scholarly journals Essays in bank lending

2019 ◽  
Author(s):  
Παναγιώτης Παπαδόπουλος
Keyword(s):  
Fixed Effects ◽  
Deposit Insurance ◽  
Bank Lending ◽  
Syndicated Loans ◽  
Insurance Scheme ◽  
Creditor Rights ◽  
Omitted Variable Bias ◽  
Home Mortgage Disclosure Act ◽  
Variable Bias ◽  
Home Mortgage

Ο τραπεζικός κλάδος διαδραματίζει κρίσιμο ρόλο στον σύγχρονο οικονομικό κόσμο, καθώς ο δανεισμός είναι μια από τις σημαντικότερες υπηρεσίες που παρέχουν οι τράπεζες και έχει ζωτικές επιπτώσεις στην κοινωνική και οικονομική ευημερία. Συγκεκριμένα, ο στεγαστικός δανεισμός είναι ζωτικής σημασίας για τη διαμόρφωση του βιοτικού επιπέδου των νοικοκυριών, ενώ ο εταιρικός δανεισμός έχει αποφασιστικό ρόλο στην ενίσχυση της πραγματικής οικονομικής δραστηριότητας και στην προώθηση της οικονομικής ανάπτυξης μιας χώρας. Η παρούσα διατριβή αποτελείται από τρία κεφάλαια τα οποία μελετούν τρία ξεχωριστά θέματα στον τομέα του τραπεζικού δανεισμού (στεγαστικά δάνεια και εταιρικά δάνεια).Στο Κεφάλαιο 1, με τίτλο «Διακρίσεις δανεισμού στις ΗΠΑ: Μια νέα μεθοδολογία και ο ρόλος της κρίσης των ενυπόθηκων δανείων», εξετάζουμε εάν υπάρχουν διακρίσεις στην παροχή και την τιμολόγηση στεγαστικών δανείων και εάν ναι, εάν το επίπεδο των διακρίσεων διαφέρει πριν και μετά την κρίση των subprime στεγαστικών δανείων. Χρησιμοποιώντας δεδομένα από 6,5 εκατομμύρια αιτήσεις δανεισμού από το 2004 έως το 2013, προτείνουμε μια νέα οικονομετρική προσέγγιση που στοχεύει να μειώσει σημαντικά την μεταβλητή μεροληψία (omitted-variable bias) της βάσης δεδομένων Home Mortgage Disclosure Act (HMDA) και να εντοπίσει το επίπεδο των φυλετικών και εθνοτικών διακρίσεων στην παροχή στεγαστικών δανείων στις Ηνωμένες Πολιτείες της Αμερικής. Σε αντίθεση με προηγούμενες μελέτες, διαπιστώνουμε, κατά μέσο όρο, πολύ μικρές διακρίσεις ως προς την παροχή δανείων. Αν και οι διακρίσεις αυξάνονται κάπως μετά το 2007, η πιθανότητα τους παραμένει πολύ κάτω από το 1%. Αντίθετα, διαπιστώνουμε ότι οι λευκοί (μη Ισπανόφωνοι) αιτούντες πληρώνουν χαμηλότερο spread για τα παρεχόμενα δάνεια κατά 0,37 (0,11) μονάδες βάσης, αποτέλεσμα που προέρχεται σχεδόν εξ ολοκλήρου από την περίοδο πριν από την κρίση.Μια βασική πολιτική για τον περιορισμό της πιθανότητας ξαφνικής και μαζικής απόσυρσης τραπεζικών καταθέσεων (bank runs) είναι η θεσμοθέτηση ενός συστήματος ασφάλισης καταθέσεων (Deposit Insurance Scheme), το οποίο μπορεί να χρηματοδοτηθεί είτε με ιδιωτικά-τραπεζικά κεφάλαια είτε από το κράτος. Στο Κεφάλαιο 2, με τίτλο «Ευλογία ή κατάρα; Η κρατική χρηματοδότηση της ασφάλισης καταθέσεων και του εταιρικού δανεισμού», μελετάμε την επίδραση της κρατικής συμμετοχής στη χρηματοδότηση του συστήματος ασφάλισης καταθέσεων στα χαρακτηριστικά των δανείων. Χρησιμοποιώντας κοινοπρακτικά δάνεια (syndicated loans) από 63 χώρες κατά την περίοδο 1985-2016, δείχνουμε ότι οι αλλαγές στο σύστημα ασφάλισης καταθέσεων από αμιγώς ιδιωτικής χρηματοδότησης σε κρατικά χρηματοδοτούμενα ή συγχρηματοδοτούμενα αυξάνουν τα spreads κατά περίπου 4,6%, αυξάνουν περαιτέρω την προμήθεια του δανείου, μειώνουν το χρόνο ωρίμανσης του δανείου και αυξάνουν τη χρήση των προμηθειών απόδοσης. Τα ευρήματά μας συνάδουν με το πρόβλημα ηθικού κινδύνου (moral hazard) που ενέχουν τα συστήματα ασφάλισης καταθέσεων που χρηματοδοτούνται αποκλειστικά από κρατικούς πόρους.Στο Κεφάλαιο 3, με τίτλο «Δικαιώματα πιστωτών και εταιρικός δανεισμός», ελέγχουμε τη συμβατική διαπίστωση ότι η ισχυρότερη νομική προστασία των πιστωτών βελτιώνει τους όρους των συμφωνιών εταιρικών δανείων. Χρησιμοποιώντας δεδομένα παγκόσμιων κοινοπρακτικών δανείων (syndicated loans) από το 1986 έως το 2005, επανεξετάζουμε την επίδραση των δικαιωμάτων των πιστωτών στους όρους των εταιρικών δανείων. Αντί να εστιάζουμε μόνο στις διαφορές μεταξύ των χωρών, διερευνούμε επίσης τη διακύμανση εντός της χώρας στον δείκτη δικαιωμάτων πιστωτών (Creditor Rights Index) χρησιμοποιώντας country fixed effects και μεθοδολογίες μελέτης γεγονότων (event-study methodologies). Σε πλήρη αντίθεση με προηγούμενα ευρήματα, διαπιστώνουμε ότι το επίπεδο προστασίας των πιστωτών δεν επηρεάζει σημαντικά τις αποφάσεις των τραπεζών σχετικά με τους όρους εταιρικού δανείου. Τα ευρήματά μας υπογραμμίζουν ότι η ενίσχυση της προστασίας των πιστωτών δεν είναι απαραίτητα ο κατάλληλος μηχανισμός για την προώθηση πιο ανταγωνιστικών όρων δανεισμού.

