Events

Past Events

Finance Research Seminar: Michael Weber
April 3, 2017 -
10:00am to 12:00pm
FGV/EBAPE - Praia de Botafogo, 190 / Room 537

Finance Seminars, Michael Weber, University of Chicago, EUA.

Title: The Long Shadow of Jewish Persecution on Financial Decisions

For centuries, Jews have been associated with financial services. We find that present-day households in German counties where Jewish persecution was higher in the Middle Ages and the Nazi period invest less in stocks, have lower savings in bank deposits, and are less likely to get a mortgage, but not to own a house. Current antisemitism, generalized trust, or supply-side forces do not appear to explain these correlations, which are consistent with a norm of distrust in finance, transmitted across generations. The forced migrations of the Ashkenazi communities across the German lands after the 11th century help assess the extent to which the effect of Jewish persecution on present-day financial decisions is causal.

Partner conference in Chile after the International Conference on Small Business Finance in Rio
December 12, 2016 - 12:00am

Santiago Finance Workshop, December 12-13, 2016

Call for Papers (link)

International Conference on Small Business Finance in Rio 2016
December 8, 2016 - 12:30pm to December 9, 2016 - 6:30pm
FGV, Praia de Botafogo 190, 22250-900 Rio de Janeiro, RJ, Brazil, Auditório Manoel Thompson Motta, 12th Floor
Finance Seminar: Allen N. Berger
December 7, 2016 -
10:00am to 12:00pm
FGV Ebape

Finance Seminars, Allen N. Berger, University of South Carolina, EUA.

 

Do Bank Bailouts Reduce or Increase Systemic Risk? The Effects of TARP on Financial System Stability

 

Theory suggests that bank bailouts may either reduce or increase systemic risk. This paper is the first to address this issue empirically, analyzing the U.S. Troubled Assets Relief Program (TARP). Difference-in-difference analysis suggests that TARP significantly reduced contributions to systemic risk, particularly for larger and safer banks located in better local economies. This occurred primarily through a capital cushion channel. Results are robust to additional tests, including accounting for potential endogeneity and selection bias. Findings yield policy conclusions about the wisdom of bailouts, which banks might be the best targets for future bailouts, and the form these bailouts might take.

 

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