 4169-4189, July.
    39. Chuluun, Tuugi & Graham, Carol, 2016. "Local happiness and firm behavior: Do firms in happy places invest more?," Journal of Economic Behavior & Organization, Elsevier, vol. 125(C), pages 41-56.
    40. Schott, Lennart & Schaefer, Kerstin, 2023. "Acceptance of Chinese latecomers' technological contributions in international ICT standardization — the role of origin, experience and collaboration," LSE Research Online Documents on Economics 116987, London School of Economics and Political Science, LSE Library.
    41. Ulrike Malmendier, 2018. "Behavioral Corporate Finance," NBER Working Papers 25162, National Bureau of Economic Research, Inc.
    42. Trinh, Quoc Dat & Haddad, Christian & Tran, Kim Thuan, 2022. "Financial reporting quality and dividend policy: New evidence from an international level," International Review of Financial Analysis, Elsevier, vol. 80(C).
    43. Francis, Bill B. & Hasan, Iftekhar & Sun, Xian & Wu, Qiang, 2016. "CEO political preference and corporate tax sheltering," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 37-53.
    44. Adhikari, Binay Kumar & Agrawal, Anup, 2016. "Does local religiosity matter for bank risk-taking?," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 272-293.
    45. Thomas J. Chemmanur & Zeyu Sun & Jing Xie, 2024. "Keeping up with the Joneses: Corporate Dividends and Common Institutional Blockholders," Working Papers 202407, University of Macau, Faculty of Business Administration.
    46. Guomei Tang & Xueyong Zhang, 2021. "Media attention to locations and the cross‐section of stock returns," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 2301-2336, April.
    47. Benson, Bradley W. & Chen, Yu & James, Hui L. & Park, Jung Chul, 2020. "So far away from me: Firm location and the managerial ownership effect on firm value," Journal of Corporate Finance, Elsevier, vol. 64(C).
    48. Ucar, Erdem, 2018. "Local creative culture and corporate innovation," Journal of Business Research, Elsevier, vol. 91(C), pages 60-70.
    49. Harris, Oneil, 2018. "The impact of industrial districts on the pricing of IPOs," The Quarterly Review of Economics and Finance, Elsevier, vol. 69(C), pages 274-285.
    50. Jacob, Martin, 2010. "Taxation, Dividends, and Share Repurchases: Taking Evidence Global," Working Paper Series, Center for Fiscal Studies 2010:10, Uppsala University, Department of Economics.
    51. Kim, Taeyeon & Hwang, Hyoseok (David) & Kim, Hyun-Dong, 2023. "Do local investors know more? Evidence from securities class actions," Journal of Banking & Finance, Elsevier, vol. 156(C).
    52. Xu, Nianhang & Chen, Qinyuan & Xu, Yan & Chan, Kam C., 2016. "Political uncertainty and cash holdings: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 276-295.
    53. Laura Kawano, 2014. "The Dividend Clientele Hypothesis: Evidence from the 2003 Tax Act," American Economic Journal: Economic Policy, American Economic Association, vol. 6(1), pages 114-136, February.
    54. Hossain, Ashrafee Tanvir & Hossain, Takdir & Kryzanowski, Lawrence, 2021. "Political corruption and corporate payouts," Journal of Banking & Finance, Elsevier, vol. 123(C).
    55. Chowdhury, Hasibul & Rahman, Shofiqur, 2023. "Do tournament incentives affect corporate dividend policy?," Journal of Banking & Finance, Elsevier, vol. 152(C).
    56. Massa, Massimo & Yasuda, Ayako & Zhang, Lei, 2013. "Supply uncertainty of the bond investor base and the leverage of the firm," Journal of Financial Economics, Elsevier, vol. 110(1), pages 185-214.
    57. Holderness, Clifford G. & Pontiff, Jeffrey, 2016. "Shareholder nonparticipation in valuable rights offerings: New findings for an old puzzle," Journal of Financial Economics, Elsevier, vol. 120(2), pages 252-268.
    58. Ross Levine & Chen Lin & Wensi Xie, 2015. "Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries," NBER Working Papers 20863, National Bureau of Economic Research, Inc.
    59. Samuel M. Hartzmark & David H. Solomon, 2019. "The Dividend Disconnect," Journal of Finance, American Finance Association, vol. 74(5), pages 2153-2199, October.
    60. David S. Koo & Santhosh Ramalingegowda & Yong Yu, 2017. "The effect of financial reporting quality on corporate dividend policy," Review of Accounting Studies, Springer, vol. 22(2), pages 753-790, June.
    61. Hoi, Chun Keung & Ke, Yun & Wu, Qiang & Zhang, Hao, 2023. "Social capital and dividend policies in US corporations," Journal of Financial Stability, Elsevier, vol. 69(C).
    62. Lee, Seunghyup, 2022. "Political orientation and compensation for idiosyncratic risk," Economics Letters, Elsevier, vol. 218(C).
    63. Ouyang, Puman & Zhong, Ligang, 2023. "Asset redeployability and dividend payout policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 90(C), pages 91-105.
    64. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.
    65. Zhang, Huilin & Boubaker, Sabri & Ni, Xiaoran, 2024. "Litigating payouts or not? Evidence from universal demand laws," International Review of Economics & Finance, Elsevier, vol. 90(C), pages 136-153.
    66. Chen, Yunsen & Huang, Jianqiao & Xiao, Sheng & Zhao, Ziye, 2020. "The “home bias” of corporate subsidiary locations," Journal of Corporate Finance, Elsevier, vol. 62(C).
    67. Jun, Xiao & Li, Mingsheng & Yugang, Chen, 2017. "Catering to behavioral demand for dividends and its potential agency issue," Pacific-Basin Finance Journal, Elsevier, vol. 46(PB), pages 269-291.
    68. Giuli, Alberta Di & Karmaziene, Egle & Sekerci, Naciye, 2021. "Common ownership and firm dividend policies," Finance Research Letters, Elsevier, vol. 40(C).
    69. Berry-Stölzle, Thomas R. & Irlbeck, Steven, 2021. "Religiosity and risk taking: Is there a demand-side effect?," Journal of Corporate Finance, Elsevier, vol. 71(C).
    70. Huang, Wei & Rhee, S. Ghon & Suzuki, Katsushi & Yasutake, Taeko, 2022. "Do investors value shareholder perks? Evidence from Japan," Journal of Banking & Finance, Elsevier, vol. 143(C).
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    73. Kim, Soojung & Park, Soon Hong & Suh, Jungwon, 2018. "A J-shaped cross-sectional relation between dividends and firm value," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 857-877.
    74. Wang, Qin (Emma) & Zhang, Jun, 2023. "Local institutional investors and debt maturity," Journal of Financial Markets, Elsevier, vol. 62(C).
    75. Kumar, Alok & Lei, Zicheng & Zhang, Chendi, 2022. "Dividend sentiment, catering incentives, and return predictability," Journal of Corporate Finance, Elsevier, vol. 72(C).
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    79. Colombo, Jéfferson A. & Caldeira, João F., 2018. "The role of taxes and the interdependence among corporate financial policies: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 402-423.
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    81. Chen, Zhanhui & Huang, Xiaoran & Zhang, Lei, 2022. "Local gender imbalance and corporate risk-taking," Journal of Economic Behavior & Organization, Elsevier, vol. 198(C), pages 650-672.
    82. Baxamusa, Mufaddal & Jalal, Abu, 2023. "The decline in stock exchange listed firms," The Quarterly Review of Economics and Finance, Elsevier, vol. 90(C), pages 295-317.
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    87. Nhan Le & Phong T.H. Ngo, 2022. "Intra‐industry spillover effects: Evidence from bankruptcy filings," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1113-1144, July.
    88. John, Kose & Knyazeva, Anzhela & Knyazeva, Diana, 2011. "Does geography matter? Firm location and corporate payout policy," Journal of Financial Economics, Elsevier, vol. 101(3), pages 533-551, September.
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    90. Najah Attig & Paul Brockman, 2017. "The Local Roots of Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 142(3), pages 479-496, May.

