Crisis

Working Paper

The Flight Home Effect: Evidence from the Syndicated Loan Market During Financial Crises

In the context of the global market for syndicated bank loans, we provide evidence that the collapse of international markets during financial crises can in part be explained by a flight home effect. We show that the home bias of lenders’ loan...Read more

Mariassunta Giannetti
Luc Laeven
01 May 2011

The Regulation of Hedge Funds and Private Equity: A Case Study in the Development of the EU’s Regulatory Response to the Financial Crisis

This article examines the recent development of EU regulatory policy with respect to the alternative investment industry up to and including the adoption of a major new Directive. This Directive is just one part of a much larger package of new EU...Read more

Eilis Ferran
01 February 2011

Market Efficiency after the Financial Crisis: It?s Still a Matter of Information Costs

Compared to the worldwide financial carnage that followed the Subprime Crisis of 2007-2008, it may seem of small consequence that it is also said to have demonstrated the bankruptcy of an academic financial institution: the Efficient Capital...Read more

Ronald Gilson
Reinier Kraakman
01 February 2014

Quack Corporate Governance, Round III? Bank Board Regulation Under the New European Capital Requirement Directive

After a crisis, broad-sweeping reforms are enacted to restore trust. With the 2013 Fourth Capital Requirements Directive (CRD IV), the European Union has engaged in an ambitious overhaul of banking regulation following the Great Financial Crisis...Read more

Luca Enriques
01 March 2014

Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash

The COVID-19 pandemic and the subsequent lockdown brought about a massive slowdown of the economy and an unparalleled stock market crash. Using U.S. data, this paper explores how firms with high Environmental and Social (ES) ratings fare during...Read more

Rui Albuquerque
Shuai Yang
23 April 2020

The Private Use of Credit Ratings: Evidence from Mutual Fund Investment Mandates

The global financial crisis demonstrated that credit ratings are flawed measures of credit risk. Has this affected their use outside the sphere of public regulations? We measure the use of credit ratings in fixed income mutual funds using textual...Read more

Ramin Baghai
Bo Becker
Stefan Pitschner
10 July 2019

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