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author = "Parigi, Bruno"
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Found 12 documents, displaying page 1 of 2

Diversification and ownership concentration

Author(s) : Parigi, Bruno Maria , Pelizzon, Loriana
Description : We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects ownership...
Repository : EconStor
Language(s) : English

Banking regulation and prompt corrective action

Author(s) : Freixas, Xavier , Parigi, Bruno Maria
Description : We explore the rationale for regulatory rules that prohibit banks from developing some of their natural activities when their capital level is low, as epitomized by the US Prompt Corrective Action (PCA). This paper is built on two insights. First, in a moral hazard setting, capital requirement regul...
Repository : EconStor
Language(s) : English

Lender of last resort and bank closure policy

Author(s) : Freixas, Xavier , Parigi, Bruno Maria
Description : During the last decades a consensus has emerged that it is impossible to disentangle liquidity shocks from solvency shocks. As a consequence the classical lender of last resort rules, as defined by Thornton and Bagehot, based on lending to solvent illiquid institutions appear ill-suited to this envi...
Repository : EconStor
Language(s) : English

Monitoring a common agent : implications for financial contracting

Author(s) : Khalil, Fahad , Martimort, David , Parigi, Bruno Maria
Description : We study the problem of multiple principals who want to obtain income from a privately informed agent and design their contracts non-cooperatively. Our analysis reveals that the degree of coordination between principals has strong implications for the shapes of contracts and the amount of monitoring...
Repository : EconStor
Language(s) : English

Ownership or Performance: What Determines Board of Directors' Turnover in Italy?

Author(s) : Brunello, Giorgio , Graziano, Clara , Parigi, Bruno Maria
Description : This paper studies the turnover of board of directors members in a sample of 72 companies listed on the Milan Stock Exchange during the period 1988-1996. We investigate whether board members change more frequently when company performance is poor, as the literature suggests, and whether and how the ...
Repository : EconStor
Language(s) : English

Connections and performance in bankers' turnover: better wed over the mixen than over the moor

Author(s) : Battistin, Erich , Graziano, Clara , Parigi, Bruno Maria
Description : In this paper we study top executive turnover in Italian Banks over the period 1993-2001. We relate the probability of survival of top executives (Presidents, CEOs and General Managers) to bank performance and the manager's local connections, controlling for (observable and unobservable) bank and ma...
Repository : EconStor
Language(s) : English

Bank capital regulation and structured finance

Author(s) : Martin, Antoine , Parigi, Bruno M.
Description : We construct a model in which bank capital regulation and financial innovation interact. Innovation takes the form of pooling and tranching of assets and the creation of separate structures with different seniority, different risk, and different capital charges, a process that captures some stylized...
Repository : EconStor
Language(s) : English

The Lender of Last Resort: A 21st Century Approach

Author(s) : Freixas, Xavier , Parigi, Bruno , Rochet, Jean-Charles
Description : The object of this paper is to analyze rigorously the role of a Lender of Last Resort by providing a framework where the distinction between insolvency and illiquidity is not clearly cut. Determining the optimal Lender of Last Resort policy requires a careful modeling of the structure of the interba...
Repository : e-Repositori UPF
Language(s) : English

Systemic Risk, Interbank Relations and Liquidity Provision by the Central Bank

Author(s) : Freixas, Xavier , Parigi, Bruno , Rochet, Jean-Charles
Description : We model systemic risk in an interbank market. Banks face liquidity needs as consumers are uncertain about where they need to consume. Interbank credit lines allow to cope with these liquidity shocks while reducing the cost of maintaining reserves. However, the interbank market exposes the system to...
Repository : e-Repositori UPF
Language(s) : English

Monitoring a Common Agent: Implications for Financial Contracting

Author(s) : Khalil, Fahad , Martimort, David , Parigi, Bruno M.
Description :
Repository : Archive N.E.E.O. U.T.1
Language(s) : Undetermined
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Found 12 documents, displaying page 1 of 2