Corporate bond market reactions to quantitative easing during the COVID-19 pandemic [0.03%]
COVID-19大流行期间公司债券市场对量化宽松的反应
Yoshio Nozawa,Yancheng Qiu
Yoshio Nozawa
Using transaction data from the first half of 2020, we examine the reaction of corporate credit spreads to the Federal Reserve's monetary policy announcements. We find evidence that the bond markets are segmented across credit ratings, whic...
Government intervention and bank markups: Lessons from the global financial crisis for the COVID-19 crisis [0.03%]
政府干预和银行加成：来自全球金融危机对COVID-19危机的启示
Brandon Tan,Deniz Igan,Maria Soledad Martinez Peria et al.
Brandon Tan et al.
The COVID-19 pandemic could result in large government interventions in the banking industry. To shed light on the possible consequences on markups, we rely on the experience of the Global Financial Crisis and exploit granular data on gover...
Asli Demirgüç-Kunt,Alvaro Pedraza,Claudia Ruiz-Ortega
Asli Demirgüç-Kunt
This paper examines the impact of financial sector policy announcements on bank stocks around the world during the onset of the COVID-19 crisis. Overall, we find that liquidity support, borrower assistance programs and monetary easing moder...
Yuejiao Duan,Sadok El Ghoul,Omrane Guedhami et al.
Yuejiao Duan et al.
Using 1,584 listed banks from 64 countries during the COVID-19 pandemic, we conduct the first broad-based international study of the effect of the pandemic on bank systemic risk. We find the pandemic has increased systemic risk across count...
The way forward for banks during the COVID-19 crisis and beyond: Government and central bank responses, threats to the global banking industry [0.03%]
新冠肺炎疫情之下银行业的前景及应对：政府和央行的反应以及全球银行业的威胁
Allen N Berger,Asli Demirgüç-Kunt,Fariborz Moshirian et al.
Allen N Berger et al.
Striking up with the in crowd: When option markets and insiders agree [0.03%]
与内部人士亲密接触：当期权市场和内部人意见一致时
Collin Gilstrap,Alex Petkevich,Pavel Teterin
Collin Gilstrap
We study whether the trading behavior of corporate insiders provides additional information to the market, after controlling for the public information integrated by sophisticated investors. First, we establish that insiders and option mark...
Breaking the Bank? A Probabilistic Assessment of Euro Area Bank Profitability [0.03%]
打破银行盈利的可能？对欧元区银行盈利能力的概率评估
Selim Elekdag,Sheheryar Malik,Srobona Mitra
Selim Elekdag
This paper explores the determinants of profitability across large euro area banks using an approach based on conditional profitability distributions. The most reliable determinants of bank profitability are real GDP growth and the nonperfo...
Shushang Zhu,Wei Zhu,Xi Pei et al.
Shushang Zhu et al.
When almost all underlying assets suddenly lose a certain part of their nominal value in a market crash, the diversification effect of portfolios in a normal market condition no longer works. We integrate the crash risk into portfolio manag...
(Un)intended consequences? The impact of the 2017 tax cuts and jobs act on shareholder wealth [0.03%]
《税改法案与股东财富》研究报告发布会
Ivalina Kalcheva,James M Plečnik,Hai Tran et al.
Ivalina Kalcheva et al.
We study the stock market reactions to the Tax Cuts and Jobs Act (TCJA), the most significant structural U.S. tax reform in over 30 years. In line with the stated intent of TCJA proponents, we find that the Act benefited highly taxed firms....
Public Health Insurance and Household Portfolio Choices: Unravelling Financial "Side Effects" of Medicare [0.03%]
公共卫生保险与家庭投资组合选择：解开医疗保障的“金融副作用”
Marco Angrisani,Vincenzo Atella,Marianna Brunetti
Marco Angrisani
Large, unpredictable and not fully insurable health-care costs represent a source of background risk that might deter households' financial risk taking. Using panel data from the Health and Retirement Study, we test whether universal health...