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    1. Farzaneh Nassir Zadeh & Davood Askarany & Solmaz Arefi Asl, 2022. "Accounting Conservatism and Earnings Quality," JRFM, MDPI, vol. 15(9), pages 1-18, September.
    2. Xueyan Dong & Jingyu Gao & Sunny Li Sun & Kangtao Ye, 2021. "Doing extreme by doing good," Asia Pacific Journal of Management, Springer, vol. 38(1), pages 291-315, March.
    3. Anup Agrawal & Tareque Nasser, 2018. "Corporate Financial and Investment Policies in the Presence of a Blockholder on the Board," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 8(03), pages 1-59, September.
    4. Boubaker, Sabri & Derouiche, Imen & Lasfer, Meziane, 2015. "Geographic location, excess control rights, and cash holdings," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 24-37.
    5. Saunders, Anthony & Song, Keke, 2018. "Bank monitoring and CEO risk-taking incentives," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 225-240.
    6. Antonio Falato & Dan Li & Todd T. Milbourn, 2012. "CEO pay and the market for CEOs," Finance and Economics Discussion Series 2012-39, Board of Governors of the Federal Reserve System (U.S.).
    7. Jiang, George J. & Liu, Chang, 2021. "Getting on board: The monitoring effect of institutional directors," Journal of Corporate Finance, Elsevier, vol. 67(C).
    8. Wonik Choi & Jongha Lim, 2022. "Did they live happily ever after? The fate of restructured firms after hedge fund activism," The Financial Review, Eastern Finance Association, vol. 57(4), pages 925-947, November.
    9. Humphery-Jenner, Mark & Suchard, Jo-Ann, 2013. "Foreign VCs and venture success: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 16-35.
    10. Benjamin E. Hermalin & Michael S. Weisbach, 2012. "Information Disclosure and Corporate Governance," Journal of Finance, American Finance Association, vol. 67(1), pages 195-234, February.
    11. Jesse Edgerton, 2011. "Agency problems in public firms: evidence from corporate jets in leveraged buyouts," Finance and Economics Discussion Series 2011-15, Board of Governors of the Federal Reserve System (U.S.).
    12. Stefan Winter & Philip Michels, 2019. "The managerial power approach: Is it testable?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 23(3), pages 637-668, September.
    13. Albuquerque, Rui & Schroth, Enrique, 2012. "The Value of Control and the Costs of Illiquidity," CEPR Discussion Papers 9090, C.E.P.R. Discussion Papers.
    14. Howard Bodenhorn, 2013. "Large Block Shareholders, Institutional Investors, Boards of Directors and Bank Value in the Nineteenth Century," NBER Working Papers 18955, National Bureau of Economic Research, Inc.
    15. Golbe, Devra L. & Nyman, Ingmar, 2013. "How do share repurchases affect ownership concentration?," Journal of Corporate Finance, Elsevier, vol. 20(C), pages 22-40.
    16. Robert W. Odewale & Hasnah Kamardin, 2015. "Directors’ Remuneration Disclosure Transparency in Nigeria and the Influence of Block Share Ownership," International Journal of Business and Social Research, LAR Center Press, vol. 5(8), pages 65-78, August.
    17. Masulis, Ronald W. & Wang, Cong & Xie, Fei, 2012. "Globalizing the boardroom—The effects of foreign directors on corporate governance and firm performance," Journal of Accounting and Economics, Elsevier, vol. 53(3), pages 527-554.
    18. Onur Kemal Tosun, 2020. "Differences in CEO compensation under large and small institutional ownership," European Financial Management, European Financial Management Association, vol. 26(4), pages 1031-1058, September.
    19. Shive, Sophie, 2012. "Local investors, price discovery, and market efficiency," Journal of Financial Economics, Elsevier, vol. 104(1), pages 145-161.
    20. Ravid, S. Abraham & Sekerci, Naciye, 2020. "Large investors’ portfolio composition and firms value," Journal of Corporate Finance, Elsevier, vol. 61(C).
    21. Borja Larrain & Peter Roosenboom & Giorgo Sertsios & Francisco Urzúa, 2024. "Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs," Management Science, INFORMS, vol. 70(7), pages 4441-4464, July.
    22. Bole, Velimir & Habuš, Ada Guštin & Koman, Matjaž & Prašnikar, Janez, 2023. "Blockholdings in closely held corporations: An analysis of ownership coalitions in emerging countries," Economic Systems, Elsevier, vol. 47(2).
    23. Huang, Yichu & Fang, Feifei & Fan, Yaoyao & Ly, Kim Cuong, 2024. "Do ‘Lehman Sisters’ work in China? Women on boards and bank risk," International Review of Financial Analysis, Elsevier, vol. 93(C).
    24. Bing Zhu & Stanimira Milcheva, 2020. "The Pricing of Spatial Linkages in Companies’ Underlying Assets," The Journal of Real Estate Finance and Economics, Springer, vol. 61(3), pages 443-475, October.
    25. Alexander F. WAGNER, 2007. "Board Independence and Competence," Swiss Finance Institute Research Paper Series 07-17, Swiss Finance Institute, revised Nov 2007.
    26. Banerjee, Suman & Humphery-Jenner, Mark & Nanda, Vikram, 2018. "Does CEO bias escalate repurchase activity?," Journal of Banking & Finance, Elsevier, vol. 93(C), pages 105-126.
    27. Johnson, William C. & Kang, Jun-Koo & Masulis, Ronald W. & Yi, Sangho, 2018. "Seasoned equity offerings and customer–supplier relationships," Journal of Financial Intermediation, Elsevier, vol. 33(C), pages 98-114.
    28. Alex Edmans, 2014. "Blockholders and Corporate Governance," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 23-50, December.
    29. Rydqvist, Kristian, 2010. "Tax Arbitrage with Risk and Effort Aversion - Swedish Lottery Bonds 1970-1990," SIFR Research Report Series 70, Institute for Financial Research.
    30. Dimmock, Stephen G. & Gerken, William C. & Marietta-Westberg, Jennifer, 2015. "What determines the allocation of managerial ownership within firms? Evidence from investment management firms," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 44-64.
    31. Jiang, Fuxiu & Shen, Yanyan & Cai, Xinni, 2022. "Can multiple blockholders restrain corporate financialization?," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
    32. Ing-Haw Cheng & Harrison Hong & Kelly Shue, 2023. "Do Managers Do Good with Other People’s Money?," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 12(3), pages 443-487.
    33. Ismail Adelopo & Kumba Jallow & Peter Scott, 2012. "Multiple large ownership structure, audit committee activity and audit fees," Journal of Applied Accounting Research, Emerald Group Publishing Limited, vol. 13(2), pages 100-121, September.
    34. Stepanov, Sergey & Suvorov, Anton, 2017. "Agency problem and ownership structure: Outside blockholder as a signal," Journal of Economic Behavior & Organization, Elsevier, vol. 133(C), pages 87-107.
    35. Massa, Massimo & Yasuda, Ayako & Zhang, Lei, 2013. "Supply uncertainty of the bond investor base and the leverage of the firm," Journal of Financial Economics, Elsevier, vol. 110(1), pages 185-214.
    36. Jiang, Fuxiu & Cai, Xinni & Jiang, Zhan & Nofsinger, John R., 2019. "Multiple large shareholders and dividends: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    37. Basu, Nilanjan & Paeglis, Imants & Toffanin, Melissa, 2017. "Reading between the blocks," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 294-317.
    38. Arnaboldi, F. & Casu, B. & Gallo, A. & Kalotychou, E. & Sarkisyan, A., 2021. "Gender diversity and bank misconduct," Journal of Corporate Finance, Elsevier, vol. 71(C).
    39. Chen, Yunsen & Huang, Jianqiao & Xiao, Sheng & Zhao, Ziye, 2020. "The “home bias” of corporate subsidiary locations," Journal of Corporate Finance, Elsevier, vol. 62(C).
    40. Dreber, Anna & Rand, David G. & Garcia, Justin R. & Wernerfelt, Nils & Lum, J. Koji & Zeckhauser, Richard, 2010. "Dopamine and Risk Preferences in Different Domains," SIFR Research Report Series 71, Institute for Financial Research.
    41. Edmans, Alex & Holderness, Clifford, 2016. "Blockholders: A Survey of Theory and Evidence," CEPR Discussion Papers 11442, C.E.P.R. Discussion Papers.
    42. Wu, Qinqin & Hao, Ying & Lu, Jing, 2018. "Air pollution, stock returns, and trading activities in China," Pacific-Basin Finance Journal, Elsevier, vol. 51(C), pages 342-365.
    43. Christophe Volonté, 2015. "Culture and Corporate Governance: The Influence of Language and Religion in Switzerland," Management International Review, Springer, vol. 55(1), pages 77-118, February.
    44. Chen, Zhanhui & Huang, Xiaoran & Zhang, Lei, 2022. "Local gender imbalance and corporate risk-taking," Journal of Economic Behavior & Organization, Elsevier, vol. 198(C), pages 650-672.
    45. Henrik CRONQVIST & Rüdiger FAHLENBRACH, 2011. "CEO Contract Design: How Do Strong Principals Do It?," Swiss Finance Institute Research Paper Series 11-14, Swiss Finance Institute.
    46. Giudici, Giancarlo & Giuffra Moncayo, Giancarlo & Martinazzi, Stefano, 2020. "The role of advisors’ centrality in the success of Initial Coin Offerings," Journal of Economics and Business, Elsevier, vol. 112(C).
    47. Ovtchinnikov, Alexei V. & Pantaleoni, Eva, 2012. "Individual political contributions and firm performance," Journal of Financial Economics, Elsevier, vol. 105(2), pages 367-392.
    48. Miroslav Verbič & Marko Ogorevc, 2016. "Ownership and corporate wage policy: the signal and its strength," Applied Economics, Taylor & Francis Journals, vol. 48(17), pages 1583-1590, April.
    49. Anup Agrawal & Tareque Nasser, 2019. "Blockholders on Boards and CEO Compensation, Turnover and Firm Valuation," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(03), pages 1-67, September.
    50. Robert W. Odewale & Hasnah Kamardin, 2015. "Directors’ Remuneration Disclosure Transparency in Nigeria and the Influence of Block Share Ownership," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 5(8), pages 65-78, August.
    51. Meng Lyu & Xiaojie Christine Sun & Bing Wang, 2023. "Chief Audit Executive as Supervisory Board Member and Executive Compensation Contracts," Abacus, Accounting Foundation, University of Sydney, vol. 59(1), pages 258-299, March.
    52. Aida Sijamic Wahid, 2019. "The Effects and the Mechanisms of Board Gender Diversity: Evidence from Financial Manipulation," Journal of Business Ethics, Springer, vol. 159(3), pages 705-725, October.
    53. Huang, Xiaoran & Kang, Jun-Koo, 2017. "Geographic concentration of institutions, corporate governance, and firm value," Journal of Corporate Finance, Elsevier, vol. 47(C), pages 191-218.
    54. Nguyen, Phuong-Anh & Kecskés, Ambrus & Mansi, Sattar, 2020. "Does corporate social responsibility create shareholder value? The importance of long-term investors," Journal of Banking & Finance, Elsevier, vol. 112(C).
    55. Wintoki, M. Babajide & Xi, Yaoyi, 2019. "Friendly directors and the cost of regulatory compliance," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 112-141.
    56. Vicar S. Valencia, 2018. "Corporate Governance and CEO Innovation," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 46(1), pages 43-58, March.
    57. Pietro A. Bianchi & Antonio Marra & Donato Masciandaro & Nicola Pecchiari, 2017. "Is It Worth Having the Sopranos on Board? Corporate Governance Pollution and Organized Crime: The Case of Italy," BAFFI CAREFIN Working Papers 1759, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    58. Bing Zhu & Colin Lizieri, 2024. "Local Beta: Has Local Real Estate Market Risk Been Priced in REIT Returns?," The Journal of Real Estate Finance and Economics, Springer, vol. 69(4), pages 682-718, November.
    59. Cheng, Lee-Young & Su, Yi-Chen & Yan, Zhipeng & Zhao, Yan, 2019. "Corporate governance and target price accuracy," International Review of Financial Analysis, Elsevier, vol. 64(C), pages 93-101.

