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A Darker Side to Decentralized Banks:Market Power and Credit Rationing in SME Lending
Geographic Location Customers Financing and Loans Credit Organizational Structure
2015/5/13
We use loan-level data to study how the organizational structure of banks impacts small business lending. We find that decentralized banks-where branch managers have greater autonomy over lending deci...
The Market That Wasn't:The Non-emergence of the Online Grocery Category
Online Technology Food Emerging Markets Service Industry Food and Beverage Industry
2015/5/13
We examine the non-emergence of a potential new market category. In the late 1990s the entrepreneurial firms that attempted to sell groceries online attracted significant resources, made meaningful te...
Investment Banking and Security Market Development:Does Finance Follow Industry?
Investment Banking Security Market Development Finance Follow Industry
2015/5/13
Investment Banking and Security Market Development:Does Finance Follow Industry?
Market Liquidity as a Sentiment Indicator
Price Financial Liquidity Trade Valuation Markets Forecasting and Prediction Equity
2015/5/13
We build a model that helps to explain why increases in liquidity—such as lower bid–ask spreads, a lower price impact of trade, or higher turnover—predict lower subsequent returns in both firm-level a...
Structural Closure and Exposure:Market Reactions to Announcements of Acquisitions and Divestitures
Acquisition Business Exit or Shutdown Market Entry and Exit
2015/5/12
Structural Closure and Exposure:Market Reactions to Announcements of Acquisitions and Divestitures.
The Flattening Firm and Product Market Competition:The Effect of Trade Liberalization on Corporate Hierarchies
Trade Managerial Roles Organizational Change and Adaptation Organizational Design
2015/5/12
This paper establishes a causal effect of product market competition on various characteristics of organizational design. Using a unique panel-dataset on firm hierarchies of large U.S. firms (1986-199...
Market Power in Mortgage Lending and the Transmission of Monetary Policy
Mortgages Banking Industry United States
2015/5/12
We present evidence that high concentration in mortgage lending reduces the sensitivity of mortgage rates and refinancing activity to mortgage-backed security (MBS) yields. We isolate the direct effec...
International market structure and competitiveness at the malted beer: from 2003 to 2012
international market structure international competitiveness malted beer
2015/5/4
Barley malt beer is the world’s most consumed alcoholic drink and its industry represents a multibillion dollar international trade. The paper’s main goal is to contribute with the analysis of this in...
Leveraging Market Power through Tying:Does Google Behave Anti-Competitively?
Antitrust Google Tying Bundling Competitive Strategy Competition Law Information Technology Industry
2015/4/29
I examine Google's pattern and practice of tying to leverage its dominance into new sectors. In particular, I show how Google used these tactics to enter numerous markets, to compel usage of its servi...
Managers and Market Capitalism
Market Design Economic Systems Managerial Roles Government and Politics
2015/4/28
In a capitalist system based on free markets, do managers have responsibilities to the system itself? If they do, should these responsibilities shape their behavior when they are engaging in the polit...
Imperfect Information,Patent Publication,and the Market for Ideas
Market Transactions Information Patents Investment Innovation and Invention Biotechnology Industry United States
2015/4/28
In this study, we investigate the role of an important information-disclosure mechanism—patent publication—in facilitating transactions in the market for ideas. We do so by analyzing the effects of th...
An Evaluation of Money Market Fund Reform Proposals
Risk Management Balance and Stability Investment Funds
2015/4/27
U.S. money market mutual funds (MMFs) are an important source of dollar funding for global financial institutions, particularly those headquartered outside the U.S. MMFs proved to be a source of consi...
Understanding the Advice of Commissions-Motivated Agents:Evidence from the Indian Life Insurance Market
Customers Insurance Product Service Operations Agency Theory Sales Motivation and Incentives
2015/4/27
We conduct a series of field experiments to evaluate two competing views of the role of financial service intermediaries in providing product recommendations to potentially uninformed consumers. One v...
Reaching for Yield in the Bond Market
Fixed Income Reaching For Yield Financial Intermediation Insurance Companies Insurance Bonds
2015/4/27
Reaching-for-yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in...
Selection and Market Reallocation: Productivity Gains from Multinational Production
Productivity Gains Multinational Production Selection Market Reallocation And Within-Firm Productivity
2015/4/27
Assessing the productivity gains from multinational production has been a vital topic of economic research. Positive aggregate productivity gains are often attributed to within-firm productivity impro...