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, 3rd April 2024, 10.30 am – 12 pm

Enrico Sette (Bank of Italy) will present

“Interlocking directorates and competition in banking”

 

Abstract:

We study the effects on corporate loan rates of an unexpected change in the Italian legislation which forbade interlocking directorates between banks. Exploiting multiple firm-bank relationships to fully account for all unobserved heterogeneity, we find that prohibiting interlocks decreased the interest rates of previously interlocked banks by 14 basis points relative to other banks. The effect is stronger for high quality firms and for loans extended by interlocked banks with a large joint market share. Interest rates on loans from previously interlocked banks become more dispersed. Finally, firms borrowing more from previously interlocked banks expand investment, employment, and sales.

 

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 chaireACPR@acpr.banque-france.fr

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

TO CONTACT US

 

PREVIOUS EVENT

Wednesday, 6th March 2024, 10.30 am – 12 pm

Olivier de Jonghe (National Bank of Belgium and Tilburg University) will present

“ Bank Specialization and Corporate Innovation ”

 

Abstract:

Theory offers conflicting predictions on whether and how lenders’ sectoral specialization affects firms’ innovation output. In this paper, we therefore empirically examine the effect of bank specialization on corporate innovation. We find that the sign and the magnitude of this effect varies with the degree of “asset overhang” risk across sectors, which is the risk that a new technology has negative spillovers on the value of a bank’s original loan portfolio. Using patent data to measure firms’ innovation output, our results show that bank specialization improves innovation for firms operating in sectors with low asset overhang risk, but impedes innovation for firms operating in sectors with high asset overhang risk. These results hold for four different measures of asset overhang risk and various robustness checks. We further find that these heterogeneous effects arise through financial contracting. On average, bank specialization eases firms’ financing conditions, but this does not hold for firms operating in innovative sectors with high asset overhang risk. Overall, our findings provide novel insights into the dual facets of bank specialization and, more broadly, the link between banking and innovation.

 

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 chaireACPR@acpr.banque-france.fr

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

TO CONTACT US

 

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)