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Author:Yu, Edison 

Working Paper
The impact of unconventional monetary policy on firm financing constraints: evidence from the maturity extension program

This paper investigates the impact of unconventional monetary policy on firm financing constraints. It focuses on the Federal Reserve?s maturity extension program (MEP), which was intended to lower longer-term rates and flatten the yield curve by reducing the supply of long-term government debt. Consistent with those models that emphasize bond market segmentation and limits to arbitrage, around the MEP?s announcement, stock prices rose most sharply for those firms that are more dependent on longer-term debt. These firms also issued more long-term debt during the MEP and expanded employment ...
Working Papers , Paper 15-30

Journal Article
Do Stress Tests Reduce Credit Growth?

Stress tests are supposed to ensure your access to credit during the next downturn, but some critics claim that they also limit your access to credit today. We test that theory.
Banking Trends , Volume 5 , Issue 1 , Pages 1-7

Journal Article
Measuring Cov-Lite Right

More business loans today lack traditional covenants governing borrowers. Does that leave banks with fewer tools to ward off default?
Banking Trends , Issue 3 , Pages 1-8

Journal Article
Banking Trends: Do Stress Tests Reduce Credit Growth?

Stress tests are supposed to ensure your access to credit during the next downturn, but some critics claim that they also limit your access to credit today. We test that theory.
Economic Insights , Volume 5 , Issue 1 , Pages 1-7

Journal Article
Banking Trends Discrimination in Mortgage Markets

Automated underwriting may reduce but likely does not end discrimination against racial minorities.
Banking Trends , Volume 7 , Issue 1 , Pages 2-8

Journal Article
Banking Trends: Measuring Cov-Lite Right

More business loans today lack traditional covenants governing borrowers. Does that leave banks with fewer tools to ward off default?
Economic Insights , Volume 3 , Issue 3 , Pages 1-8

Working Paper
Dynamic market participation and endogenous information aggregation

This paper studies information aggregation in financial markets with recurrent investor exit and entry. I consider a dynamic general equilibrium model of asset trading with private information and collateral constraints. Investors differ in their aversion to Knightian uncertainty: When uncertainty is high, some investors exit the market. Since exiting investors' information is not fully revealed by prices, conditional return volatility and risk premia both increase. I use data on institutional investors' holdings of individual stocks to show that investor exits indeed move negatively with ...
Working Papers , Paper 13-42

Working Paper
Household Credit and Local Economic Uncertainty

This paper investigates the impact of uncertainty on consumer credit outcomes. We develop a local measure of economic uncertainty capturing county-level labor market shocks. We then exploit microeconomic data on mortgages and credit-card balances together with the crosssectional variation provided by our uncertainty measure to show strong borrower-specific heterogeneity in response to changes in uncertainty. Among high risk borrowers or areas with more high risk borrowers, increased uncertainty is associated with housing market illiquidity and a reduction in leverage. For low risk borrowers, ...
Working Papers , Paper 17-21

Working Paper
Concentration of Control Rights in Leveraged Loan Syndicates

Corporate loan contracts frequently concentrate control rights with a subset of lenders. In a large fraction of leveraged loans, which typically include a revolving line of credit and a term loan, the revolving lenders have the exclusive right and ability to monitor and renegotiate the financial covenants in the governing credit agreements. Concentration is more common in loans that include nonbank institutional lenders and in loans originated subsequent to the financial crisis, when recognition of bargaining frictions increased. We conclude that concentrated control rights maintain the ...
Working Papers , Paper 17-22

Journal Article
Banking Trends: Discrimination in Mortgage Markets

Automated underwriting may reduce but likely does not end discrimination against racial minorities.
Economic Insights , Volume 7 , Issue 1 , Pages 2-8

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