International Banking and Finance

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INTERNATIONAL BANKING AND FINANCE course outline for Kiel Advanced Studies. February 18-22, 2008. Hans Degryse. CentER-Tilburg University, TILEC, ...
INTERNATIONAL BANKING AND FINANCE course outline for Kiel Advanced Studies February 18-22, 2008

Hans Degryse CentER-Tilburg University, TILEC, K.U. Leuven, and CESIfo TILEC-AFM Chair on Financial Market Regulation Email: [email protected] TOPICS AND READING LIST The course will discuss current topics in banking and finance, with emphasis on theory, empirical methods, applications and results. The course consists of five half-days of inclass-work. The remainder of each day is allocated to reading and preparation of exercises or case discussions. Topic 1: LENDING RELATIONSHIPS AND INVESTOR ACTIVISM (two sessions) A. Lending Relationships and Investor Activism -

*Chapter 9 in J. Tirole, The Theory of Corporate Finance, Princeton University Press.

B. Bank versus Arms Length Financing -

Sharpe, S. (1990), Asymmetric Information, bank lending, and implicit contracts: a stylized model of customer relationships, Journal of Finance, 55:1069-1087. *Rajan, R. (1992), Insiders and Outsiders: the choice between informed and arm’s length financing, Journal of Finance, 49:3-37

C. Creditor Concentration: Number of Relationships -

Bolton, P. and D. Scharfstein (1996), Optimal debt structure and the number of creditors, Journal of Political Economy, 104:1-25. Detragiache, E., P. Garella, and L. Guiso (2001), Multiple versus Single Banking Relationships: Theory and Evidence, Journal of Finance, 1133-1169.

Topic 2: BANK-FIRM RELATIONSHIPS: EMPIRICS (one session) -

Degryse, H., M. Kim and S. Ongena (2008), Microeconometrics of Banking: Methods, Applications and Results, forthcoming Oxford University Press, Chapter

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III. The Industrial Organization Approach to Banking - Chapter IV, The LenderBorrower Relationship. *Degryse, H. and P. Van Cayseele (2000), Relationship Lending within a bank-based system: evidence from European Small Business Data, Journal of Financial Intermediation, 90-109 *Petersen and Rajan (1994), The benefits of Lending relationships: Evidence from Small Business Data, Journal of Finance 3-37.

Topic 3: INFORMATION SHARING IN BANKING MARKETS (one session) A. THEORY -

Bouckaert, J. and H. Degryse (2004), Softening Competition in Credit Markets by Inducing Switching, Journal of Industrial Economics, 27-52. Bouckaert, J. and H. Degryse (2006), Entry and Strategic Information Display in Credit Markets, Economic Journal, 702-720. Jappelli, T. and M. Pagano (1993), Information sharing in credit markets, Journal of Finance 48, 1693-1718. *Padilla, J. A. and M. Pagano (1997), Endogenous Communication among Lenders and Entrepreneurial Incentives, Review of Financial Studies, 10, pp. 205–236. Padilla, J. A. and M. Pagano (2000), ‘Sharing Default Information as a Borrower Discipline Device,’ European Economic Review, 44, pp. 1951–1980.

B. EMPIRICS -

*Jappelli, T. and M. Pagano (2002), Information sharing, lending and defaults: Crosscountry evidence, Journal of Banking and Finance, 26, 2017-2045. Brown, M., T. Jappelli and M. Pagano (2006), Information Sharing and Credit: FirmLevel Evidence from Transition Countries, CSEF discussion paper.

Topic 4: INTERNATIONAL BANKING AND FINANCIAL STABILITY (one session) -

*Allen, F. and D. Gale (2000), Bubbles and Crises, Economic Journal, 110, pp.236250. *Allen, F. and D. Herring (2001), Banking Regulation versus Securities Market Regulation, mimeo, Wharton School. De Bandt, O. and P. Hartmann (2000), Systemic Risk: a survey, in C. Goodhart and G. Illing (eds), Financial Crises, Contagion, and the Lender of Last Resort Degryse, H., M. Kim and S. Ongena (2008), Microeconometrics of Banking: Methods, Applications and Results, forthcoming Oxford University Press, Chapter VII, Individual Bank Runs and Systemic Risk.

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