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[ subject:"Public policy." ]
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Essays in Finance and Public Policy.
~
Roshak, Kevin Thomas.
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Essays in Finance and Public Policy.
紀錄類型:
書目-電子資源 : Monograph/item
正題名/作者:
Essays in Finance and Public Policy./
作者:
Roshak, Kevin Thomas.
面頁冊數:
186 p.
附註:
Source: Dissertation Abstracts International, Volume: 77-10(E), Section: A.
Contained By:
Dissertation Abstracts International77-10A(E).
標題:
Finance. -
電子資源:
http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10117186
ISBN:
9781339785899
Essays in Finance and Public Policy.
Roshak, Kevin Thomas.
Essays in Finance and Public Policy.
- 186 p.
Source: Dissertation Abstracts International, Volume: 77-10(E), Section: A.
Thesis (Ph.D.)--Northwestern University, 2016.
Chapter one studies the effect of bank regulation on the decision to restructure mortgages. Banks may be unwilling to restructure troubled mortgages after a crisis because such restructurings immediately reduce earnings and regulatory capital. To test this, I use a provision of the Jumpstart Our Business Startups (JOBS) Act of 2012 that allows some banks to deregister from the Securities and Exchange Commission (SEC). In the first stage, I show that banks deregister primarily to reduce accounting oversight. Further, deregistration leads to lower audit fees and provisions for loan losses, which helps earnings. Finally, deregistration causes banks to double their troubled mortgage restructurings. The results suggest banks manage their regulatory capital using real activities.
ISBN: 9781339785899Subjects--Topical Terms:
542899
Finance.
Essays in Finance and Public Policy.
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Chapter one studies the effect of bank regulation on the decision to restructure mortgages. Banks may be unwilling to restructure troubled mortgages after a crisis because such restructurings immediately reduce earnings and regulatory capital. To test this, I use a provision of the Jumpstart Our Business Startups (JOBS) Act of 2012 that allows some banks to deregister from the Securities and Exchange Commission (SEC). In the first stage, I show that banks deregister primarily to reduce accounting oversight. Further, deregistration leads to lower audit fees and provisions for loan losses, which helps earnings. Finally, deregistration causes banks to double their troubled mortgage restructurings. The results suggest banks manage their regulatory capital using real activities.
520
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Chapter two studies the effects of price limits implemented by the Securities and Exchange Commission (SEC) after the 'Flash Crash.' These security-level limits halt trading after the security's price experiences a sudden and large movement. Our difference-in-difference design exploits the staggered introduction of the limits to address omitted variable concerns. We find that price limits reduce the frequency and severity of extreme price movements, but prices underreact. Our novel empirical results are consistent with Subrahmanyam's (1997) theory that price limits cause informed traders to be less aggressive. Liquidity providers react to this reduced aggressiveness by increasing market depth.
520
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Chapter three studies household reactions to tax credits. In an attempt to stimulate the housing markets from 2008-2010, the US instituted tax credits of up to $8,000 for homebuyers. We use within-locale variation to document substantial heterogeneity in the effects of these credits. In particular, the market for three-bedroom homes experiences an increase in sales of 1.3% relative the market for four-bedroom homes; conversely, the market for four-bedroom homes experiences an increase in price of about $2,000 relative prices for three bedroom homes. Both effects reverse after the credit expires, and are lower bounds on the total effect of the credits. Finally, the marginal buyers can be slightly unprepared---they are more likely to miss a payment, and are less likely to refinance when rates fall. Our results suggest that the credits changed the investment behavior of low-income households, and shed light on the intersection of fiscal policy and household finance.
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http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10117186
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