Séminaire mensuel de la Chaire ACPR « Régulation et Risque Systémique »
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Le séminaire de la Chaire ACPR, organisé mensuellement, se concentre sur les questions de régulation et de risque systémique pour les banques et les organismes d’assurance. Cette page présente les éléments relatifs aux événements, passés ou à venir, ainsi que les modalités de participation.
Le séminaire de la Chaire ACPR se déroule habituellement le premier mercredi de chaque mois de 10h00 à 11h30 à l’ACPR : 4 rue de Budapest, Salle Liège (rez-de-jardin) - Voir plan d'accès.
Le séminaire est ouvert à tous. L’inscription par mail à chaireACPR@acpr.banque-france.fr est gratuite mais obligatoire pour y assister. Si vous souhaitez être informés des prochains évènements, merci d’envoyer un mail à la même adresse.
La Direction des Études de l’ACPR organise également des séminaires indépendants : la page dédiée aux séminaires de recherche organisés par l’ACPR est accessible ici.
PROCHAIN ÉVÉNEMENT
Mercredi 1 juin 2022, 14h - 15h30Greg Niehaus (Darla Moore School of Business University of South Carolina) présentera “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. Attention, ce séminaire aura lieu en vidéoconférence. Pour recevoir le lien de connexion, l'inscription (gratuite) est obligatoire par mail à chaireACPR@acpr.banque-france.fr
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DERNIER ÉVÉNEMENT
Mercredi 4 mai 2022, 14h - 15h30Andrew Ellul (Indiana university) présentera “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.
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