In Search For Yield
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In Search For Yield Survey Based Evidence On Bank Risk Taking
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Author : Claudia M. Buch
language : en
Publisher:
Release Date : 2016
In Search For Yield Survey Based Evidence On Bank Risk Taking written by Claudia M. Buch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
There is growing consensus that the conduct of monetary policy can have an impact on stability through the risk-taking incentives of banks. Falling interest rates might induce a 'search for yield' and generate incentives to invest into risky activities. This paper provides evidence on the link between monetary policy, commercial property prices, and bank risk taking. We use a factor-augmented vector autoregressive model (FAVAR) for the U.S. for the period 1997-2008. We include standard macroeconomic indicators and factors summarizing information provided in the Federal Reserve's Survey of Terms of Business Lending. These data allow modeling the reactions of banks' new lending volumes and prices as well as the riskiness of new loans. We do not find evidence for increased risk taking for the entire banking system after a monetary policy loosening or an unexpected increase in property prices. This masks, however, important differences across banking groups. Small domestic banks increase their exposure to risk, foreign banks lower risk, and large domestic banks do not change their risk exposure.
In Search For Yield
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Author : Claudia M. Buch
language : en
Publisher:
Release Date : 2011
In Search For Yield written by Claudia M. Buch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Banks and banking categories.
There is growing consensus that the conduct of monetary policy can have an impact on financial and economic stability through the risk-taking incentives of banks. Falling interest rates might induce a 'search for yield' and generate incentives to invest into risky activities. This paper provides evidence on the link between monetary policy and commercial property prices and the risk-taking incentives of banks. We use a factor-augmented vector autoregressive model (FAVAR) for the U.S. for the years 1997-2008. We include standard macroeconomic indicators and factors summarizing information provided in the Federal Reserve's Survey of Terms of Business Lending. These data allow modeling the reactions of banks' new lending volumes and the riskiness of new loans. We do not find evidence for a risk-taking channel for the entire banking system after a monetary policy loosening or an unexpected increase in property prices. This masks, however, important differences across banking groups. Small domestic banks increase their exposure to risk, foreign banks lower risk, and large domestic banks do not change their risk exposure.
Banks Search For Yield In The Low Interest Rate Environment
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Author : J. Christina Wang
language : en
Publisher:
Release Date : 2017
Banks Search For Yield In The Low Interest Rate Environment written by J. Christina Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This paper examines whether the low interest rate environment that has prevailed since the Great Recession has compelled banks to reach for yield. It is important to recognize that banks can take on a variety of risks that offer higher yields today but incur different forms of future losses. Some losses, such as mark-to-market losses due to yield increases, can be avoided with accounting treatments whereas others, chiefly credit losses, cannot. A simple model shows that a bank's incentive to take on risks for which potential future losses can be managed, such as interest rate risk, is countercyclical, especially if a bank is capital constrained. This study thus focuses on a bank's exposure to interest rate risk through a maturity mismatch between its assets and liabilities. It finds evidence that the banks that faced less enhanced regulation after the financial crisis, especially those institutions used to having a higher net interest margin before the crisis, took on assets with longer maturities or prepayment risk, even while their source of funding shifted toward more transaction and saving deposits as a result of the near zero short-term interest rates. In contrast, those banks designated as systematically important and thus subjected to expanded post-crisis regulations have substantially shortened the average maturity of their assets since the crisis. There is some evidence that greater maturity mismatch is slightly more associated with a higher net interest margin during the post-crisis years. After the taper tantrum in 2013, these two groups of banks also adjusted their securities holdings in different ways, consistent with the differential regulatory accounting treatment.
The Search For Yield
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Author : Roman Kräussl
language : en
Publisher:
Release Date : 2018
The Search For Yield written by Roman Kräussl and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This paper reviews recent trends in alternative investments and their implications as the background for the Special Issue of the Journal of Empirical Finance on Alternative Investments. The historically low bond yields have brought new challenges to many investors in their search for yield, and led many of them to look outside traditional asset classes. The increased flows to alternative assets are motivated by their good performance and diversification benefits. Dynamic trading strategies used by hedge funds, and their increased presence in the financial markets are likely to have profound effects to financial market dynamics. Similarly, the large flows to commodities markets are likely to intensify the financialization of commodities market and its effects.
