Contemporary Topics in Finance
A Collection of Literature Surveys
1st Edition
Published on 27. February 2019
400 pages
978-1-119-56519-2 (ISBN)
Description
The literature surveys presented in this edited volume provide readers with up-to-date reviews on eleven contemporary topics in finance.
* Topics include unconventional monetary policy, implicit bank guarantees, and financial fraud - all linked to the exceptional event of the Global Financial Crisis
* Explores how recent studies on inflation risk premia and finance and productivity have benefitted from new empirical methods and the availability of relevant data
* Demonstrates how angel investing, venture capital, relationship lending and microfinance have benefitted from increased research as they have become more seasoned
* Investigates crowdfunding and crypto-currencies which have both arisen from recent technological developments
* Topics include unconventional monetary policy, implicit bank guarantees, and financial fraud - all linked to the exceptional event of the Global Financial Crisis
* Explores how recent studies on inflation risk premia and finance and productivity have benefitted from new empirical methods and the availability of relevant data
* Demonstrates how angel investing, venture capital, relationship lending and microfinance have benefitted from increased research as they have become more seasoned
* Investigates crowdfunding and crypto-currencies which have both arisen from recent technological developments
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Content
- Intro
- Contemporary Topics in Finance
- Contents
- 1 Contemporary Topics in Finance: A Collection of Literature Surveys
- References
- 2 A Survey of the International Evidence and Lessons Learned about Unconventional Monetary Policies: Is a 'New Normal' in our Future?
- 1. Introduction
- 2. The Transition to Unconventional Policies
- 2.1 The 2008 GFC
- 2.2 A Brief Typology of UMP
- 3. The International Evidence to Date: Financial Markets
- 3.1 Measurement Challenges
- 3.2 Learning from Japan's Experience
- 3.3 The GFC and Its Aftermath
- 3.4 Is Europe Different?
- 3.5 International Spillovers from UMP
- 4. The International Evidence to Date: Macro-Economic Effects
- 4.1 Can UMP Have Real Economic Effects?
- 4.2 DSGE Alternative
- 4.3 Central Bank Credibility and Inflation Expectations
- 5. Conclusions: Lessons Learned, the Exit and the New Normal
- Acknowledgements
- Notes
- References
- 3 Implicit Bank Debt Guarantees: Costs, Benefits and Risks
- 1. Introduction
- 2. Why Do Implicit Bank Debt Guarantees Arise?
- 2.1 Why Do Explicit Bank Debt Guarantees Exist?
- 2.2 Differences between Explicit and Implicit Bank Debt Guarantees
- 2.3 Why Do Implicit Bank Debt Guarantees Arise?
- 3. Who Benefits from Implicit Bank Debt Guarantees?
- 3.1 Bank Creditors
- 3.2 Bank Owners
- 3.3 Selected Other Stakeholders
- 4. What Are the Economic Costs of Implicit Bank Debt Guarantees?
- 4.1 Weakened Market Discipline
- 4.2 Increased Risk-Taking
- 4.3 Competitive Distortions
- 4.4 Creating Perceived Contingent Liabilities for the Sovereign
- 5. What Factors Influence the Value of the Perceived Guarantee?
- 5.1 The Credit Strengths of the Debtor and the Guarantor
- 5.2 Collective and Idiosyncratic Risk
- 5.3 Estimating the Value of Implicit Bank Debt Guarantees
- 6. How Do Markets React to What Policy Makers Say and Do about Implicit Guarantees?
- 6.1 How Do Policy Makers Communicate about the Issue of Implicit Bank Debt Guarantees?
- 6.2 How Do Financial Markets React to What Policy Makers Say and Do?
- 6.3 What Has Been the Response to the Special Treatment Administered to GSIBs So Far?
