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Author:Shleifer, Andrei 

Conference Paper
Technology, information production, and market efficiency

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Banks as Patient Fixed Income Investors

We examine the business model of traditional commercial banks in the context of their co-existence with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in very different ways. Traditional banks create safe claims with a combination of costly equity capital and fixed income assets that allows their depositors to remain "sleepy": they do not have to pay attention to transient fluctuations in the mark-to-market value of bank assets. In contrast, shadow banks create safe claims by giving their investors an early exit option that allows them to ...
Finance and Economics Discussion Series , Paper 2014-15

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D'Avolio, Gene 1 items

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