Relative supervisor education and worker well-being

2018 ◽  
Vol 39 (5) ◽  
pp. 731-745
Author(s):  
Benjamin Artz
Keyword(s):  
Fixed Effects ◽  
Design Methodology ◽  
Well Being ◽  
Longitudinal Survey ◽  
Content Type ◽  
Omitted Variable Bias ◽  
Worker Education ◽  
Education Levels ◽  
Variable Bias ◽  
The Relationship

Purpose Less educated supervisors create worker status incongruence, a violation of social norms that signals advancement uncertainty and job ambiguity for workers, and leads to negative behavioral and well-being outcomes. The purpose of this paper is to compare education levels of supervisors with their workers and measure the correlation between relative supervisor education and worker job satisfaction. Design/methodology/approach Using the only wave of the 1979 National Longitudinal Survey of Youth that identifies education levels of both supervisor and worker, a series of ordered probit estimates describe the relationship between supervisor education levels and subordinate worker well-being. Extensive controls, sub-sample estimates and a control for sorting confirm the estimates. Findings Worker well-being is negatively correlated with having a less educated supervisor and positively correlated with having a more educated supervisor. This result is robust to a number of alternative specifications. In sub-sample estimates, workers highly placed in an organization’s hierarchy do not exhibit reduced well-being with less educated supervisors. Research limitations/implications A limitation is the inability to control for worker fixed effects, which may introduce omitted variable bias into the estimates. Originality/value The paper is the first to introduce relative supervisor–worker education level as a determinant of worker well-being.

scholarly journals European deposit insurance scheme and bank board composition

2020 ◽  
Vol 17 (4, Special Issue) ◽  
pp. 246-256
Author(s):  
Francesca Arnaboldi ◽  
Vincenzo Capizzi
Keyword(s):  
Corporate Governance ◽  
Fixed Effects ◽  
Deposit Insurance ◽  
Gender Composition ◽  
Bank Risk ◽  
European Level ◽  
Fixed Effects Model ◽  
Insurance Scheme ◽  
Regulatory Changes ◽  
And Gender

This paper investigates whether bank corporate governance can play a role in the aggregate risk score assigned to individual banks by regulators. We exploit regulatory changes at the European level and a fixed-effects model to reduce endogeneity issues. We contribute to the existing literature on bank corporate governance by showing that board age significantly increases bank risk. This may indicate that boards formed by older members are more entrenched and can also be less dynamic. Board size and gender composition of the board are risk-neutral.

scholarly journals Female on boards and the risk-taking of microfinance institutions: The moderating role of outreach