- 7. Concluding Remarks and Open Issues
- Acknowledgements
- References
- 4 Financial Fraud: A Literature Review
- 1. Introduction
- 2. False Financial Disclosures
- 2.1 Rogue Traders: False Financial Disclosures at the Proprietary Trading Desks of Financial Firms
- 2.2 Mortgage Origination Fraud: False Financial Disclosures in the Context of Loan Applications
- 2.3 Mortgage Securitization Fraud: False Financial Disclosures in the Context of Structured Finance Investments
- 3. Financial Scams
- 3.1 Investment Scams: Sham Business Ventures and Ponzi Schemes
- 3.2. Financial Identity Scams: Phishing, Pharming and Payment Scams
- 4. Fraudulent Financial Mis-Selling
- 4.1. Predatory Lending: The Mis-Selling of Mortgage Loans
- 4.2 The Mis-Selling of Life Insurance and Pension Schemes
- 4.3 The Mis-Selling of Interest Rate Derivatives
- 5. Conclusion
- Acknowledgements
- Notes
- References
- 5 Estimating Inflation Risk Premia Using Inflation-Linked Bonds: A Review
- 1. Introduction
- 2. Overview of Relevant Concepts
- 2.1 Inflation Risk Premium
- 2.2 Inflation-Linked Bonds and the Break-Even Inflation Rate
- 3. Estimating the Inflation Risk Premium with ILB Yields
- 3.1 Regression-Based Approaches
- 3.2 Term Structure Models
- 3.3 Evaluating the Use of ILB to Estimate the Inflation Risk Premium
- 4. Impact of Liquidity
- 5. Current Developments
- 5.1 Inflation Risk Premium and Monetary Policy
- 5.2 Estimation Issues
- 5.3 Zero Lower Bound
- 6. Conclusion
- Acknowledgements
- Notes
- References
- 6 Finance and Productivity: A Literature Review
- 1. Introduction
- 2. A Framework for the Analysis
- 3. Financial Development and Economic Growth
- 3.1 Conceptual Priors About Finance and Growth
- 4. Finance and Productivity
- 4.1 Indirect Analyses of the Effect of Finance on Productivity
- 4.2 Direct Analyses of Finance and Productivity
- 4.3 Studies Investigating Channels Other Than Firm-Level Frictions Through Which Financial Development Influences Productivity
- 4.4 Financial Liberalisation and Productivity
- 4.5 Non-Debt Finance and Productivity
- 4.6 Business Cycles, Finance and Productivity
- 5. Summary
- 5.1 Finance and Productivity
- 5.2 Insolvency Regimes and Productivity
- 5.3 Transmission Channels
- 5.4 M&A and Productivity
- 5.5 Direct Contributions of the Financial Sector to Productivity Improvement
- 5.6 Financial Liberalisation and Productivity
- 5.7 Equity Finance and Productivity
- 5.8 Alternative Finance and Productivity
- 5.9 Business Cycles and Productivity
- Notes
- References
- Supporting Information
- 7 Business Angels Research in Entrepreneurial Finance: A Literature Review and a Research Agenda
- 1. Introduction
- 2. Methodology
- 3. Main Contributions of BA Research
- 3.1 BA Characteristics
- 3.2 BA Market
- 3.3 BA Investment Process
- 4. Bibliometric Analysis
- 5. Conclusions and Directions for Future Research
- 5.1 BA Characteristics
- 5.2 BA Market
- 5.3 BA Investment Process
- Notes
- References
- Supporting Information
- 8 Venture Capital Internationalization: Synthesis and Future Research Directions
- 1. Introduction
- 2. Determinants of International VC Investment Flows
- 2.1 Country-Level Determinants
- 2.2 VC Firm-Level Determinants
- 3. Strategies to Compensate for Liabilities of Foreignness
- 4. Outcomes of International VC Investments
- 4.1 Outcomes from the Perspective of the Portfolio Company
- 4.2 Outcomes from the Perspective of the VC Firm
