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Author:Winton, Andrew 

Conference Paper
Monitoring, liquidity, and institutional investment choice

Proceedings , Paper 561

Working Paper
Risk overhang and loan portfolio decisions

Despite operating under substantial regulatory constraints, we find that commercial banks manage their investments largely consistent with the predictions of portfolio choice models with capital market imperfections. Based on 1990-2002 data for small (assets less than $1 billion) U.S. commercial banks, net new lending to the business, real estate, and consumer sectors increased with expected sector profitability, tended to decrease with the illiquidity of existing (overhanging) loan stocks, and was responsive to correlations in cross-sector returns. Small banks are most appropriate for this ...
Working Paper Series , Paper WP-05-04

Conference Paper
The social costs of bank capital

Proceedings , Paper 518

Conference Paper
Evidence of bank information monopolies across the business cycle

Proceedings , Paper 981

Conference Paper
Moral hazard and optimal subsidiary structure for financial institutions

Proceedings , Paper 808

Conference Paper
Portfolio lending decisions at small commercial banks

Proceedings , Paper 941

Conference Paper
Banking in transition economies : does efficiency require instability?

Proceedings , Issue Aug , Pages 621-655

Working Paper
Monitored finance, liquidity, and institutional investment choice

A presentation of a model predicting that debt or similar claims will dominate the portfolios of institutions that specialize in providing monitored finance. Among these institutions, those with greater liquidity needs should hold fewer monitored equity positions, make less risky loans, and monitor less intensively.
Working Papers (Old Series) , Paper 9616

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DeYoung, Robert 2 items

Gorton, Gary 2 items

Gron, Anne 2 items

Kahn, Charles M. 1 items

Santos, Joao A. C. 1 items

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