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
Public Guaranteed Loans and Bank Risk-Taking

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...

  • Published on 11/15/2022
  • FR
  • PDF (1.07 MB)
Publication Seminars
Bank Market Power and Interest Rate Setting: Do Consolidated Banking Data Matter?

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...

  • Published on 11/15/2022
  • FR
  • PDF (506.33 KB)
Publication Seminars
Corporate Overconfidence and Bank Lending

We study how banks lend to overconfident managers. For identification, we exploit variation in pupils' overconfidence across areas in Italy. We find that overconfident borrowers default more, pay higher loan rates and are more likely to be denied...

  • Published on 11/02/2022
  • FR
  • PDF (1.16 MB)
Publication Seminars
Cyber insurance: insurability and accumulation scenarios

With the increasing number of cyber attacks, the development of cyber insurance products are essential to the resilience of the economic fabric, and an opportunity for insurers to develop a new market. On the other hand, risk management of cyber...

  • Published on 09/15/2022
  • FR
  • PDF (907.26 KB)
Publication Seminars
Personal Taxes, Cost of Insurer Equity Capital, and the Case of Offshore Hedge Fund Reinsurers

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...

  • Published on 09/05/2022
  • FR
  • PDF (544.18 KB)
Publication Seminars
Loan Guarantees, Bank Lending and Credit Risk Reallocation

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...

  • Published on 09/05/2022
  • FR
  • PDF (1.03 MB)
Publication Seminars
Measuring Regulatory Complexity

Despite a heated debate on the perceived increasing complexity of financial regulation, a comprehensive framework to study regulatory complexity is lacking. We propose one inspired by the analysis of algorithmic complexity in computer science. We use...

  • Published on 04/26/2022
  • FR
  • PDF (2.74 MB)
Publication Seminars
The Value of “New” and “Old” Intermediation in Online Debt Crowdfunding

We study the welfare effects of the transition of online debt crowdfunding from the older “peer-to-peer” model to the “marketplace” model, where the crowdfunding platform sells diversified loan portfolios to investors. We develop an equilibrium model...

  • Published on 03/25/2022
  • FR
  • PDF (789.9 KB)
Publication Seminars
Auctions for new and undiversifiable risks

This paper explores how insurance companies can coordinate to extend their joint capacity for the coverage of new and undiversifiable risks. The undiversifiable nature of such risks causes a shortage of insurance capacity and their limited knowledge...

  • Published on 03/25/2022
  • FR
  • PDF (808.33 KB)
Publication Seminars
The Fragility of Market Risk Insurance
  • Published on 01/27/2022
  • FR
  • PDF (347.94 KB)