  20. Bo Becker & Todd Milbourn, 2008. "Reputation and competition: evidence from the credit rating industry," Harvard Business School Working Papers 09-051, Harvard Business School, revised Sep 2010.

    Cited by:

    1. Lannoo, Karel, 2010. "What reforms for the credit rating industry? A European perspective," ECMI Papers 3805, Centre for European Policy Studies.
    2. Dion Bongaerts & K.J. Martijn Cremers & William N. Goetzmann, 2009. "Tiebreaker: Certification and Multiple Credit Ratings," NBER Working Papers 15331, National Bureau of Economic Research, Inc.
    3. Daniel Roesch & Harald Scheule, 2011. "Securitization Rating Performance and Agency Incentives," Working Papers 182011, Hong Kong Institute for Monetary Research.
    4. Patrick Bolton & Xavier Freixas & Joel Shapiro, 2009. "The credit ratings game," Economics Working Papers 1149, Department of Economics and Business, Universitat Pompeu Fabra.
    5. Stéphane Rousseau, 2012. "A Question of Credibility: Enhancing the Accountability and Effectiveness of Credit Rating Agencies," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 356, July.
    6. Marco Pagano & Paolo Volpin, 2009. "Credit Ratings Failures and Policy Options," EIEF Working Papers Series 0912, Einaudi Institute for Economics and Finance (EIEF), revised Sep 2009.
    7. Aggelos KOTIOS & George GALANOS & Spyros ROUKANAS, 2012. "The Rating Agencies In The International Political Economy," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 11(1), pages 3-15.
    8. Ying Yi Tsai & Li-Gang Liu, 2010. "Emergence of Rating Agencies : Implications for Establishing a Regional Rating Agency in Asia," Finance Working Papers 22824, East Asian Bureau of Economic Research.
    9. Vasiliki Skreta & Laura Veldkamp, 2009. "Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation," NBER Working Papers 14761, National Bureau of Economic Research, Inc.
    10. Nelson Camanho & Pragyan Deb & Zijun Liu, 2022. "Credit rating and competition," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 2873-2897, July.
    11. Xavier Freixas, 2009. "Post crisis challenges to bank regulation," Economics Working Papers 1201, Department of Economics and Business, Universitat Pompeu Fabra.
    12. Viktor O. Ledenyov & Dimitri O. Ledenyov, 2012. "Shaping the international financial system in century of globalization," Papers 1206.2022, arXiv.org.
    13. Xia Li & Timothy Simcoe, 2021. "Competing or complementary labels? Estimating spillovers in Chinese green building certification," Strategic Management Journal, Wiley Blackwell, vol. 42(13), pages 2451-2476, December.
    14. Theurl, Theresia & Schaetzle, Dominik, 2011. "Ratingagenturen in der Kritik: Eine Analyse der Reformforderungen und -vorschläge," Arbeitspapiere 116, University of Münster, Institute for Cooperatives.
    15. Efraim Benmelech & Jennifer Dlugosz, 2009. "The Credit Rating Crisis," NBER Working Papers 15045, National Bureau of Economic Research, Inc.
    16. Ashcraft, A. & Goldsmith-Pinkham, P. & Vickery, J., 2010. "MBS Ratings and the Mortgage Credit Boom," Other publications TiSEM 5da00f7a-44c3-4829-903c-d, Tilburg University, School of Economics and Management.
    17. David Dranove & Ginger Zhe Jin, 2010. "Quality Disclosure and Certification: Theory and Practice," Journal of Economic Literature, American Economic Association, vol. 48(4), pages 935-963, December.
    18. Shapiro, Joel & Bar-Isaac, Heski, 2010. "Ratings Quality over the Business Cycle," CEPR Discussion Papers 8156, C.E.P.R. Discussion Papers.
    19. Sumon Bhaumik & Pranab Kumar Das & Subal C. Kumbhakar, 2011. "Firm Investment & Credit Constraints in India, 1997 ??? 2006: A stochastic frontier approach," William Davidson Institute Working Papers Series wp1010, William Davidson Institute at the University of Michigan.
    20. Jonathan Katz & Emanuel Salinas & Constantinos Stephanou, 2009. "Credit Rating Agencies," World Bank Publications - Reports 10227, The World Bank Group.
    21. Bank for International Settlements, 2011. "Portfolio and risk management for central banks and sovereign wealth funds," BIS Papers, Bank for International Settlements, number 58, October –.
    22. Erich Harbrecht & Martin Wieland & Ralf Elsas & Ottmar Schneck, 2010. "Ist eine europäische Ratingagentur sinnvoll, und wie sollte sie organisiert sein?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63(01), pages 03-11, January.

  21. Becker, Bo & Sivadasan, Jagadeesh, 2006. "The effect of financial development on the investment cash flow relationship: cross-country evidence from Europe," Working Paper Series 689, European Central Bank.

    Cited by:

    1. Giacomini, Emanuela & Kumar, Nitish & Naranjo, Andy, 2024. "Inter-firm relationships and the special role of common banks," Journal of Financial Intermediation, Elsevier, vol. 58(C).
    2. Gugler, Klaus & Peev, Evgeni & Segalla, Esther, 2013. "The internal workings of internal capital markets: Cross-country evidence," Journal of Corporate Finance, Elsevier, vol. 20(C), pages 59-73.
    3. Sai Ding & Alessandra Guariglia & John Knight, 2010. "Investment and financing constraints in China: does working capital management make a difference?," Working Papers 2010_33, Business School - Economics, University of Glasgow.
    4. Giorgio Calcagnini & Annalisa Ferrando & Germana Giombini, 2013. "Multiple Market Imperfections, Firm Profitability and Investment," Working Papers 1305, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2013.
    5. Sai Ding & Alessandra Guariglia & John Knight, 2010. "Does China overinvest? Evidence from a panel of Chinese firms," Working Papers 2010_32, Business School - Economics, University of Glasgow.
    6. Ferrando, Annalisa & Marchica, Maria-Teresa & Mura, Roberto, 2014. "Financial flexibility across the euro area and the UK," Working Paper Series 1630, European Central Bank.
    7. Carsten Sprenger & Olga Lazareva, 2017. "Corporate Governance and Investment: Evidence from Russian Unlisted Firms," HSE Working papers WP BRP 160/EC/2017, National Research University Higher School of Economics.
    8. Minjia Chen & Alessandra Guariglia, 2011. "Financial constraints and firm productivity in China: do liquidity and export behavior make a difference?," Discussion Papers 11/09, University of Nottingham, GEP.
    9. Caroline Perrin & Laurent Weill, 2024. "Girls will be girls? The gendered effect of economic policy uncertainty on corporate investment," Applied Economics, Taylor & Francis Journals, vol. 56(9), pages 997-1011, February.
    10. Milos Markovic & Michael A. Stemmer, 2017. "Firm Growth Dynamics and Financial Constraints: Evidence from Serbian Firms," Post-Print halshs-01489222, HAL.
    11. Annalisa Ferrando & Maria†Teresa Marchica & Roberto Mura, 2017. "Financial Flexibility and Investment Ability Across the Euro Area and the UK," European Financial Management, European Financial Management Association, vol. 23(1), pages 87-126, January.
    12. Günay, Hüseyin & Kılınç, Mustafa, 2015. "Credit market imperfections and business cycle asymmetries in Turkey," Journal of Empirical Finance, Elsevier, vol. 34(C), pages 79-98.
    13. Mercatanti, Andrea & Mäkinen, Taneli & Silvestrini, Andrea, 2019. "The role of financial factors for European corporate investment," Journal of International Money and Finance, Elsevier, vol. 96(C), pages 246-258.
    14. Daniela Federici & Valentino Parisi & Caroline Elliott, 2015. "Do corporate taxes reduce investments? Evidence from Italian firm-level panel data," Cogent Economics & Finance, Taylor & Francis Journals, vol. 3(1), pages 1012435-101, December.
    15. Moncef Guizani, 2021. "Macroeconomic conditions and investment–cash flow sensitivity: Evidence from Saudi Arabia," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4277-4294, July.
    16. Zhang, Dongyang & Liu, Deqiang, 2017. "Determinants of the capital structure of Chinese non-listed enterprises: Is TFP efficient?," Economic Systems, Elsevier, vol. 41(2), pages 179-202.
    17. Lashitew, Addisu A., 2017. "The Uneven Effect of Financial Constraints: Size, Public Ownership, and Firm Investment in Ethiopia," World Development, Elsevier, vol. 97(C), pages 178-198.
    18. Mehmet Balcilar & Serhan Çiftçioğlu & Hasan Güngör, 2016. "The Effects Of Financial Development On Investment In Turkey," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 61(04), pages 1-21, September.
    19. Lashitew, Addisu A., 2011. "Does Access to Finance Lower Firms’ Cost of Capital? Empirical Evidence from International Manufacturing Data," GGDC Research Memorandum GD-120, Groningen Growth and Development Centre, University of Groningen.

