Advanced search options

Advanced Search Options 🞨

Browse by author name (“Author name starts with…”).

Find ETDs with:

in
/  
in
/  
in
/  
in

Written in Published in Earliest date Latest date

Sorted by

Results per page:

Sorted by: relevance · author · university · dateNew search

You searched for +publisher:"Georgia Tech" +contributor:("Danis, Andras"). Showing records 1 – 2 of 2 total matches.

Search Limiters

Last 2 Years | English Only

No search limiters apply to these results.

▼ Search Limiters


Georgia Tech

1. Zhang, Teng. Essays on integration vs. segmentation of financial markets.

Degree: PhD, Business, 2018, Georgia Tech

Essay I: Uniform Mortgage Regulation and Distortion in Capital Allocation The U.S. economy is significantly influenced by local features, but most federal policies are national. In this essay, I study the unintended consequences of the uniformity of the national conforming loan limit (CLL) before 2008 on bank lending in local jumbo mortgage markets. When the national CLL increased, the jumbo share of residential mortgage markets in low-income counties was significantly reduced relative to high-income counties. I find that banks responded to the exogenous national shock by significantly increasing jumbo approval rates in low-income counties. The economic magnitude is large: a county with a \10,000 lower median income is associated with, on average, a 6 percentage-point (or 11.77%) higher jumbo loan approval rate compared to a county with a \10,000 higher median income. The results are not driven by credit supply changes, borrower quality changes, home price anticipation, or the demand channel. Consistent with the competition mechanism in which lenders expand jumbo credit to defend market share, I also find that banks in low-income counties lower jumbo mortgage rates and later suffer from worse mortgage performance. Furthermore, smaller and less informed banks expand jumbo credit more aggressively, and, as a result, riskier borrowers receive more credit. Overall, my results highlight negative consequences of the uniformity of federal policy in mortgage markets by showing how it can lead to distorted bank lending and reduce efficiency of credit allocation across regions. Essay II: Housing Market Integration and Economic Convergence In this essay, I find that the increasing housing market integration in recent decades has contributed significantly to the convergence of output, income, and total employment growth across U.S. states. States with integrated housing markets also converge in their utilization of the home equity line of credit and in the prevalence of real-estate secured loans, which suggests the collateral channel as a key transmission mechanism through which housing market integration contributes to the economic convergence. To establish causality, I identify exogenous variations in state-level house prices using real estate related foreign direct investments that are orthogonal to state economic conditions. My findings are robust to controls for banking integration and geographic proximity, and are not driven by the performance of the real estate industry or changes in local demand. I also obtain similar results at the MSA level. Essay III: Global Diversification with Local Stocks: A Road Less Traveled In this essay, I document a great heterogeneity in the degree of global financial integration at the firm-level and delve into its implications for international portfolio diversification. Specifically, I estimate the degree of integration for about 14,000 sample firms per year, on average, from major developed markets over the period 1995-2014, using the R-square method. The key findings… Advisors/Committee Members: Eun, Cheol (advisor), Jayaraman, Narayanan (committee member), Danis, Andras (committee member), Kim, Soohun (committee member), Ganduri, Rohan (committee member).

Subjects/Keywords: Financial markets; Integration

Record DetailsSimilar RecordsGoogle PlusoneFacebookTwitterCiteULikeMendeleyreddit

APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Zhang, T. (2018). Essays on integration vs. segmentation of financial markets. (Doctoral Dissertation). Georgia Tech. Retrieved from http://hdl.handle.net/1853/60190

Chicago Manual of Style (16th Edition):

Zhang, Teng. “Essays on integration vs. segmentation of financial markets.” 2018. Doctoral Dissertation, Georgia Tech. Accessed December 09, 2019. http://hdl.handle.net/1853/60190.

MLA Handbook (7th Edition):

Zhang, Teng. “Essays on integration vs. segmentation of financial markets.” 2018. Web. 09 Dec 2019.

Vancouver:

Zhang T. Essays on integration vs. segmentation of financial markets. [Internet] [Doctoral dissertation]. Georgia Tech; 2018. [cited 2019 Dec 09]. Available from: http://hdl.handle.net/1853/60190.

