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Working Paper
Forward-looking and Incentive-compatible Operational Risk Capital Framework
Migueis, Marco
(2017-08-22)
This paper proposes an alternative framework to set banks? operational risk capital, which allows for forward-looking assessments and limits gaming opportunities by relying on an incentive-compatible mechanism. This approach would improve upon the vulnerability to gaming of the AMA and the lack of risk-sensitivity of BCBS?s new standardized approach for operational risk.
Finance and Economics Discussion Series
, Paper 2017-087
Working Paper
Liquidity and Investment in General Equilibrium
Caramp, Nicolas; Kozlowski, Julian; Teeple, Keisuke
(2023-05-02)
This paper studies the implications of trading frictions in financial markets for firms' investment and dividend choices, and their aggregate consequences. When equity shares trade in frictional asset markets, the firm's problem is time-inconsistent, and it is as if it faces quasi-hyperbolic discounting. The transmission of trading frictions to the real economy crucially depends on the firms' ability to commit. In a calibrated economy without commitment, larger trading frictions imply lower capital and production. In contrast, if firms can commit, trading frictions affect asset prices but ...
Working Papers
, Paper 2022-022
Journal Article
Deferred cash compensation: enhancing stability in the financial services industry
Mehran, Hamid; Tracy, Joseph
(2016-08)
Employees in financial firms are compensated for creating value for the firm, but firms themselves also serve a public interest. This tension can lead to issues that could impose a significant risk to the firm and the public. The authors describe three channels through which deferred cash compensation can mitigate such risk: by promoting a conservative approach to risk, by inducing internal monitoring, and by creating a liquidity buffer. Ultimately, the net contribution of deferred cash pay to financial stability is the sum of the effects of the three channels. The authors argue that a ...
Economic Policy Review
, Issue Aug
, Pages 61-75
Working Paper
Zombies at Large? Corporate Debt Overhang and the Macroeconomy
Jordà, Òscar; Kornejew, Martin; Schularick, Moritz; Taylor, Alan M.
(2020-12-08)
With business leverage at record levels, the effects of corporate debt overhang on growth and investment have become a prominent concern. In this paper, we study the effects of corporate debt overhang based on long-run cross-country data covering the near universe modern business cycles. We show that business credit booms typically do not leave a lasting imprint on the macroeconomy. Quantile local projections indicate that business credit booms do not affect the economy’s tail risks either. Yet in line with theory, we find that the economic costs of corporate debt booms rise when ...
Working Paper Series
, Paper 2020-36
Working Paper
The Anatomy of Financial Vulnerabilities and Crises
Lee, Seung Jung; Posenau, Kelly E.; Stebunovs, Viktors
(2017-02)
We extend the framework used in Aikman, Kiley, Lee, Palumbo, and Warusawitharana (2015) that maps vulnerabilities in the U.S. financial system to a broader set of advanced and emerging economies. Our extension tracks a broader set of vulnerabilities and, therefore, captures signs of different types of crises. The typical anatomy of the evolution of vulnerabilities before and after a financial crisis is as follows. Pressures in asset valuations materialize, and a build-up of imbalances in the external, financial, and nonfinancial sectors follows. A financial crisis is typically followed by a ...
International Finance Discussion Papers
, Paper 1191
Journal Article
Transparency, accounting discretion, and bank stability
Bushman, Robert M.
(2016-08)
This article examines the consequences of accounting policy choices for individual banks? downside tail risk, for the codependence of such risk among banks, and for regulatory forbearance, or the decision by a regulator not to intervene. The author synthesizes recent research that provides robust empirical evidence for two effects of discretionary accounting policy choices by banks. First, these choices degrade transparency, an outcome that increases financing frictions, inhibits market discipline of bank risk taking, and allows regulatory forbearance. Second, they exacerbate capital adequacy ...
Economic Policy Review
, Issue Aug
, Pages 129-149
Working Paper
Workplace Automation and Corporate Liquidity Policy
Wang, Jessie Jiaxu
(2023-04-18)
Using an occupational probability of computerization, we measure a firm’s ability to replace labor with automated capital. Our evidence suggests that the potential to automate a workforce enhances operating flexibility, allowing firms to hold less precautionary cash. To provide evidence for this mechanism, we exploit the 2011–2012 Thailand hard drive crisis as an exogenous shock to the cost of automation. In addition, the negative relation between prospective automation and cash holdings is greater for firms with a lower expected cost of worker displacement and greater ...
Finance and Economics Discussion Series
, Paper 2023-023
Discussion Paper
Assisting Firms during a Crisis: Benefits and Costs
Wall, Larry D.
(2020-08-10)
Public and private efforts to reduce COVID-19 infection levels have led to a sharp drop in economic activity around the world. In an attempt to mitigate the damage to businesses, governments around the world have implemented a variety of financial programs to help firms. These programs have been criticized as interfering with markets, providing bailouts, and creating adverse incentives. In this article, I review both the rationale for government-provided assistance and the costs of providing that assistance from the perspective of how that aid effects the likely level and volatility of ...
Policy Hub
, Paper 2020-10
Working Paper
A Critical Review of the Common Ownership Literature
Gerardi, Kristopher; Lowry, Michelle; Schenone, Carola
(2023-11-08)
The rapid growth in index funds and significant consolidation in the asset-management industry over the past few decades has led to higher levels of common ownership and increased attention on the topic by academic researchers. A consensus has yet to emerge from the literature regarding the consequences of increased common ownership on firm behavior and market outcomes. Given the potential implications for firms and investors alike, it is perhaps not surprising that policymakers, legal scholars, finance and accounting academics, and practitioners have all taken a keen interest in the subject. ...