  22. Becker, Bo, 2006. "City Size and Financial Development," SIFR Research Report Series 46, Institute for Financial Research.

    Cited by:

    1. Benjamin E. Hermalin & Michael S. Weisbach, 2012. "Information Disclosure and Corporate Governance," Journal of Finance, American Finance Association, vol. 67(1), pages 195-234, February.
    2. Rydqvist, Kristian, 2010. "Tax Arbitrage with Risk and Effort Aversion - Swedish Lottery Bonds 1970-1990," SIFR Research Report Series 70, Institute for Financial Research.
    3. Ridhwan, M.M. & Nijkamp, P. & Rietveld, P., 2008. "Regional development and monetary policy : a review of the role of monetary unions, capital mobility and locational effects," Serie Research Memoranda 0007, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    4. Dreber, Anna & Rand, David G. & Garcia, Justin R. & Wernerfelt, Nils & Lum, J. Koji & Zeckhauser, Richard, 2010. "Dopamine and Risk Preferences in Different Domains," SIFR Research Report Series 71, Institute for Financial Research.

Articles

  1. Bo Becker & Victoria Ivashina, 2023. "Disruption and Credit Markets," Journal of Finance, American Finance Association, vol. 78(1), pages 105-139, February.
    See citations under working paper version above.
  2. Bo Becker & Marcus M Opp & Farzad Saidi, 2022. "Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class," The Review of Financial Studies, Society for Financial Studies, vol. 35(12), pages 5438-5482.

    Cited by:

    1. Benjamin Knox & Jakob Ahm Sørensen, 2024. "Insurers’ Investments and Insurance Prices," Finance and Economics Discussion Series 2024-058, Board of Governors of the Federal Reserve System (U.S.).
    2. Lee, Eugenia Y. & Kim, Young Jun & Lee, Sangyoon, 2023. "Fair value information and regulatory capital management using financial asset reclassification by Korean insurers," Finance Research Letters, Elsevier, vol. 56(C).
    3. Mary Chen & Seung Jung Lee & Daniel Neuhann & Farzad Saidi, 2024. "Less Bank Regulation, More Non-Bank Lending," ECONtribute Discussion Papers Series 303, University of Bonn and University of Cologne, Germany.
    4. Mary Chen & Seung Jung Lee & Daniel Neuhann & Farzad Saidi, 2023. "Less Bank Regulation, More Non-Bank Lending," Finance and Economics Discussion Series 2023-026, Board of Governors of the Federal Reserve System (U.S.).
    5. Boermans, Martijn A. & van der Kroft, Bram, 2024. "Capital regulation induced reaching for systematic yield: Financial instability through fire sales," Journal of Banking & Finance, Elsevier, vol. 158(C).

  3. Bo Becker & Victoria Ivashina, 2022. "Weak Corporate Insolvency Rules: The Missing Driver of Zombie Lending," AEA Papers and Proceedings, American Economic Association, vol. 112, pages 516-520, May.

    Cited by:

    1. Biswajit Banerjee & Risto Herrala, 2024. "Testing the impact of liquidation speed on leverage using Indian data," Working Papers 113, Ashoka University, Department of Economics.
    2. Edward I. Altman & Rui Dai & Wei Wang, 2024. "Global zombie companies: measurements, determinants, and outcomes," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(6), pages 723-744, August.
    3. Banerjee, Biswajit & Herrala, Risto, 2024. "Testing the impact of liquidation speed on leverage using Indian data," BOFIT Discussion Papers 6/2024, Bank of Finland Institute for Emerging Economies (BOFIT).
    4. Closset, Frédéric & Großmann, Christoph & Kaserer, Christoph & Urban, Daniel, 2023. "Corporate restructuring and creditor power: Evidence from European insolvency law reforms," Journal of Banking & Finance, Elsevier, vol. 149(C).

  4. Albertazzi, Ugo & Becker, Bo & Boucinha, Miguel, 2021. "Portfolio rebalancing and the transmission of large-scale asset purchase programs: Evidence from the Euro area," Journal of Financial Intermediation, Elsevier, vol. 48(C).

    Cited by:

    1. Gnabo, Jean-Yves & Soudant, Joey, 2022. "Monetary policy and portfolio rebalancing: Evidence from European equity mutual funds," Journal of Financial Stability, Elsevier, vol. 63(C).
    2. Gnewuch, Matthias, 2022. "Spillover effects of sovereign debt-based quantitative easing in the euro area," European Economic Review, Elsevier, vol. 145(C).
    3. Michail Nerantzidis & Nikolaos Stoupos & Panayiotis Tzeremes, 2024. "Realized Volatility Spillover Connectedness among the Leading European Currencies after the End of the Sovereign-Debt Crisis: A QVAR Approach," JRFM, MDPI, vol. 17(8), pages 1-17, August.
    4. Tom Hudepohl, 2022. "The rebalancing channel of QE: New evidence at the security level in the euro area," Working Papers 756, DNB.
    5. de Haan, Leo & Vermeulen, Robert, 2021. "Sovereign debt ratings and the country composition of cross-border holdings of euro area sovereign debt," Journal of International Money and Finance, Elsevier, vol. 119(C).
    6. Marie Finnegan & Supriya Kapoor, 2023. "ECB unconventional monetary policy and SME access to finance," Small Business Economics, Springer, vol. 61(3), pages 1253-1288, October.
    7. Breckenfelder, Johannes & De Falco, Veronica, 2024. "A diverse investor base impacts the effectiveness of large-scale asset purchases," Research Bulletin, European Central Bank, vol. 120.
    8. Andrejs Zlobins, 2023. "Is There a Portfolio Rebalancing Channel of QE in Latvia?," Working Papers 2023/05, Latvijas Banka.
    9. Breckenfelder, Johannes & De Falco, Veronica, 2024. "Investor heterogeneity and large-scale asset purchases," Working Paper Series 2938, European Central Bank.
    10. Laeven, Luc & Maddaloni, Angela & Mendicino, Caterina, 2022. "Monetary policy, macroprudential policy and financial stability," Working Paper Series 2647, European Central Bank.
    11. Jaydip Sen & Arup Dasgupta & Subhasis Dasgupta & Sayantani Roychoudhury, 2023. "A Portfolio Rebalancing Approach for the Indian Stock Market," Papers 2310.09770, arXiv.org.
    12. Bernardino Adão & Alberto López Martín, 2023. "Risk reallocation under Central Bank’s large-scale asset purchases," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
    13. Dusan Stojanovic, 2023. "Quantitative Easing in the Euro Area: Implications for Income and Wealth Inequality," CERGE-EI Working Papers wp760, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    14. Altavilla, Carlo & Fernandes, Cecilia Melo & Ongena, Steven & Scopelliti, Alessandro, 2022. "Bank bond holdings and bail-in regulatory changes: evidence from euro area security registers," Working Paper Series 2758, European Central Bank.
    15. Martijn Boermans, 2022. "A literature review of securities holdings statistics research and a practitioner’s guide," Working Papers 757, DNB.

  5. Bo Becker & Marieke Bos & Kasper Roszbach, 2020. "Bad Times, Good Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(S1), pages 107-142, October.

