Monthly seminars "chaire ACPR"

 

The ACPR Research Initiative seminar highlights high-quality research addressing issues of regulation and systemic risk for both banks and insurance firms. 

The seminar takes place on the first Wednesday of the month from 10.00 to 11.30 in the premises of the ACPR: 4, place de Budapest, Salle Liège (rez-de-jardin) -  See access plan.  

The seminar is open to everybody. Registration by email at chaireACPR@acpr.banque-france.fr 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 Studies Department organizes independent seminars as well: the page dedicated to the ACPR research seminars is available here.

 

NEXT EVENT

 

Wednesday, 1st June 2022, 2.00 pm – 3.30 pm

Greg Niehaus (Darla Moore School of Business University of South Carolina) will present

“Personal Taxes, Cost of Insurer Equity Capital, and the Case of Offshore Hedge Fund Reinsurers”

Abstract : Insurance companies have large holdings of financial securities that generate returns that are taxed at both the corporate and personal levels in the U.S. If the same securities were held by a pass-through entity such as a mutual or hedge fund, the returns would be taxed only at the personal level, which implies a corporate tax disadvantage of holding assets in an insurer. There is, however, a personal tax advantage of holding some securities with an insurer. This paper examines the implications of personal taxes for an insurer’s tax cost on equity capital and how the tax costs have varied over time under different tax regimes and how they vary with different asset portfolios. The paper also discusses offshore hedge fund reinsurers, which provide an interesting case study illustrating the relevance of personal taxes.

Please note that this seminar will take place online.

To receive the invitation to the web platform, (free) registration is compulsory by mail at chaireACPR@acpr.banque-france.fr

TO CONTACT US 

Article

 

PREVIOUS EVENT

 

Wednesday, 4th May 2022, 14 pm – 15.30 pm

Andrew Ellul (Indiana university)  will present

“Loan Guarantees, Bank Lending and Credit Risk Reallocation”

Abstract : We investigate whether government credit guarantee schemes, extensively used after the onset of the Covid-19 pandemic, led to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this issue using a unique euro-area credit register data, matched with supervisory bank data and establish two main findings. First, guaranteed loans were mostly extended to small but comparatively creditworthy firms in sectors severely affected by the pandemic, borrowing from large, liquid and well-capitalized banks. Second, guaranteed loans partially substitute pre-existing non-guaranteed debt. For firms borrowing from multiple banks, the substitution arises from the lending behavior of the bank extending guaranteed loans, whose drop in non-guaranteed lending is about 9 times larger than for other banks that lend to the same firm. Substitution was highest for funding granted to riskier and smaller firms in sectors more affected by the pandemic, and borrowing from larger and stronger banks. Overall, the evidence indicates that government guarantees contributed to the continued extension of credit to relatively creditworthy firms hit by the pandemic, but also benefited banks’ balance sheets to some extent.

Please note that this seminar will take place online.

To receive the invitation to the web platform, (free) registration is compulsory by mail at chaireACPR@acpr.banque-france.fr

TO CONTACT US 

Article

 

 

Publication Seminars
Bank resolution and the structure of global banks

We study the efficient resolution of global banks by national regulators. Single-point-of-entry (SPOE) resolution, where loss-absorbing capital is shared across jurisdictions, is efficient but may not be implementable. First, when expected transfers...

  • Published on 12/15/2017
  • FR
  • PDF (430.5 KB)
Publication Seminars
Adverse Selection on maturity : Evidence from online Consumer

Longer loan maturity provides borrowers with insurance against future changes in the price of credit. The present paper examines whether, consistent with theories of insurance markets with private information, maturity choice leads to adverse selection...

  • Published on 11/08/2017
  • FR
  • PDF (1.44 MB)
Publication Seminars
Lending Standards Over the Credit Cycle

We analyze how rms' segmentation into credit classes aects the lending standards applied by banks to small and medium enterprises over the cycle. We exploit an institutional feature of the Italian credit market that generates a discontinuity in...

  • Published on 10/04/2017
  • FR
  • PDF (1 MB)
Publication Seminars
Why risk is so hard to measure ?

This paper analyzes the reliability of standard approaches for Financial risk analysis. We focus on the difference between value–at–risk and expected shortfall, their small sample properties, the scope for underreporting risk and how estimation can be...

  • Published on 09/13/2017
  • FR
  • PDF (247.23 KB)
Publication Seminars
The Run for Safety : Financial Fragility and Deposit Insurance

We study a run on uninsured deposits in Danish banks triggered by a reform that limited deposit insurance coverage. Using a unique dataset with information about all individual bank accounts, we show that the reform caused a 50% decrease in deposits...

  • Published on 06/07/2017
  • FR
  • PDF (1.36 MB)
Publication Seminars
Winning Connections? Lobbying and the Resolution of Failed Banks

This paper studies how lobbying activities affect the resolution of failed banks during the Great Recession. We show evidence from failed-bank auctions that lobbying increases a bidder’s probability of winning by 26.4 percentage points. The transfer to...

  • Published on 04/05/2017
  • FR
  • PDF (956.73 KB)
Publication Seminars
Regulatory reform and risk-taking : replacing ratings

We analyze a reform of insurance companies’ capital requirements for mortgage-backed securities. First, credit ratings were replaced as inputs to capital regulation. Second, the redesigned system ensures capital buffers sufficient to withstand expected...

  • Published on 03/15/2017
  • FR
  • PDF (697.42 KB)
Publication Seminars
The Impact of Supervision on Bank Performance

We introduce a novel instrument to identify exogenous variation in the intensity of supervision across U.S. bank holding companies based on the size rank of a firm within its Federal Reserve district. We demonstrate that supervisors record more hours...

  • Published on 02/01/2017
  • FR
  • PDF (665.34 KB)
Publication Seminars
What drives the expansion of the peer-to-peer lending?

Peer-to-peer lending platforms are online intermediaries that match lenders with borrowers. We use data from the two leading online lenders, Prosper and Lending Club, to explore main drivers of their expansion in the United States. We exploit the...

  • Published on 01/04/2017
  • FR
  • PDF (1.52 MB)