- 5. Public Policy and VC Internationalization
- 6. Avenues for Future Research
- 6.1 Theoretical Integration and Methodological Gaps
- 6.2 General Gaps
- 6.3 Current Gaps in the Determinants of International VC Investments
- 6.4 Current Gaps in the Strategies to Compensate for Liabilities of Foreignness
- 6.5 Current Gaps Related to the Outcomes of International Investments
- 7. Overall Conclusion
- Acknowledgements
- Notes
- References
- 9 Is Relationship Lending Still a Mixed Blessing? A Review of Advantages and Disadvantages for Lenders and Borrowers
- 1. Introduction
- 2. Theoretical Foundations
- 2.1 Positive Side of Relationship Lending
- 2.2 Negative Side of Relationship Lending
- 3. Research Framework and Analysis of the Main Determinants of Relationship Lending
- 4. Relationship-Specific Determinants
- 4.1 Bank and Firm Size
- 4.2 Geographical Distance
- 4.3 Functional Distance
- 4.4 The Firm-Bank Relationship Duration
- 4.5 The Exclusivity and the Main-Bank Affiliation
- 4.6 The Importance of Lender-Borrow Mutual Trustworthiness and the Role of Qualitative Information
- 5. Industry-Specific Variables
- 5.1 Level of Market Competition
- 5.2 Regulatory Framework - Adoption of Basel II and III
- 5.3 Ownership Structure
- 6. Relationship Lending in Times of Financial Distress for Lenders and/or Borrowers
- 7. Differences between Financial Systems
- 8. Final Remarks and Suggestions for Future Research
- 9 Notes
- References
- 10 Determinants of the Performance of Microfinance Institutions: A Systematic Review
- 1. Introduction
- 2. MFI Performance: The Debate
- 3. Measuring MFI Financial and Social Performance
- 4. Methodology and Data Description
- 4.1 Method of Data Collection
- 4.2 Description of the Data
- 5. Data Analysis
- 5.1 MFI Characteristics and Performance
- 5.2 MFI Performance and Financing Sources
- 5.3 MFI Performance and Governance
- 5.4 MFI Performance and the External Context
- 5.5 Trade-Off between Financial and Social Performance
- 6. Challenges and Conclusions
- Acknowledgement
- Notes
- References
- 11 Crowdfunding and Innovation
- 1. Introduction
- 2. The Functioning of Crowdfunding Platforms
- 3. Crowdfunding and the Financing of Innovation
- 3.1 Crowdfunding: A Solution to the Funding Gap?
- 3.2 Links Between Crowdfunding and Other Forms of Entrepreneurial Finance
- 3.3 Summary: Crowdfunding can Help Finance Innovation
- 4. Does Crowdfunding Spur Innovation?
- 4.1 Innovation: A Problem of Trust?
- 4.2 Crowdfunding and Crowdsourcing
- 4.3 The Contribution of Crowdfunding to the Innovation Process
- 4.4 Types of Crowdfunding and Innovation
- 4.5 Necessary Conditions for the Development of Innovation
- 5. Conclusions
- Notes
- References
- 12 Crypto-Currencies - An Introduction to Not-So-Funny Moneys
- 1. Introduction
- 2. Payment/Exchange Mechanisms
- 2.1 Background Context
- 2.2 What are Crypto-Currencies? How Do They Work?
- 2.3 Growth in the Supply of Crypto-Currencies
- 2.4 The Mechanics of Bitcoin and the Blockchain
- 3. What Purpose Do Crypto-Currencies Serve?
- 3.1 Crypto-Currency and the Basic Functions of Money
- 3.2 Motivations for Using Crypto-Currencies
- 3.3 What are Crypto-Currencies Really Used For?
- 3.4 Empirical Properties of Crypto-Currencies
- 4. Implications
- 4.1 Implications for Consumers
- 4.2 Implications for Financial Institutions
- 4.3 Implications for Monetary and Regulatory Authorities
- 5. Conclusion
- Acknowledgement
- Notes
- References
- Index
- EULA