    Cited by:

    1. Hu, Yunzhi, 2022. "A dynamic theory of bank lending, firm entry, and investment fluctuations," Journal of Economic Theory, Elsevier, vol. 204(C).
    2. Zhou, Jing, 2022. "Collateral quality and house prices," Journal of Economic Dynamics and Control, Elsevier, vol. 145(C).
    3. Camilo Gómez & Daniela Rodríguez-Novoa, 2024. "Firm Support Measures, Credit Payment Behavior, and Credit Risk," IHEID Working Papers 03-2024, Economics Section, The Graduate Institute of International Studies.
    4. Henrik Andersen & Ragnar E Juelsrud & Carola Müller, 2024. "Risk-based pricing in competitive lending markets," BIS Working Papers 1169, Bank for International Settlements.
    5. Demiroglu, Cem & James, Christopher & Velioglu, Guner, 2022. "Why are commercial loan rates so sticky? The effect of private information on loan spreads," Journal of Financial Economics, Elsevier, vol. 143(2), pages 959-972.
    6. Zbigniew Korzeb & Paweł Niedziółka, 2021. "Determinants of Differentiation of Cost of Risk (CoR) among Polish Banks during COVID-19 Pandemic," JRFM, MDPI, vol. 14(3), pages 1-12, March.
    7. Bank for International Settlements, 2022. "Private sector debt and financial stability," CGFS Papers, Bank for International Settlements, number 67, October –.

  6. Baghai, Ramin P. & Becker, Bo, 2020. "Reputations and credit ratings: Evidence from commercial mortgage-backed securities," Journal of Financial Economics, Elsevier, vol. 135(2), pages 425-444.
    See citations under working paper version above.
  7. Bo Becker & Victoria Ivashina, 2018. "Financial Repression in the European Sovereign Debt Crisis [Sovereign debt, government myopia and the financial sector]," Review of Finance, European Finance Association, vol. 22(1), pages 83-115.
    See citations under working paper version above.
  8. Baghai, Ramin P. & Becker, Bo, 2018. "Non-rating revenue and conflicts of interest," Journal of Financial Economics, Elsevier, vol. 127(1), pages 94-112.
    See citations under working paper version above.
  9. Bo Becker & Jens Josephson, 2016. "Insolvency Resolution and the Missing High-Yield Bond Markets," The Review of Financial Studies, Society for Financial Studies, vol. 29(10), pages 2814-2849.
    See citations under working paper version above.
  10. Bo Becker & Victoria Ivashina, 2015. "Reaching for Yield in the Bond Market," Journal of Finance, American Finance Association, vol. 70(5), pages 1863-1902, October.
    See citations under working paper version above.
  11. Becker, Bo & Ivashina, Victoria, 2014. "Cyclicality of credit supply: Firm level evidence," Journal of Monetary Economics, Elsevier, vol. 62(C), pages 76-93.
    See citations under working paper version above.
  12. Becker, Bo & Jacob, Marcus & Jacob, Martin, 2013. "Payout taxes and the allocation of investment," Journal of Financial Economics, Elsevier, vol. 107(1), pages 1-24.
    See citations under working paper version above.
  13. Bo Becker & Daniel Bergstresser & Guhan Subramanian, 2013. "Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable's Challenge," Journal of Law and Economics, University of Chicago Press, vol. 56(1), pages 127-160.
    See citations under working paper version above.
  14. Bo Becker & Jinzhu Chen & David Greenberg, 2013. "Financial Development, Fixed Costs, and International Trade," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 2(1), pages 1-28.

    Cited by:

    1. Claessens, Stijn & Hassib, Omar & van Horen, Neeltje, 2017. "The role of foreign banks in trade," Bank of England working papers 656, Bank of England.
    2. Pedro Dias Moreira & João Monteiro, 2023. "The Impact of a Higher Cost of Credit on Exporters: Evidence from a Change in Banking Regulation," Working Papers w202320, Banco de Portugal, Economics and Research Department.
    3. Jinjarak, Yothin & Mutuc, Paulo Jose & Wignaraja, Ganeshan, 2014. "Does Finance Really Matter for the Participation of SMEs in International Trade? Evidence from 8,080 East Asian Firms," ADBI Working Papers 470, Asian Development Bank Institute.
    4. Yushi Jiang & Muhammad Irfan Khan & Syed Imran Zaman & Athar Iqbal, 2021. "Financial development and trade in services: Perspective from emerging markets of Asia, South and Central America and Africa," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3306-3320, July.
    5. Amer, Estefania, 2023. "Internationalization, institutional pressures in foreign markets, and environmental sustainability," Journal of International Management, Elsevier, vol. 29(1).
    6. Mélise Jaud & Madina Kukenova & Martin Strieborny, 2009. "Financial dependence and intensive margin of trade," PSE Working Papers halshs-00575005, HAL.
    7. Gächter, Martin & Gkrintzalis, Ioannis, 2017. "The finance–trade nexus revisited: Is the global trade slowdown also a financial story?," Economics Letters, Elsevier, vol. 158(C), pages 21-25.
    8. Christian Keuschnigg & Michael Kogler, 2018. "Trade and Credit Reallocation: How Banks Help Shape Comparative Advantage," CESifo Working Paper Series 7398, CESifo.
    9. Claessens, Stijn & van Horen, Neeltje, 2021. "Foreign banks and trade," Journal of Financial Intermediation, Elsevier, vol. 45(C).
    10. Sohail, Muhammad Tayyab & Din, Norashidah Md, 2024. "How do digital inclusion and energy security risks affect mineral resources trade? Evidence from world-leading mineral trading countries," Resources Policy, Elsevier, vol. 89(C).
    11. Terence Achiangea Aminkeng & Song Huaming & Ngoe Bosambe Mukete & Gershom Endelani Mwalupaso, 2024. "Impact of Credit Constraints on Financial Performance of Small and Medium Size Enterprises," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 36(4), pages 868-896, August.
    12. Kim Huynh & Robert Petrunia & Joel Rodrigue & Walter Steingress, 2023. "Exporting and Investment Under Credit Constraints," Staff Working Papers 23-10, Bank of Canada.
    13. Guglielmo Maria Caporale & Anamaria Diana Sova & Robert Sova, 2023. "The short‐run and long‐run effects of trade openness on financial development: Some panel evidence for Europe," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 3891-3901, October.
    14. Devesh Roy & Abdul Munasib & Xing Chen, 2014. "Social trust and international trade: the interplay between social trust and formal finance," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 150(4), pages 693-714, November.
    15. Cai, Ning & Feng, Jinlu & Liu, Yong & Ru, Hong & Yang, Endong, 2019. "Government credit and trade war," BOFIT Discussion Papers 7/2019, Bank of Finland Institute for Emerging Economies (BOFIT).
    16. Li, Jie & Lan, Liping & Ouyang, Zhigang, 2020. "Credit constraints, currency depreciation and international trade," Journal of International Money and Finance, Elsevier, vol. 104(C).
    17. Volodymyr Martyniuk & Tomasz Wolowiec & Elena Mieszajkina, 2021. "Planning and Forecasting Customs Revenues to the State Budget: A Case Study of Ukraine," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 648-665.
    18. Melise Jaud & Madina Kukenova & Martin Strieborny, 2021. "Stock Market Liberalizations and Export Dynamics," Working Papers 2021_15, Business School - Economics, University of Glasgow.
    19. Caporale, Guglielmo Maria & Sova, Anamaria Diana & Sova, Robert, 2022. "The direct and indirect effects of financial development on international trade: Evidence from the CEEC-6," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).
    20. Munasib, Abdul & Roy, Devesh, 2014. "Financial reforms, product differentiation, and trade," Economics Letters, Elsevier, vol. 123(1), pages 37-41.
    21. Dantas Guimarães, Silvana & Ferreira Tiryaki, Gisele, 2020. "The impact of population aging on business cycles volatility: International evidence," The Journal of the Economics of Ageing, Elsevier, vol. 17(C).
    22. Gnangnon, Sèna Kimm, 2022. "The Least Developed Countries' Services Waiver and the Stability of Least Developed Countries' Services Exports," EconStor Preprints 260587, ZBW - Leibniz Information Centre for Economics.
    23. Chan, Jackie M.L., 2019. "Financial frictions and trade intermediation: Theory and evidence," European Economic Review, Elsevier, vol. 119(C), pages 567-593.
    24. Bernardina Algieri & Antonio Aquino & Lidia Mannarino, 2018. "Non-Price Competitiveness and Financial Drivers of Exports: Evidences from Italian Regions," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 4(1), pages 107-133, March.
    25. Kwan Yong Lee, 2023. "Financial dependence and exports: Entrants or incumbents?," Southern Economic Journal, John Wiley & Sons, vol. 89(4), pages 1102-1137, April.
    26. Jackie M.L. Chan, 2015. "Trade Intermediation, Financial Frictions, and the Gains from Trade," Discussion Papers 15-009, Stanford Institute for Economic Policy Research.
    27. Prakash Singh & Dibyendu Maiti, 2019. "Sources of Finance, Innovation and Exportability in Asia: Cross-country Evidences," Journal of Asian Economic Integration, , vol. 1(1), pages 73-96, April.
    28. Gnangnon, Sèna Kimm, 2022. "Effect of structural economic vulnerability on the participation in international trade," EconStor Preprints 262004, ZBW - Leibniz Information Centre for Economics.
    29. Mumtaz Hussain Shah, 2017. "Inward FDI in East Asian & Pacific Developing Countries due to WTO Led Liberalisation," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 9(2), pages 1-20, June.
    30. Duc Bao Nguyen & Anne‐Gaël Vaubourg, 2021. "Financial intermediation, trade agreements and international trade," The World Economy, Wiley Blackwell, vol. 44(3), pages 788-817, March.
    31. Bunje, Madinatou Yeh & Abendin, Simon & Wang, Yin, 2022. "The multidimensional effect of financial development on trade in Africa: The role of the digital economy," Telecommunications Policy, Elsevier, vol. 46(10).
    32. Li, Jie & Ouyang, Zhigang & Zhang, Naixin, 2023. "Processing trade and credit constraints," Journal of Corporate Finance, Elsevier, vol. 83(C).

