ACPR research seminars

The ACPR Studies Department organizes a series of academic seminars where invited or ACPR-affiliated researchers present their work on regulatory or financial risk issues. The seminars are open to everyone.

Registration by email at is free but compulsory in order to attend. If you wish to be informed of upcoming events, please send an email to the same address.

The ACPR also hosts the monthly seminars of the ACPR research Initiative: the page dedicated to the ACPR seminars is available here.



Wednesday 23 November 2022 at 11 pm: Théo Nicolas, Stefano Ungaro et Eric Vansteenberghe (ACPR/DEAR) 

"Public Guaranteed Loans and Bank Risk-Taking"

Discussant: Francesco Manaresi (OECD)

Please note that this seminar will take place in a hybrid mode: the seminar will take place at the ACPR 4 Pl. de Budapest, 75009 Paris, and will also be streamed online.

(Free) registration (for both in person or online participation) is compulsory by mail at

If you opt for online participation, the connection details will be sent to you in the following days.


Abstract :

We study the effect of Public Guaranteed Loans (PGLs) on bank risk-taking during the Covid-19 pandemic in France. The presence of guarantee schemes may encourage riskier lending, pushing banks to lend to riskier borrowers or worsening incentives to prevent write-offs of loan applicants.  Investigating the risk-taking channel of PGLs at the extensive margin, we find that smaller and riskier firms had a higher probability of obtaining a PGL. Yet, isolating credit demand from credit supply at the intensive margin,  we find that safer firms had higher amounts of PGLs, while banks that were more exposed to non-performing loans (NPLs) before the crisis made smaller PGLs to risky firms, thereby using the guaranteed loan program to improve their financial position and reduce exposure to NPLs. This result remains valid when looking at the total amount of outstanding credit. By examining the substitution effect of SGLs, we find that banks substituted more PGLs for unsecured loans when firms are sounder. Finally, at the bank level, we find that PGLs have no impact on the overall credit risk of banks credit portfolio.



Thursday 20 January 2022 at 3 pm: Théo Nicolas (ACPR/DEAR) 

"Bank Market Power and Interest Rate Setting: Do Consolidated Banking Data Matter?"

Discussant: Laurent Weill (Strasbourg University)

Please note that this seminar will be taking place online.

To receive the invitation to the web platform, (free) registration is compulsory by email at

Abstract :

The literature on the effects of bank market power on access to credit has produced many results that are sometimes contradictory. Yet, this paper draws attention to a problematic aspect of traditional measures of bank market power, which are based on unconsolidated data and ignore the national market power of groups. This results in an underestimation that I propose to correct. Using a panel of more than 55,000 French covering the period 2006-2017, I consider a set of both unconsolidated and consolidated measures of bank market power (structural and non-structural). My results strongly support the market power hypothesis which emphasizes the virtues of competition on interest rate setting. While unconsolidated measures of bank market power do not affect the cost of credit, I find that consolidated measures increase the interest rate charged. This effect is stronger for small and opaque firms and is concentrated on long-term loans. These findings highlight the need to take into account bank capital linkages to fully assess the implications of bank market power.

Publication Seminars
Financing and Resolving Banking Groups

We study how banks’ resolution regimes affect investment. Banking groups create financing synergies by transferring excess financing capacity across units and lowering bankers’ agency rents from monitoring. Single-point-of entry (SPOE) resolution...

  • Published on 05/16/2023
  • FR
  • PDF (774.54 KB)
Publication Seminars
Don’t Lead Me This Way: Central bank guidance at the age of climate change

Since the adoption of the Paris Agreement in 2015, climate change has been extensively acknowledged worldwide as a cause of perturbations for our economic structure, and a cause of disruption of our financial system. The increasing number of...

  • Published on 04/04/2023
  • FR
  • PDF (269.4 KB)
Publication Seminars
Green investment and asset stranding under transition scenario uncertainty

We develop a real-options approach to evaluate energy assets and potential investment projects under transition scenario uncertainty. Dynamic scenario uncertainty is modelled by assuming that the economic agent acquires the information about the...

  • Published on 02/21/2023
  • FR
  • PDF (1.86 MB)
Publication Seminars
Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision

Liquidity provision is often attributed to debt-issuing intermediaries like banks. We show that mutual funds issuing demandable equity also provide liquidity by insuring against idiosyncratic liquidity shocks. Quantitatively, the average bond fund...

  • Published on 01/12/2023
  • FR
  • PDF (873 KB)