2020 ◽  
Vol 16 (2) ◽  
pp. 19-34
Author(s):  
Michael Adusei
Keyword(s):  
Risk Taking ◽  
Fixed Effects ◽  
Positive Impact ◽  
Microfinance Institutions ◽  
Female Representation ◽  
Return On Assets ◽  
Omitted Variable Bias ◽  
Variable Bias ◽  
Moderating Role

This study examines the effect of female on boards on risk-taking with data from 401 microfinance institutions (MFIs) drawn from 64 countries. The study also investigates whether the effect is sensitive to the outreach performance of MFIs. The MFIs sampled for this study are spread across the six MFI regions. The study measures MFI risk by its risk-taking Z-score and risk-adjusted return on assets. The fixed effects estimation technique, known to overcome the omitted variable bias, is deployed to analyze the data. The results show that female representation in the boardroom increases the risk-taking of MFIs. However, when female on boards interacts with the depth of outreach performance of an MFI, its positive impact on MFI risk is observed. It suggests that female directors are more likely to be beneficial to risk management in MFIs that lend more to indigent clients. Several tests, including an instrumental variable test for endogeneity, have been conducted to confirm the robustness of these results.

scholarly journals The fixed effects approach as an alternative to multilevel analysis for cross-national analyses

2021 ◽  
Author(s):  
Katja Moehring
Keyword(s):  
Multilevel Modeling ◽  
Fixed Effects ◽  
Regression Models ◽  
Macro Level ◽  
Multilevel Regression ◽  
Country Level ◽  
Omitted Variable Bias ◽  
Fixed Effects Models ◽  
Variable Bias ◽  
Cross National

Multilevel models that combine individual and contextual factors are increasingly popular in comparative social science research; however, their application in country-comparative studies is often associated with several problems. First of all, most data-sets utilized for multilevel modeling include only a small number (N<30) of macro-level units, and therefore, the estimated models have a small number of degrees of freedom on the country level. If models are correctly specified paying regard to the small, level-2 N, only a few macro-level indicators can be controlled for. Furthermore, the introduction of random slopes and cross-level interaction effects is then hardly possible. Consequently, (1) these models are likely to suffer from omitted variable bias regarding the country-level estimators, and (2) the advantages of multilevel modeling cannot be fully exploited.The fixed effects approach is a valuable alternative to the application of conventional multilevel methods in country-comparative analyses. This method is also applicable with a small number of countries and avoids the country-level omitted variable bias through controlling for country-level heterogeneity. Following common practice in panel regression analyses, the moderator effect of macro-level characteristics can be estimated also in fixed effects models by means of cross-level interaction effects. Despite the advantages of the fixed effects approach, it is rarely used for the analysis of cross-national data.In this paper, I compare the fixed effects approach with conventional multilevel regression models and give practical examples using data of the International Social Survey Programme (ISSP) from 2006. As it turns out, the results of both approaches regarding the effect of cross-level interactions are similar. Thus, fixed effects models can be used either as an alternative to multilevel regression models or to assess the robustness of multilevel results.

Taking Innovation to the Streets: Microgeography, Physical Structure, and Innovation

2020 ◽  
Vol 102 (5) ◽  
pp. 912-928 ◽  
Author(s):  
Maria P. Roche
Keyword(s):  
Fixed Effects ◽  
City Planning ◽  
Knowledge Exchange ◽  
Physical Structure ◽  
Set Covering ◽  
Regional Innovation ◽  
Data Set ◽  
Omitted Variable Bias ◽  
Variable Bias ◽  
Block Groups

In this paper, we analyze how the physical layout of cities affects innovation by influencing the organization of knowledge exchange. We exploit a novel data set covering all census block groups in the contiguous United States with information on innovation outcomes, street infrastructure, as well as population and workforce characteristics. To deal with concerns of omitted variable bias, we apply commuting zone fixed effects and construct instruments based on historic city planning. The results suggest that variation in street network density may explain regional innovation differentials beyond the traditional location externalities found in the literature.

scholarly journals Energy – Growth Nexus- A Case of South Asian Countries

2021 ◽  
Vol 8 (2) ◽  
pp. 58-66
Author(s):  
Saddam Hussain ◽  
Chunjiao Yu ◽  
Liu Wan
Keyword(s):  
Economic Growth ◽  
Energy Consumption ◽  
South Asian ◽  
Fixed Effects ◽  
Asian Countries ◽  
Economic Determinants ◽  
Omitted Variable Bias ◽  
Variable Bias ◽  
Macroeconomic Determinants ◽  
The Relationship

The relationship between energy consumption and economic growth is a hot issue in today's society. This paper aims to empirically verify the relationship between energy consumption and economic growth. This article analyzes the relation of energy consumption with the economic growth taking the case of South Asian countries (Afghanistan, Bangladesh, Bhutan, India, Pakistan, Sri Lanka, and Nepal) along with the macroeconomic determinants that affect the total economic growth – FDI growth, CPI rate and population growth in order to avoid omitted variable bias and misleading results. The time span of this study covers the period of 1980–2019. To examine the significant relation of these determinants and impact of energy consumption on economic growth, In-pooled regression, Fixed-effects, Bidirectional fixed effect, Random-effects, and GLS estimation regression model are used. The estimated results show a positive correlation of energy consumption and all other economic determinants with economic growth except CPI, where there is a negative correlation founded.