FRB Atlanta Working Paper
, Paper 2023-17
Working Paper
Debt Overhang and the Retail Apocalypse
Liebersohn, Jack; Correa, Ricardo; Sicilian, Martin
(2022-08)
Debt overhang is central for theories of capital structure, yet credible empirical estimates of its effects remain elusive. We study the consequences and mechanisms of debt overhang using exogenous changes in the leverage of commercial retail properties. Identification comes from changes in property values occurring after pre-determined debt rollover dates. We show that debt reduces profitability by impairing property owners' response to negative shocks, reducing the business activity of their remaining retail tenants. For the median property, a 10 percentage point leverage increase causes ...
International Finance Discussion Papers
, Paper 1356
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Maturity 1 items
Maturity Transformation 1 items
Maturity structure 1 items
Mergers & acquisitions 1 items
Mergers and acquisitions 1 items
Misvaluation 1 items
Modigliani-Miller 1 items
Monetary policy 1 items
Monetary policy transmission 1 items
Moral hazard 1 items
Mortgages 1 items
National security 1 items
Natural Disasters 1 items
Non-exclusive contracting 1 items
Nonbank financial institutions 1 items
Operating flexibility 1 items
Operational Losses 1 items
Operational risk 1 items
Options 1 items
Overconfidence 1 items
Ownership 1 items
PPP 1 items
PPPLF 1 items
PTFs 1 items
Paycheck Protection Program 1 items
Pecuniary Externality 1 items
Pension accounting 1 items
Pension assets 1 items
Political connections 1 items
Portfolio turnover 1 items
Price discovery 1 items
Price impact 1 items
Profits 1 items
Public Information 1 items
Quantile Regression 1 items
Rate Regulation 1 items
Ratings 1 items
Regulatory Capital 1 items
Regulatory capital 1 items
Relationship banking 1 items
Retirement 1 items
Risk 1 items
Risk segmentation 1 items
Risk taking 1 items
Rollover risk 1 items
Russian invasion of Ukraine 1 items
SEC Regulation FD 1 items
Securitization 1 items
Severe Thunderstorms 1 items
Signalling 1 items
Small Business Lending 1 items
Small and Medium Enterprises (SMEs) 1 items
Stress Testing 1 items
Substitutability of labor with automated capital 1 items
Supervision 1 items
Supervision and regulation of financial markets and institutions 1 items
Syndicated Loans 1 items
Systemic Risk 1 items
Tail Risk 1 items
Term Premium 1 items
Too big to fail 1 items
Too-Big-To-Fail 1 items
Tornadoes 1 items
Trade Reporting and Compliance Engine 1 items
Trade credit 1 items
Trade-off Theory 1 items
Trading Volume 1 items
Transient 1 items
Treasury markets 1 items
Troubled Asset Relief Program 1 items
Underwriting 1 items
Value of Firms 1 items
Value-relevance 1 items
Venture capital 1 items
Volcker Rule 1 items
Wages and compensation 1 items
War 1 items
accounting 1 items
accounting discretion 1 items
active debt management 1 items
add-backs 1 items
agency costs 1 items
agency problem 1 items
aggregate shocks 1 items
allowances 1 items
asset management 1 items
asset pricing 1 items
asset space 1 items
asset substitution 1 items
asset-based tokens 1 items
auditing 1 items
auto loans 1 items
balance-sheet effects 1 items
bank capital 1 items
bank failures 1 items
bank financial health 1 items
bank holding companies 1 items
bank holding company 1 items
bank lending channel 1 items
bank monitoring 1 items
bank-firm matching 1 items
banking and finance 1 items
banking linkages 1 items
banking supervision 1 items
bankruptcy reorganization 1 items
bitcoin 1 items
bond market 1 items
bond markets 1 items
borrower performance 1 items
borrowing limits 1 items
business complexity 1 items
business leverage 1 items
business models 1 items
capital accumulation 1 items
capital and ownership structure 1 items
capital controls 1 items
capital requirements 1 items
central bank digital currencies 1 items
climate finance 1 items
collateral 1 items
commercial mortgage-backed securities 1 items
commercial real estate 1 items
commitment 1 items
commodity price 1 items
common ownership 1 items
competition 1 items
complexity 1 items
compliance 1 items
consensus 1 items
contingent debt 1 items
cooperatives 1 items
corporate credit 1 items
corporate finance 1 items
corporate leverage 1 items
cost of capital 1 items
countercyclical fiscal policy 1 items
covid-19 1 items
credit agreements 1 items
credit cards 1 items
credit cycles 1 items
credit default swaps 1 items
credit expansion 1 items
credit risk 1 items
credit supply shocks 1 items
cyber risk 1 items
cybersecurity 1 items
daily rebalancing 1 items
debt dynamics 1 items
debt heterogeneity 1 items
debt structure 1 items
debt-equity agency conflicts 1 items
delayed expected loss recognition 1 items
derivatives hedging 1 items
digital currencies 1 items
dimension reduction 1 items
diversification 1 items
dynamic incentives 1 items
economic consensus 1 items
economic finality 1 items
endogenous borrowing constraints 1 items
equity 1 items
equity issuances 1 items
ethereum 1 items
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