|
|
| |
|
LTI@Unito
and Fondazione
Collegio Carlo
Alberto are
pleased to
invite you to
the following
webinars
|
|
|
| |
|
|
| |
September
20, 2021 |
12:45 - 13:45
“Corporate Bond Flipping”
Stanislava Nikolova (University of
Nebraska-Lincoln)
|
|
|
| |
|
|
| |
Abstract. In
this paper we
provide the
first
empirical
evidence on
flipping
activity in
the corporate
bond market.
Analyzing
insurer trades
in corporate
bonds during
2002-2018, we
show that
offerings with
worse
aftermarket
performance
are flipped
less. When
flipping their
allocation in
an offering,
insurers tend
to avoid
selling to the
offering’s
underwriters
even though
underwriters
offer better
prices. The
sensitivity of
flipping to
aftermarket
performance is
broadly
similar when
flipping to
underwriters
than
non-underwriters,
which suggests
that
underwriters
discourage
flipping in
both
overpriced and
underpriced
offerings.
Insurers that
flip their
allocation to
underwriters
receive less
profitable
allocations in
these
underwriters’
subsequent
offerings.
Overall, our
findings
suggest that
the repeated
game nature of
the issuance
process allows
underwriters
to partially
limit flipping
by using their
allocation
discretion to
penalize
flippers.
Joint
with L. Wang.
|
|
|
| |
|
|
| |
|
September 27, 2021 | 12:45 - 13:45
“Quantitative Easing, Bank Lending, and
Competition”
Andrea Orame (Bank of Italy)
|
|
|
| |
|
|
| |
|
Abstract. We study how the
European
Central Bank’s
quantitative
easing (QE)
program
announced in
January 2015
affected
lending by
Italian banks.
Banks exposed
to QE,
especially the
more illiquid
ones,
increased
lending
relatively
more at both
the intensive
and extensive
margins after
QE. But we
also find
evidence of
substitution.
Branches of
non-QE-exposed
banks
contracted
lending in
areas where
QE-exposed
banks
dominate.
Because of
this
substitution,
we find no
evidence of an
aggregate
credit
expansion. Our
results
suggest that
QE programs
that target a
broader swath
of the banking
system could
more
effectively
expand
lending.
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
INFORMATION
UNDER THE NEW GENERAL
DATA PROTECTION
REGULATION (GDPR)
Your personal
information has been
gathered for the exclusive
purpose of informing you
about the Collegio's
initiatives, considering
our and your legitimate
interest or your consent.
If you wish to have your
personal data modified
please contact Fondazione
Collegio Carlo Alberto,
piazza Arbarello 8, 1022
Torino, Italy - phone:
+390116705000 -
privacy@carloalberto.orgTo find out about the
policies regarding the
processing of personal
data pursuant to articles
13-14 of EU Regulation
2016/679, consult the
information at the
following link https://www.carloalberto.org/privacy/
|
| |
|
|
| |
© 2021 Fondazione
Collegio Carlo Alberto
|
| |
|
|