In Search For Yield New Survey Based Evidence On Bank Riks Taking
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Author : Claudia M. Buch
language : en
Publisher:
Release Date : 2011
In Search For Yield New Survey Based Evidence On Bank Riks Taking written by Claudia M. Buch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
The Search For Yield
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Author : Peter O'Shea
language : en
Publisher:
Release Date : 2014
The Search For Yield written by Peter O'Shea and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Dividends categories.
Searching For Yield Abroad
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Author : John Ammer
language : en
Publisher:
Release Date : 2018
Searching For Yield Abroad written by John Ammer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
The risk-taking effects of low interest rates, now prevailing in many advanced countries, ("search-for-yield") are hard to analyze due to both a paucity of data and challenges in identification. Unique, security-level data on portfolio investment into the United States allow us to overcome both problems. Analyzing holdings of investors from 36 countries in close to 15,000 unique U.S. corporate bonds between 2003 and 2016, we show that declining home-country interest rates lead investors to shift their international bond portfolios toward riskier U.S. corporate bonds, consistent with "search-for-yield". We estimate even stronger effects when home interest rates reach a low level, suggesting that risk-taking in securities accelerates as rates decline.
The Economics Of The Publishing And Information Industries
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Author : Albert N. Greco
language : en
Publisher: Routledge
Release Date : 2014-12-05
The Economics Of The Publishing And Information Industries written by Albert N. Greco and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-05 with Language Arts & Disciplines categories.
Books, scholarly journals, business information, and professional information play a pivotal role in the political, social, economic, scientific, and intellectual life of nations. While publications abound on Wall Street and financial service companies, the relationship between Wall Street’s financial service companies and the publishing and information industries has not been explored until now. The Economics of the Publishing and Information Industries utilizes substantive historical, business, consumer, economic, sociological, technological, and quantitative and qualitative methodologies to understand the people, trends, strengths, opportunities, and threats the publishing industry and the financial service sector have faced in recent years. Various developments, both economic and demographic, contributed to the circumstances influencing the financial service sector’s investment in the publishing and information industries. This volume identifies and analyzes those developments, clearly laying out the forces that drove the marriage between the spheres of publishing and finance. This book offers insight and analysis that will appeal to those across a wide variety of fields and occupations, including those in financial service firms, instructors and students in business, communications, finance, or economics programs, business and financial reporters, regulators, private investors, and academic and major public research libraries.
Banks Interest Rate Risk And Search For Yield
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Author : Christoph Memmel
language : en
Publisher:
Release Date : 2016
Banks Interest Rate Risk And Search For Yield written by Christoph Memmel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Search For Yield In Large International Corporate Bonds
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Author : Charles W. Calomiris
language : en
Publisher:
Release Date : 2019
Search For Yield In Large International Corporate Bonds written by Charles W. Calomiris and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Emerging market corporations have significantly increased their borrowing in international markets since 2008. We show that this increase was driven by large-denomination bond issuances, most of them with face value of exactly US$500 million. Large issuances are eligible for inclusion in important international market indexes. These bonds appeal to institutional investors because they are more liquid and facilitate targeting market benchmarks. We find that the rewards of issuing index-eligible bonds rose drastically after 2008. Emerging market firms were able to cut their cost of funds by roughly 100 basis points by issuing bonds with a face value equal to or greater than US$500 million relative to smaller bonds. Firms contemplating whether to take advantage of this cost saving face a tradeoff: they can benefit from the lower yields associated with large, index-eligible bonds, but they pay the potential cost of having to hoard low-yielding cash assets if their investment opportunities are less than US$500 million. Because of the post-2008 "size yield discount," many companies issued index-eligible bonds, while substantially increasing their cash holdings. The willingness to issue large bonds and hoard cash was greater for firms in countries with high carry trade opportunities that reduced the cost of holding cash. We present evidence suggesting that these post-2008 behaviors reflected a search for yield by institutional investors into higher-risk securities. These patterns are not apparent in the issuance of investment grade bonds by firms in developed economies.