  15. Bo Becker & Per Strömberg, 2012. "Fiduciary Duties and Equity-debtholder Conflicts," The Review of Financial Studies, Society for Financial Studies, vol. 25(6), pages 1931-1969.
    See citations under working paper version above.
  16. Bo Becker & Zoran Ivković & Scott Weisbenner, 2011. "Local Dividend Clienteles," Journal of Finance, American Finance Association, vol. 66(2), pages 655-683, April.
    See citations under working paper version above.
  17. Becker, Bo & Milbourn, Todd, 2011. "How did increased competition affect credit ratings?," Journal of Financial Economics, Elsevier, vol. 101(3), pages 493-514, September.
    See citations under working paper version above.
  18. Becker, Bo & Cronqvist, Henrik & Fahlenbrach, Rüdiger, 2011. "Estimating the Effects of Large Shareholders Using a Geographic Instrument," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(4), pages 907-942, August.
    See citations under working paper version above.
  19. Becker Bo & Sivadasan Jagadeesh, 2010. "The Effect of Financial Development on the Investment-Cash Flow Relationship: Cross-Country Evidence from Europe," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-49, May.
    See citations under working paper version above.
  20. Becker, Bo, 2007. "Geographical segmentation of US capital markets," Journal of Financial Economics, Elsevier, vol. 85(1), pages 151-178, July.

    Cited by:

    1. Smajlbegovic, Esad, 2015. "Regional Economic Activity and Stock Returns," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112854, Verein für Socialpolitik / German Economic Association.
    2. Robert Faff & Tribeni Lodh & Jerry Pawada, 2012. "Location Decisions of Domestic and Foreign-Affiliated Financial Advisors: Australian Evidence," Journal of Financial Services Research, Springer;Western Finance Association, vol. 42(3), pages 207-228, December.
    3. Jesse A. Ellis & Shane Underwood, 2018. "The Only Fund in Town? Geographic Segmentation in the US Mutual Fund Industry," Financial Management, Financial Management Association International, vol. 47(3), pages 715-737, September.
    4. Wang, Teng, 2021. "Local banks and the effects of oil price shocks," Journal of Banking & Finance, Elsevier, vol. 125(C).
    5. Wang, Li & Menkhoff, Lukas & Schröder, Michael & Xu, Xian, 2015. "Politicians' promotion incentives and bank risk exposure in China," ZEW Discussion Papers 15-026, ZEW - Leibniz Centre for European Economic Research.
    6. Kristle Romero Cortes & Philip E. Strahan, 2015. "Tracing Out Capital Flows: How Financially Integrated Banks Respond to Natural Disasters," Working Papers (Old Series) 14-12R, Federal Reserve Bank of Cleveland.
    7. Andrea Cayumil Fernández & Miguel Quiroga & Iván Araya & Gabriel Pino, 2022. "Can local financial depth and dependence on external funding impact regional creation of new firms in Chile?," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 68(2), pages 387-406, April.
    8. Pia Hüttl & Matthias Kaldorf, 2022. "Real Effects of Financial Market Integration: Evidence from an ECB Collateral Framework Change," ECONtribute Discussion Papers Series 174, University of Bonn and University of Cologne, Germany.
    9. Fan, Jianyong & Liu, Yu & Zhang, Qi & Zhao, Peng, 2022. "Does government debt impede firm innovation? Evidence from the rise of LGFVs in China," Journal of Banking & Finance, Elsevier, vol. 138(C).
    10. Christian Kubitza, 2022. "Investor-Driven Corporate Finance: Evidence from Insurance Markets," ECONtribute Discussion Papers Series 144, University of Bonn and University of Cologne, Germany.
    11. Viral V. Acharya & Jean Imbs & Jason Sturgess, 2011. "Finance and Efficiency: Do Bank Branching Regulations Matter?," Review of Finance, European Finance Association, vol. 15(1), pages 135-172.
    12. Butler, Alexander W. & Cornaggia, Jess, 2011. "Does access to external finance improve productivity? Evidence from a natural experiment," Journal of Financial Economics, Elsevier, vol. 99(1), pages 184-203, January.
    13. Dewally, Michaël & Shao, Yingying, 2014. "Liquidity crisis, relationship lending and corporate finance," Journal of Banking & Finance, Elsevier, vol. 39(C), pages 223-239.
    14. Hasan, Iftekhar & Shen, Yi & Yuan, Xiaojing, 2021. "Local product market competition and bank loans," Journal of Corporate Finance, Elsevier, vol. 70(C).
    15. Matteo Benetton, 2017. "Lenders' Competition and Macro-prudential Regulation: A Model of the UK Mortgage Supermarket," 2017 Meeting Papers 1001, Society for Economic Dynamics.
    16. Jose M. Berrospide & Lamont K. Black & William R. Keeton, 2013. "The cross-market spillover of economic shocks through multi-market banks," Finance and Economics Discussion Series 2013-52, Board of Governors of the Federal Reserve System (U.S.).
    17. Degryse, Hans & Matthews, Kent & Zhao, Tianshu, 2018. "SMEs and access to bank credit: Evidence on the regional propagation of the financial crisis in the UK," Journal of Financial Stability, Elsevier, vol. 38(C), pages 53-70.
    18. Song, Jeongseop & Zhang, Fan, 2024. "Regional market uncertainty and corporate investment," The North American Journal of Economics and Finance, Elsevier, vol. 69(PB).
    19. Elena Loutskina & Philip E. Strahan, 2009. "Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Originations," Journal of Finance, American Finance Association, vol. 64(2), pages 861-889, April.
    20. Dursun-de Neef, H. Özlem & Schandlbauer, Alexander, 2020. "Procyclical leverage: Evidence from banks’ lending and financing decisions," Journal of Banking & Finance, Elsevier, vol. 113(C).
    21. Koetter, Michael & Poghosyan, Tigran, 2009. "The identification of technology regimes in banking: Implications for the market power-fragility nexus," Journal of Banking & Finance, Elsevier, vol. 33(8), pages 1413-1422, August.
    22. Bo Becker & Zoran Ivković & Scott Weisbenner, 2009. "Local Dividend Clienteles," NBER Working Papers 15175, National Bureau of Economic Research, Inc.
    23. Chen, Wei-Da & Chen, Yehning & Huang, Shu-Chun, 2021. "Liquidity risk and bank performance during financial crises," Journal of Financial Stability, Elsevier, vol. 56(C).
    24. Hugonnier, Julien & Malamud, Semyon & Morellec, Erwan, 2015. "Credit market frictions and capital structure dynamics," Journal of Economic Theory, Elsevier, vol. 157(C), pages 1130-1158.
    25. Paula Bustos & Gabriel Garber & Jacopo Ponticelli, 2016. "Capital Allocation Across Sectors: Evidence from a Boom in Agriculture," Working Papers Series 414, Central Bank of Brazil, Research Department.
    26. Cuñat, Vicente & Cvijanovic, Dragana & Yuan, Kathy, 2018. "Within-bank spillovers of real estate shocks," LSE Research Online Documents on Economics 87374, London School of Economics and Political Science, LSE Library.
    27. Paula Bustos & Gabriel Garber & Jacopo Ponticelli, 2020. "Capital Accumulation and Structural Transformation [“Capital Deepening and Nonbalanced Economic Growth”]," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(2), pages 1037-1094.
    28. Felipe Restrepo & Lina Cardona Sosa & Philip E. Strahan, 2017. "Funding Liquidity without Banks: Evidence from a Shock to the Cost of Very Short-Term Debt," NBER Working Papers 23179, National Bureau of Economic Research, Inc.
    29. Matteo Benetton, 2021. "Leverage Regulation and Market Structure: A Structural Model of the U.K. Mortgage Market," Journal of Finance, American Finance Association, vol. 76(6), pages 2997-3053, December.
    30. Yasuhiro Yamamoto, 2020. "Less competitive bank markets: Conventional and unconventional monetary policies through bank‐lending channels," International Finance, Wiley Blackwell, vol. 23(2), pages 277-296, August.
    31. Michael Smolyansky, 2016. "Policy Externalities and Banking Integration," Finance and Economics Discussion Series 2016-8, Board of Governors of the Federal Reserve System (U.S.).
