Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 6 of 6 for “"Fire-sales"”.
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Corporate Governance and Institutional Trading
… Using stock liquidity and mutual fund fire sales as instruments, I find that when the likelihood of hedge fund activism increases, firms respond by paying shareholder more and CEOs less, holding less cash and leveraging more, and increasing investment into research and development while …
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Theoretical essays on bank risk-taking and financial stability
… stability, based on bank funding structures and fire-sale risks. Chapter 2 proposes a model to study how bank securitisation affects the value of bank equity, and hence what leads a bank to securitise its assets. The proposed model shows that moral hazard (which is induced by the deposit …
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Essays on institutional investors, central banks and asset pricing
… in the benchmark. Institutions execute fire sales when the benchmark asset experiences negative shocks. This behavior increases market volatility, raising the tail risk exposure of the retail investor. Nevertheless, ex-post, tail risk is only short lived, all investors survive in the …
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Expectations in Financial Markets
… builds a theoretical model of self-fulfilling fire sales motivated by the dash for cash of March 2020. Investment funds fear being hit by a future liquidity shock and can choose to preemptively liquidate their bond holdings. However, funds face uncertainty about how many other funds will choose …
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Systemic Risk in Financial Networks
… effects, asset liquidation mechanisms during fire sales, dynamic clearing and impact of contingent payments such as insurance and credit default swaps.</p>First, I present formulas for the valuation of debt and equity of firms in a financial network under comonotonic endowments. I demonstrate …
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Essays in Banking and Default
… expands to a size where its liquidation causes a fire-sale and exposes traditional banks to liquidity risk. Higher deposit rates in compensation for liquidity risk also weaken threats of early withdrawal and traditional banks pursue risky portfolios that may leave them in default. Financial …