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
On the direct and indirect real effects of credit supply shocks

We consider the real effects of bank lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all firms in Spain with a matched bank-firm-loan dataset incorporating information on the universe...

  • Published on 12/27/2018
  • FR
  • PDF (897.65 KB)
Publication Seminars
How does currency diversification explain bank leverage procyclicality ?

The amplitude of leverage procyclicality is heterogeneous across banks and across countries. This paper introduces international diversification of bank balance sheet as a factor of this observed heterogeneity, with a special emphasis on currency...

  • Published on 12/03/2018
  • FR
  • PDF (427.31 KB)
Publication Seminars
The Forced Safety Effect : How Higher Capital Requirements Can Increase Bank Lending

Government guarantees generate an implicit subsidy for banks. Even though a capital requirement reduces this subsidy, a bank may optimally respond to a higher capital requirement by increasing lending. This requires that the marginal loan generates...

  • Published on 11/22/2018
  • FR
  • PDF (1.13 MB)
Publication Seminars
Foreign Currency Bank Funding and Global Factors

The literature on the drivers of capital flows stresses the prominent role of global financial factors. Recent empirical work, however, highlights how this role varies across countries and time, and this heterogeneity is not well understood. We revisit...

  • Published on 10/25/2018
  • FR
  • PDF (573.08 KB)
Publication Seminars
Back to the future: backtesting systemic risk measures during historical bank runs and the great depression

We evaluate the performance of two popular systemic risk measures, CoVaR and SRISK, during eight financial panics in the era before FDIC insurance. Bank stock price and balance sheet data were not readily available for this time period. We rectify this...

  • Published on 05/23/2018
  • FR
  • PDF (2.1 MB)
Publication Seminars
Credit Growth and the Financial Crisis: A New Narrative

A broadly accepted view contends that the 2007-09 nancial crisis in the U.S.was caused by an expansion in the supply of credit to subprime borrowers during the 2001-2006 credit boom, leading to the spike in defaults and foreclosures that sparked the...

  • Published on 05/02/2018
  • FR
  • PDF (1.85 MB)
Publication Seminars
The Impact of Legal Framework on Bank Loan Portfolio: An implementation to the European Stress Test Exercise

The economic crisis put financial and banking sector on the viewfinder of regulators and policymakers across EU and more widely across the world. Indeed, the improvement of the quality of banks' balance sheet has proved crucial for economic...

  • Published on 03/07/2018
  • FR
  • PDF (548.8 KB)
Publication Seminars
How post-crisis regulation has affected bank CEO compensation

This paper assesses whether compensation practices for bank Chief Executive Officers (CEOs) changed after the Financial Stability Board (FSB) issued post-crisis guidelines on sound compensation. Banks in jurisdictions which implemented the FSB’s...

  • Published on 01/25/2018
  • FR
  • PDF (981.25 KB)
Publication Seminars
The impact of the identication of GSIBs on their business model

Most research papers dealing with systemic footprint in the banking system either investigate the definition and the measure of systemic risk, or try to identify systemic banks and to quantify the systemic risk buffers. To the best of our knowledge,...

  • Published on 01/11/2018
  • FR
  • PDF (822.34 KB)
Publication Seminars
Risk-sharing benefits and the capital structure of insurance companies

Providing risk-sharing benefits to risk-averse policy holders is a primary function of insurance companies. We model that policy holders are paying a fee over the present value of indemnifications (i.e., technical provisions) to enjoy these risksharing...

  • Published on 01/10/2018
  • FR
  • PDF (907.97 KB)