    32. Christian Keuschnigg & Michael Kogler & Johannes Matt, 2022. "Banks, Credit Reallocation, and Creative Destruction," Swiss Finance Institute Research Paper Series 22-83, Swiss Finance Institute.
    33. Bertsch, Christoph & Hull, Isaiah & Zhang, Xin, 2016. "Fed Liftoff and Subprime Loan Interest Rates: Evidence from the Peer-to-Peer Lending Market," Working Paper Series 319, Sveriges Riksbank (Central Bank of Sweden).
    34. Apergis, Nicholas & Dastidar, Sayantan Ghosh, 2024. "Local stock liquidity and local factors: Fresh evidence from US firms across states," Research in International Business and Finance, Elsevier, vol. 67(PA).
    35. Kristian S. Blickle, 2018. "Local banks, credit supply, and house prices," Staff Reports 874, Federal Reserve Bank of New York.
    36. Arena, Matteo P. & Dewally, Michaël, 2012. "Firm location and corporate debt," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 1079-1092.
    37. Douglas (DJ) Fairhurst, 2020. "Financing seasonal demand," Financial Management, Financial Management Association International, vol. 49(3), pages 839-870, September.
    38. Jose M. Berrospide & Lamont K. Black & William R. Keeton, 2016. "The Cross‐Market Spillover of Economic Shocks through Multimarket Banks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(5), pages 957-988, August.
    39. Kose John & Qianru Qi & Jing Wang, 2020. "Bank Integration and the Market for Corporate Control: Evidence from Cross-State Acquisitions," Management Science, INFORMS, vol. 66(7), pages 3277-3294, July.
    40. John Ashton & Andros Gregoriou, 2012. "The Influence of Banking Centralisation on Depositors: Regional Heterogeneities in the Transmission of Monetary Policy," Working Papers 12005, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    41. Christoph Bertsch & Isaiah Hull & Xin Zhang, 2021. "Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending," International Journal of Central Banking, International Journal of Central Banking, vol. 17(71), pages 1-47, December.
    42. Mattia Girotti, 2021. "How monetary policy changes bank liability structure and funding cost," Oxford Economic Papers, Oxford University Press, vol. 73(1), pages 49-75.
    43. Loutskina, Elena & Strahan, Philip E., 2015. "Financial integration, housing, and economic volatility," Journal of Financial Economics, Elsevier, vol. 115(1), pages 25-41.
    44. Dong Beom Choi & Hyun-Soo Choi, 2016. "The effect of monetary policy on bank wholesale funding," Staff Reports 759, Federal Reserve Bank of New York.
    45. Prasad Krishnamurthy, 2015. "Banking Deregulation, Local Credit Supply, and Small Business Growth," Journal of Law and Economics, University of Chicago Press, vol. 58(4).
    46. Mu-Jeung Yang & Johannes Wieland, 2015. "Financial Dampening," 2015 Meeting Papers 1022, Society for Economic Dynamics.
    47. Vladimir Yankov, 2014. "In Search of a Risk-free Asset," Finance and Economics Discussion Series 2014-108, Board of Governors of the Federal Reserve System (U.S.).
    48. Elena Loutskina & Philip E. Strahan, 2006. "Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Acceptance Rates," NBER Working Papers 11983, National Bureau of Economic Research, Inc.
    49. Fudulache, Adina-Elena & Goetz, Martin R., 2023. "Long-term deposit funding and demand for central bank funds: Evidence from targeted longer-term refinancing operations," Discussion Papers 12/2023, Deutsche Bundesbank.
    50. Junhong Yang, & Alessandra Guariglia & Yuchao Peng & Yukun Shi, 2020. "Inventory investment and the choice of financing: Does financial development play a role?," Discussion Papers 2020-14, University of Nottingham, GEP.
    51. Minetti, Raoul & Herrera, Ana Maria & Schaffer, Matthew, 2021. "Financial Liberalization, Credit Market Dynamism, and Allocative Efficiency," Working Papers 2021-4, Michigan State University, Department of Economics.
    52. Massa, Massimo & Yasuda, Ayako & Zhang, Lei, 2013. "Supply uncertainty of the bond investor base and the leverage of the firm," Journal of Financial Economics, Elsevier, vol. 110(1), pages 185-214.
    53. George M. Korniotis & Alok Kumar & Jeremy K. Page, 2020. "Investor sophistication and asset prices," Review of Financial Economics, John Wiley & Sons, vol. 38(4), pages 557-579, October.
    54. Imai, Masami, 2012. "Local economic effects of a government-owned depository institution: Evidence from a natural experiment in Japan," Journal of Financial Intermediation, Elsevier, vol. 21(1), pages 1-22.
    55. Silva, Cinthya & Pino, Gabriel, 2024. "Financial inclusion and roof quality: Satellite evidence from Chilean slums," World Development, Elsevier, vol. 180(C).
    56. Teng Wang, 2020. "Branching Networks and Geographic Contagion of Commodity Price Shocks," Finance and Economics Discussion Series 2020-034, Board of Governors of the Federal Reserve System (U.S.).
    57. Wahrenburg, Mark & Kaffenberger, Bijan, 2015. "Fragmentation in the european retail deposit market and implications for loan availability in european member states," SAFE White Paper Series 31, Leibniz Institute for Financial Research SAFE.
    58. Masami Imai, 2008. "Crowding-Out Effects of a Government-Owned Depository Institution: Evidence from a Natural Experiment in Japan," Wesleyan Economics Working Papers 2008-003, Wesleyan University, Department of Economics.
    59. Chang, Philip C. & Jia, Chunxin & Wang, Zhicheng, 2010. "Bank fund reallocation and economic growth: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 34(11), pages 2753-2766, November.
    60. Doan, Anh-Tuan & Lin, Kun-Li, 2022. "Bank ownership and stock price informativeness. Does politics matter?," International Review of Financial Analysis, Elsevier, vol. 79(C).
    61. Kumar, Alok & Page, Jeremy K. & Spalt, Oliver G., 2011. "Religious beliefs, gambling attitudes, and financial market outcomes," Journal of Financial Economics, Elsevier, vol. 102(3), pages 671-708.
    62. Bo Becker & Victoria Ivashina, 2011. "Cyclicality of Credit Supply: Firm Level Evidence," NBER Working Papers 17392, National Bureau of Economic Research, Inc.
    63. Ama Samarasinghe & Katherine Uylangco, 2022. "Stock market liquidity and traditional sources of bank business," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 3107-3145, September.
    64. Klasa, Sandy & Litov, Lubomir P. & Neyland, Jordan & Sepe, Simone M., 2013. "Does Legal Counsel Expertise Add Value? Evidence from Mergers and Acquisitions," Working Papers 13-27, University of Pennsylvania, Wharton School, Weiss Center.
    65. William R. Keeton, 2009. "Has multi-market banking changed the response of small business lending to local economic shocks?," Economic Review, Federal Reserve Bank of Kansas City, vol. 94(Q I), pages 5-35.
    66. Dursun-de Neef, H. Özlem & Schandlbauer, Alexander, 2022. "COVID-19, bank deposits, and lending," Journal of Empirical Finance, Elsevier, vol. 68(C), pages 20-33.
    67. Mohammed Alyakoob & Mohammad S. Rahman & Zaiyan Wei, 2021. "Where You Live Matters: Local Bank Competition, Online Marketplace Lending, and Disparity in Borrower Benefits," Information Systems Research, INFORMS, vol. 32(4), pages 1390-1411, December.
    68. Almaghrabi, Khadija S., 2023. "Local product market competition and investment home bias," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    69. George Pennacchi, 2019. "Banks, Taxes, and Nonbank Competition," Journal of Financial Services Research, Springer;Western Finance Association, vol. 55(1), pages 1-30, February.
    70. Nhan Le & Phong T.H. Ngo, 2022. "Intra‐industry spillover effects: Evidence from bankruptcy filings," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1113-1144, July.
    71. Bruche, Max & Suarez, Javier, 2010. "Deposit insurance and money market freezes," Journal of Monetary Economics, Elsevier, vol. 57(1), pages 45-61, January.
    72. Chen, Jun & King, Tao-Hsien Dolly & Wen, Min-Ming, 2020. "Non-executive ownership and private loan pricing," Journal of Corporate Finance, Elsevier, vol. 64(C).

