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P2P Lending versus Banks: Cream Skimming or Bottom Fishing?
(2018-04-18)
We derive three testable predictions from a bank-P2P lender model of competition: (i) P2P lending grows when some banks are faced with exogenously higher regulatory costs, (ii) P2P loans are riskier than bank loans; and ...
The Anatomy of the Euro Area Interest Rate Swap Market
(2019-06-01)
"Using a novel regulatory dataset of fully identified derivatives transactions, this paper provides the first comprehensive analysis of the structure of the euro area interest rate swap (IRS) market after the start of the ...
Buildings' Energy Efficiency and the Probability of Mortgage Default: The Dutch Case
(2020-03-01)
We investigate the relation between buildings’ energy efficiency and the probability of mortgage default. To this end, we construct a novel panel dataset by combining Dutch loan-level mortgage information with provisional ...
Credit Scoring in SME Asset-Backed Securities: An Italian Case Study
(2019-10-14)
We investigate the default probability, recovery rates and loss distribution of a portfolio of securitised loans granted to Italian small and medium enterprises (SMEs). To this end, we use loan level data information ...
The COVID-19 Shock and Equity Shortfall: Firm-Level Evidence from Ital
(2020-10-29)
We employ a representative sample of 80,972 Italian firms to forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown. A 3-month lockdown generates an aggregate yearly drop in profits of ...
The carrot and the stick: Bank bailouts and the disciplining role of board appointments
(2021-07-08)
We empirically examine the Capital Purchase Program (CPP) used by the US government to bail out distressed banks with equity infusions during the Great Recession. We find strong evidence that a feature of the CPP - the ...
P2P Lending versus Banks: Cream Skimming or Bottom Fishing?
(2021-10-08)
We derive three testable predictions from a bank-P2P lender model of competition: (a) P2P lending grows when some banks are faced with exogenously higher regulatory costs, (b) P2P loans are riskier than bank loans, and (c) ...