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Contributions published at Banking (Steven Ongena)

Contribution
Gabriel Jimenez, Steven Ongena, José Luis Peydró, Jesús Saurina, Macroprudential policy, countercyclical bank capital buffers, and credit supply: evidence from the Spanish dynamic provisioning experiments, Journal of Political Economy, Vol. 125 (6), 2017. (Journal Article) To study the impact of macroprudential policy on credit supply cycles and real effects, we analyze dynamic provisioning. Introduced in Spain in 2000, revised four times, and tested in its countercyclicality during the crisis, it affected banks differentially. We find that dynamic provisioning smooths credit supply cycles and, in bad times, supports firm performance. A 1 percentage point increase in capital buffers extends credit to firms by 9 percentage points, increasing firm employment (6 percentage points) and survival (1 percentage point). Moreover, there are important compositional effects in credit supply related to risk and regulatory arbitrage by nonregulated and regulated but less affected banks.
Alen Trajkovik, The role of financial advisors in mergers & acquisitions in Asia-Pacific, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Master's Thesis) null
Marc Staub, Style and Factor Risks from ESG Investments in Stocks and Bonds, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Master's Thesis) null
Marcel Nalyan, The Automatic Exchange of Information (AEOI) Provision and its Consequences, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Shengyuan Gao, Does informal finance promote firm growth: Evidence from China, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Master's Thesis) null
Tobias Herrmann, Die Auswirkungen von negativen Hypothekarzinsen auf den Schweizer Hypothekenmarkt und seine Banken, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Denisa Alexandra Ganciu, Die Entwicklung zwischen den Mikrokreditgebern in Bolivien von 1994 bis 2005, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Sara Valverde César, The left-hand president's regulation in Bolivia: Its impact on microfinance performance and outreach, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Master's Thesis) null
Alexander Bucher, The impact of SNB's interest rate policy on the profitability of Swiss banks , University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Master's Thesis) null
Julien Bürgel, Chancen und Risiken für Schweizer Banken aufgrund der Blockchain-Technologie, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Melwin Parodi, Finanzplatz Schweiz: Kann die Schweiz ihre Marktführerschaft im Offshore-Banking halten?, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Toni Meyer, Einflüsse von FinTech auf die klassische Vermögensverwaltung, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Gabriel Jimenez, Steven Ongena, José Luis Peydró, Jesús Saurina, In the short run blasé, In the long run risqué, Schmalenbach Business Review, Vol. 18 (3), 2017. (Journal Article) We identify the impact of short-term interest rates on credit risk-taking in the short and long run by analyzing a comprehensive credit register from Spain, a country where for the last twenty years monetary policy was mostly decided abroad. Duration analyses show that lower overnight rates prior to loan origination lead banks to lend more to borrowers with a worse credit history and to grant more loans with a higher per-period probability of default. Lower overnight rates during the life of the loan reduce this probability. Bank, borrower and market characteristics determine the impact of overnight rates on credit risk-taking.
Marco Andrea Früh, Effekt einer Eigenkapitalvorschrift auf die Sicherheit und das Einlageverfahren, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Anjana Rajamani, Marieke Van der Poel, Abe de Jong, Steven Ongena, The international diversification of banks and the value of their cross-border M&A advice, Management Science, Vol. 63 (7), 2017. (Journal Article)
Steven Ongena, Domestic Policies and International Spillovers Through Global Banks, In: 24th Conference of the Multinational Finance Society. 2017. (Conference Presentation) In today’s globally interconnected financial system, the effects of domestic policy actions reach far beyond national borders. Monetary policy, for example, can affect local and international financial markets in numerous ways: Via interest rates, asset prices, and the availability of credit. These monetary effects can then feed into the real side of the economy. Recent attention has turned to the impact of various domestic policies on the supply of credit to borrowers located abroad. The rise of global banks, i.e., banks which lend to borrowers cross-border or maintain foreign affiliates in many other countries, over the past two decades has added a sense of urgency to the study of many potential “global” bank lending channels.
Marco Hassan, The impact of information depth and creditors protection on debt financing, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Florentin Ruckstuhl, Geschlechtsspezifische Effekte und die Reaktion von Wertpapierpreisen auf die Bekanntgabe von Neuzugängen in Geschäftsleitungen und Verwaltungsräten, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Master's Thesis) null
Azdren Mulaj, Credit Default Swaps und ihre Auswirkungen auf die Finanz- und Eurokrise, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Mirko Culjak, Implementierung von Mikrofinanz-Fonds in Portfolios: Investieren mit sozialer und finanzieller Rendite?, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null

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