The Link between Relative Pay and Job Satisfaction Revisited

2020 ◽  
Author(s):  
Andreas Eberl ◽  
Matthias Collischon
Keyword(s):  
Job Satisfaction ◽  
Social Networks ◽  
Survey Data ◽  
Time Trends ◽  
Fixed Effects ◽  
Work Values ◽  
Unobserved Heterogeneity ◽  
Reference Group ◽  
Omitted Variable Bias ◽  
Variable Bias

Abstract This paper investigates the connection between job satisfaction and comparison pay (defined as a person’s rank within a reference group) with SOEP Data. Based on work values and social networks, we argue that the existing literature neglects heterogeneities in individual job satisfaction as well as wage trajectories along the career path. Thus, previous studies based on survey data likely overestimate the connection between job satisfaction and comparison pay. We use fixed-effects individual slopes models to account for heterogeneous time trends between individuals. We find no statistically significant correlation between comparison pay and job satisfaction. We conclude that previous estimates were biased by not accounting for idiosyncratic trends in job satisfaction due to unobserved heterogeneity, which led to an omitted variable bias.

scholarly journals Bias Amplification and Bias Unmasking

2016 ◽  
Vol 24 (3) ◽  
pp. 307-323 ◽  
Author(s):  
Joel A. Middleton ◽  
Marc A. Scott ◽  
Ronli Diakow ◽  
Jennifer L. Hill
Keyword(s):  
Fixed Effects ◽  
Experimental Studies ◽  
Real Data ◽  
Causal Effects ◽  
Group Level ◽  
Popular Approach ◽  
Graphical Displays ◽  
Omitted Variable Bias ◽  
Variable Bias ◽  
Primary Focus

In the analysis of causal effects in non-experimental studies, conditioning on observable covariates is one way to try to reduce unobserved confounder bias. However, a developing literature has shown that conditioning on certain covariates may increase bias, and the mechanisms underlying this phenomenon have not been fully explored. We add to the literature on bias-increasing covariates by first introducing a way to decompose omitted variable bias into three constituent parts: bias due to an unobserved confounder, bias due toexcludingobserved covariates, and bias due to amplification. This leads to two important findings. Although instruments have been the primary focus of the bias amplification literature to date, we identify the fact that the popular approach of adding group fixed effects can lead to bias amplification as well. This is an important finding because many practitioners think that fixed effects are a convenient way to account for any and all group-level confounding and are at worst harmless. The second finding introduces the concept of biasunmaskingand shows how it can be even more insidious than bias amplification in some cases. After introducing these new results analytically, we use constructed observational placebo studies to illustrate bias amplification and bias unmasking with real data. Finally, we propose a way to add bias decomposition information to graphical displays for sensitivity analysis to help practitioners think through the potential for bias amplification and bias unmasking in actual applications.

scholarly journals Genetic Risks, Adolescent Health, and Schooling Attainment

2020 ◽  
Author(s):  
Vikesh Amin ◽  
Jere Behrman ◽  
Jason Fletcher ◽  
Carlos A Flores ◽  
Alfonso Flores-Lagunes ◽  
...  
Keyword(s):  
Adolescent Health ◽  
Fixed Effects ◽  
Adult Health ◽  
Reverse Causality ◽  
National Longitudinal Study ◽  
Omitted Variable Bias ◽  
Polygenic Scores ◽  
Genetic Risks ◽  
Variable Bias ◽  
New Evidence

We provide new evidence on the effect of adolescent health on schooling attainment using the National Longitudinal Study of Adolescent to Adult Health. We take two different approaches to deal with omitted variable bias and reverse causality. Our first approach attends to the issue of reverse causality by using health polygenic scores (PGSs) as proxies for actual adolescent health. Second, we estimate the effect of adolescent health using sibling fixed-effects models that control for unmeasured genetic and family factors shared by siblings. We find that being genetically predisposed to smoking and smoking regularly in adolescence reduces schooling attainment.

Sign in / Sign up

Export Citation Format

Share Document