  21. Bo Becker, 2006. "Wealth and Executive Compensation," Journal of Finance, American Finance Association, vol. 61(1), pages 379-397, February.

    Cited by:

    1. Ramírez, Andrés & Tadesse, Solomon, 2009. "Corporate cash holdings, uncertainty avoidance, and the multinationality of firms," International Business Review, Elsevier, vol. 18(4), pages 387-403, August.
    2. Bienz, Carsten & Thorburn, Karin S. & Walz, Uwe, 2023. "Fund ownership, wealth, and risk-taking: Evidence on private equity managers," Journal of Financial Intermediation, Elsevier, vol. 54(C).
    3. Carosi, Andrea & Guedes, José, 2024. "Can compensation disclosure cause CEO pay escalation?," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    4. Alex Edmans & Xavier Gabaix & Augustin Landier, 2007. "A Calibratable Model of Optimal CEO Incentives in Market Equilibrium," NBER Working Papers 13372, National Bureau of Economic Research, Inc.
    5. Jesse Edgerton, 2011. "Agency problems in public firms: evidence from corporate jets in leveraged buyouts," Finance and Economics Discussion Series 2011-15, Board of Governors of the Federal Reserve System (U.S.).
    6. Cziraki, Peter, 2018. "Trading by bank insiders before and during the 2007–2008 financial crisis," Journal of Financial Intermediation, Elsevier, vol. 33(C), pages 58-82.
    7. Steffen Brenner, 2015. "The Risk Preferences of U.S. Executives," Management Science, INFORMS, vol. 61(6), pages 1344-1361, June.
    8. Te Bao & Edward Halim & Charles N. Noussair & Yohanes E. Riyanto, 2021. "Managerial incentives and stock price dynamics: an experimental approach," Experimental Economics, Springer;Economic Science Association, vol. 24(2), pages 617-648, June.
    9. Joseph Y. Chen & Bruce L. Miller, 2009. "On the Relative Performance of Linear vs. Piecewise-Linear-Threshold Intertemporal Incentives," Management Science, INFORMS, vol. 55(10), pages 1743-1752, October.
    10. William H. Beaver & Stefano Cascino & Maria Correia & Maureen F. McNichols, 2019. "Group Affiliation and Default Prediction," Management Science, INFORMS, vol. 65(8), pages 3559-3584, August.
    11. Aktas, Nihat & de Bodt, Eric & Roll, Richard, 2009. "Learning, hubris and corporate serial acquisitions," Journal of Corporate Finance, Elsevier, vol. 15(5), pages 543-561, December.
    12. Alex Edmans & Xavier Gabaix, 2015. "Executive Compensation: A Modern Primer," NBER Working Papers 21131, National Bureau of Economic Research, Inc.
    13. Edmans, Alex & Gosling, Tom & Jenter, Dirk, 2021. "CEO compensation: evidence from the field," LSE Research Online Documents on Economics 118860, London School of Economics and Political Science, LSE Library.
    14. Xudong Fu & James A. Ligon, 2010. "Exercises of Executive Stock Options on the Vesting Date," Financial Management, Financial Management Association International, vol. 39(3), pages 1097-1126, September.
    15. Bruce K. Billings & James R. Moon & Richard M. Morton & Dana M. Wallace, 2020. "Can Employee Stock Options Contribute to Less Risk‐Taking?†," Contemporary Accounting Research, John Wiley & Sons, vol. 37(3), pages 1658-1686, September.
    16. Paulo Fagandini, 2022. "Wealth and the principal–agent matching," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(2), pages 555-568, March.
    17. Bienz, Carsten & Thorburn, Karin & Walz, Uwe, 2019. "Ownership, Wealth, and Risk Taking: Evidence on Private Equity Fund Managers," SAFE Working Paper Series 126, Leibniz Institute for Financial Research SAFE, revised 2019.
    18. Julia Grant & Garen Markarian & Antonio Parbonetti, 2009. "CEO Risk†Related Incentives and Income Smoothing," Contemporary Accounting Research, John Wiley & Sons, vol. 26(4), pages 1029-1065, December.
    19. Neyland, Jordan, 2020. "Love or money: The effect of CEO divorce on firm risk and compensation," Journal of Corporate Finance, Elsevier, vol. 60(C).
    20. Page, T. Beau, 2018. "CEO attributes, compensation, and firm value: Evidence from a structural estimation," Journal of Financial Economics, Elsevier, vol. 128(2), pages 378-401.
    21. Konstantinos Tzioumis, 2013. "Are company founders underpaid?," Applied Economics, Taylor & Francis Journals, vol. 45(18), pages 2527-2536, June.
    22. Bliss, Richard T. & Potter, Mark E. & Schwarz, Christopher, 2012. "Decision making and risk aversion in the Cash Cab," Journal of Economic Behavior & Organization, Elsevier, vol. 84(1), pages 163-173.
    23. Kelly Shue & Richard Townsend, 2016. "Growth through Rigidity: An Explanation for the Rise in CEO Pay," NBER Working Papers 21975, National Bureau of Economic Research, Inc.
    24. Albuquerque, Rui & Miao, Jianjun, 2006. "CEO Power, Compensation and Governance," CEPR Discussion Papers 5818, C.E.P.R. Discussion Papers.
    25. Mobbs, Shawn & Raheja, Charu G., 2012. "Internal managerial promotions: Insider incentives and CEO succession," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1337-1353.
    26. Zhiguo He & Si Li & Bin Wei & Jianfeng Yu, 2013. "Uncertainty, risk, and incentives: theory and evidence," Finance and Economics Discussion Series 2013-18, Board of Governors of the Federal Reserve System (U.S.).
    27. Li, Fei & Ueda, Masako, 2009. "Why do reputable agents work for safer firms?," Finance Research Letters, Elsevier, vol. 6(1), pages 2-12, March.
    28. Sebastian Gryglewicz & Barney Hartman-Glaser & Geoffery Zheng, 2020. "Growth Options, Incentives, and Pay for Performance: Theory and Evidence," Management Science, INFORMS, vol. 66(3), pages 1248-1277, March.
    29. Kelly Shue & Richard Townsend, 2017. "How do Quasi-Random Option Grants Affect CEO Risk-Taking?," NBER Working Papers 23091, National Bureau of Economic Research, Inc.
    30. Engesaeth, E.J.P., 2011. "Managerial compensation contracting," Other publications TiSEM 5eb8d152-e701-4e5c-8852-7, Tilburg University, School of Economics and Management.
    31. Tzioumis, Konstantinos, 2008. "Why do firms adopt CEO stock options? Evidence from the United States," Journal of Economic Behavior & Organization, Elsevier, vol. 68(1), pages 100-111, October.
    32. Aktas, Nihat & de Bodt, Eric & Van Oppens, Hervé, 2008. "Legal insider trading and market efficiency," Journal of Banking & Finance, Elsevier, vol. 32(7), pages 1379-1392, July.
    33. Sonik Mandal & Charlie Swartz & Sanjib Guha & Carl B. McGowan Jr., 2019. "How CEO Wealth Affects the Riskiness of a Firm," Applied Economics and Finance, Redfame publishing, vol. 6(4), pages 36-40, July.
    34. Jie (Jack) He & Tao Shu & Huan Yang, 2018. "The Employee Clientele of Corporate Leverage: Evidence from Personal Labor Income Diversification," Working Papers 18-01, Center for Economic Studies, U.S. Census Bureau.
    35. Yacine Belghitar & Ephraim Clark, 2014. "Convexity, Magnification, And Translation: The Effect Of Managerial Option-Based Compensation On Corporate Cash Holdings," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 37(2), pages 191-210, June.

Chapters

  1. Bo Becker & Ulrich Hege & Pierre Mella-Barral, 2020. "Corporate debt burdens threaten economic recovery after COVID-19: Planning for debt restructuring should start now," Vox eBook Chapters, in: AgneÌ€s BeÌ nassy-QueÌ reÌ & Beatrice Weder di Mauro (ed.), Europe in the Time of Covid-19, edition 1, volume 1, chapter 1, pages 34-40, Centre for Economic Policy Research.

    Cited by:

    1. Abraham,Facundo & Cortina Lorente,Juan Jose & Schmukler,Sergio L., 2020. "Growth of Global Corporate Debt : Main Facts and Policy Challenges," Policy Research Working Paper Series 9394, The World Bank.
    2. Fattouh, Bassam & Pisicoli, Beniamino & Scaramozzino, Pasquale, 2024. "Debt and financial fragility: Italian non-financial companies after the pandemic," Economic Modelling, Elsevier, vol. 131(C).
    3. Didier Brandao,Tatiana & Huneeus,Federico & Larrain,Mauricio & Schmukler,Sergio L., 2020. "Financing Firms in Hibernation During the COVID-19 Pandemic," Research and Policy Briefs 147598, The World Bank.
    4. Luigi Bonatti & Andrea Fracasso & Roberto Tamborini, 2020. "COVID-19 and the Future of Quantitative Easing in the Euro Area: Three Scenarios with a Trilemma," DEM Working Papers 2020/11, Department of Economics and Management.
    5. Gustav Engström & Johan Gars & Niko Jaakkola & Therese Lindahl & Daniel Spiro & Arthur A. van Benthem, 2020. "What Policies Address Both the Coronavirus Crisis and the Climate Crisis?," CESifo Working Paper Series 8367, CESifo.
    6. Donato Masciandaro, 2020. "Covid-19 Helicopter Money, Monetary Policy And Central Bank Independence: Economics And Politics," BAFFI CAREFIN Working Papers 20137, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    7. Donato Masciandaro, 2020. "Ecb Helicopter Money: Economic And Political Economy Arithmetics," BAFFI CAREFIN Working Papers 20138, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    8. Mouzas, Stefanos & Bauer, Florian, 2022. "Rethinking business performance in global value chains," Journal of Business Research, Elsevier, vol. 144(C), pages 679-689.
    9. ABDELHAMID, Mohamed Ben & BELLALAH, Makram, 2023. "Investigating The Optimal Exit Timing And Leverage During The Covid-19 Crisis," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 27(1), pages 18-38, March.
    10. Luigi Bonatti & Andrea Fracasso, 2020. "The Covid-19 Crisis, Italy and Ms Merkel’s Turnaround: Will the EU Ever be the Same Again?," EconPol Policy Reports 25, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    11. Fukunari Kimura & Shandre Mugan Thangavelu & Dionisius Narjoko & Christopher Findlay, 2020. "Pandemic (COVID‐19) Policy, Regional Cooperation and the Emerging Global Production Network†," Asian Economic Journal, East Asian Economic Association, vol. 34(1), pages 3-27, March.
    12. Zhu, Chunli & Wu, Jianping & Liu, Mingyu & Wang, Linyang & Li, Duowei & Kouvelas, Anastasios, 2021. "Recovery preparedness of global air transport influenced by COVID-19 pandemic: Policy intervention analysis," Transport Policy, Elsevier, vol. 106(C), pages 54-63.

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