Council of Science Editors:

Zhang T. Essays on integration vs. segmentation of financial markets. [Doctoral Dissertation]. Georgia Tech; 2018. Available from: http://hdl.handle.net/1853/60190

2. Ganduri, Rohan Rao Srinivas. Essays in financial intermediation.

Degree: PhD, Business, 2016, Georgia Tech

This thesis uncovers the behavior of market participants in reponse to regulatory changes in the financial intermediation sector. The first essay, "Repo Regret?", I find that Independent Mortgage Companies (IMCs), which accounted for a third of all mortgage originations in the U.S., experienced an exogenous increase in their funding after the passage of the 2005 bankruptcy reform act. The act increased creditor protection by including mortgage related collateral to bankruptcy safe harbored repos, thereby expanding IMCs’ funding opportunities. Using multiple identification strategies based on funding constraints, discontinuity in securitization propensity, and geographic discontinuity in anti-predatory lending laws, I find that IMCs responded to this funding shock by increasing the issuance of risky home loans which culminated in higher ex-post defaults. Areas exposed to significant IMC lending also experienced a greater house price growth. My results highlight the unintended role of regulation in aiding the U.S. housing market boom and bust by safe harboring mortgage related repo collateral. In the second essay, "Are credit ratings still relevant?", we show that firms' stock prices react significantly less to credit rating downgrade announcements when they have Credit Default Swap (CDS) contracts trading on their debts. We find that CDS spreads predict firms' future rating downgrades and defaults, and document a significant information flow from the CDS to equity and bond markets before firms are downgraded. Further, the CDS term structure can be used to construct a more reliable measure of default risk premium for firms undergoing rating revisions. While the CDS market is not a perfect substitute for credit ratings, our results suggest that credit rating revisions have become less informative to equity investors in the presence of the CDS market. In the third essay, "Credit Default Swaps and Moral Hazard in Bank Lending", we analyze whether introducing Credit Default Swaps (CDSs) on a borrower's debt leads to lender moral hazard around covenant violations, wherein lending banks can terminate or accelerate the loan. Using a regression discontinuity design, we show that CDS firms, including those with agency problems, do not decrease their investment after covenant violations, pay a higher loan spread, and perform poorly, but do not go bankrupt at a higher rate when compared with non-CDS firms that violate covenants. These results are magnified when lenders have weaker incentives to monitor and suggest that introducing CDSs misaligns incentives between lenders and borrowers. In the fourth essay, "Do Bond Investors Price Tail Risk Exposures of Financial Institutions?", we analyze whether bond investors price tail risk exposures of financial institutions using a comprehensive sample of bond issuances by U.S. financial institutions. Although primary bond yield spreads increase with an institutions' own tail risk (expected shortfall), systematic tail risk (marginal expected shortfall) of the institution doesn't… Advisors/Committee Members: Chava, Sudheer (advisor), Ornthanalai, Chayawat (committee member), Danis, Andras (committee member), Oettl, Alexander (committee member), Eun, Cheol (committee member), Dass, Nishant (committee member).

Subjects/Keywords: Banking; Financial intermediation; Regulation; Mortgages; Housing; Financial crisis; Tail risk; Repurchase agreements; Credit default swaps; Credit rating agencies

Record DetailsSimilar RecordsGoogle PlusoneFacebookTwitterCiteULikeMendeleyreddit

APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Ganduri, R. R. S. (2016). Essays in financial intermediation. (Doctoral Dissertation). Georgia Tech. Retrieved from http://hdl.handle.net/1853/55588

Chicago Manual of Style (16th Edition):

Ganduri, Rohan Rao Srinivas. “Essays in financial intermediation.” 2016. Doctoral Dissertation, Georgia Tech. Accessed December 09, 2019. http://hdl.handle.net/1853/55588.

MLA Handbook (7th Edition):

Ganduri, Rohan Rao Srinivas. “Essays in financial intermediation.” 2016. Web. 09 Dec 2019.

Vancouver:

Ganduri RRS. Essays in financial intermediation. [Internet] [Doctoral dissertation]. Georgia Tech; 2016. [cited 2019 Dec 09]. Available from: http://hdl.handle.net/1853/55588.

Council of Science Editors:

Ganduri RRS. Essays in financial intermediation. [Doctoral Dissertation]. Georgia Tech; 2016. Available from: http://hdl.handle.net/1853/55588

.