Journal of Financial Services Research
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Equilibrium Incentives to Acquire Precise Information in Delegated Portfolio Management
Journal of Financial Services Research - Tập 25 - Trang 25-36 - 2004
This paper investigates how a linear contract offered to a portfolio manager affects her incentives to acquire precise information. I show that increasing the manager's portfolio share increases her demand for precise information. This result contrasts with the existing irrelevance results where the manager's portfolio share does not affect her precision choice. The irrelevance result relies on th......
The Interplay among Financial Regulations, Resilience, and Growth
Journal of Financial Services Research - Tập 53 - Trang 141-162 - 2018
Interconnectedness has been an important source of market failures, leading to the recent financial crisis. Large financial institutions tend to have similar exposures and thus exert externalities on each other through various mechanisms. Regulators have responded by putting in place more regulations with many layers of regulatory complexity, leading to ambiguity and market manipulation. Mispricin......
Commentary: Using tax policy to curb speculative short-term trading
Journal of Financial Services Research - Tập 3 - Trang 117-120 - 1989
What Determines Enterprise Borrowing from Self Help Groups? An Interpretable Supervised Machine Learning Approach
Journal of Financial Services Research - - Trang 1-23 - 2023
Despite several advantages associated with borrowing from micro-finance institutions, such as self-help groups (SHGs), many enterprises in developing countries continue to rely on informal lenders. Using machine learning techniques on a novel village-enterprise matched dataset from India, we predict an enterprise’s choice of credit source as a function of three key mechanisms: supply-side factors,......
Bank Productivity Change and Off-Balance-Sheet Activities Across Different Levels of Economic Development
Journal of Financial Services Research - Tập 46 - Trang 271-294 - 2013
This study analyses the impact of OBS on banking productivity growth using a sample of 712 banks from 84 countries between 1999 and 2006. Our international setting allows us to analyse differences on the performance on banking institutions among various groups of countries with different economic and financial innovations development. We estimate cost and profit productivity growth using a paramet......
What Goes Up Must Come Down? Asymmetries and Persistence in Bank Deposit Rates
Journal of Financial Services Research - Tập 21 - Trang 173-193 - 2002
This paper contains a model of price setting in the presence of heterogeneous customers, explaining why bank interest rates respond sluggishly to some extended movements in market interest rates but not to others. Price (the bank interest rate) is likely to change only slightly with cost (the market interest rate) when the price-cost margin is already large and to be responsive when the price-cost......
Restructuring Financial Regulation in the European Monetary Union
Journal of Financial Services Research - - 2001
This article argues that present financial regulatory arrangements within the European Monetary Union are not adequate either to preserve stability or to foster financial integration. Reform of financial regulation should concentrate on •establishing clear procedures for crisis lending and management, with the European Central Bank at the center; •preparing the ground for more centralized supervis......
Does Banks’ Corporate Control Lower Funding Costs? Evidence from US Banks’ Control Over Firms’ Voting Rights
Journal of Financial Services Research - Tập 51 - Trang 283-311 - 2016
We investigate the effect of banks’ corporate control on the cost of bank lending. We exploit the fact that the shares banks hold in a fiduciary capacity can give them control over firms’ voting rights that are separate from firms’ cash flow rights. We find that banks offer firms an interest rate discount that is increasing with the bank’s voting stake in the firm. This finding is robust and appea......
Friend or Foe? Cross-Border Links, Contagious Banking Crises, and Joint Use of Macroprudential Policies
Journal of Financial Services Research - Tập 60 - Trang 55-79 - 2021
In this study, we examine whether the joint use of macroprudential policies by countries that have strong financial or trade links can help slow the spread of a banking crisis from country to country. Research has shown that a financial crisis in one country is more likely to be “contagious” if that country has strong connections with other countries through trade or financial linkages. While macr......
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