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Firm boundaries, incentives, and fund performance: Evidence from a private pension fund system
(Elsevier, 2020-06)
The private pension fund system in Turkey presents a unique institutional structure where bank holding companies can own both private pension companies and asset management firms. More often than not, pension companies ...
Bank regulation under fire sale externalities
(Oxford University Press, 2020-06)
We examine the optimal design of and interaction between capital and liquidity regulations. Banks, not internalizing fire sale externalities, overinvest in risky assets and underinvest in liquid assets in the competitive ...
Global trends in liquidity creation: The role of the off-balance sheet
(Peter Lang AG, 2019-03-28)
Banks create liquidity by transforming liquid liabilities into illiquid assets and this is one of their main functions. Yet excessive liquidity creation, especially via off-balance sheet activities, might have contributed ...
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