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5. On-Site inspecting zombie lending

Author

Bonfim, Diana, Cerqueiro, Geraldo, Degryse, Hans, Ongena, Steven, Bonfim, Diana, Cerqueiro, Geraldo, Degryse, Hans, and Ongena, Steven

Abstract

"Zombie lending" remains a widespread practice by banks around the world. In this paper, we exploit a series of large-scale on-site inspections made on the credit portfolios of several Portuguese banks to investigate how these inspections affect banks’ future lending decisions. We find that an inspected bank becomes 20% less likely to refinance zombie firms, immediately spurring their default. Overall, banks seemingly reduce zombie lending because the incentives to hold these loans disappear once they are forced to recognize losses.

Published
2023

6. Political uncertainty and the geographic allocation of credit: evidence from small businesses

Author

Cerqueiro, Geraldo, Mão-de-Ferro, Ana; https://orcid.org/0000-0002-6147-7641, Penas, María Fabiana, Cerqueiro, Geraldo, Mão-de-Ferro, Ana; https://orcid.org/0000-0002-6147-7641, and Penas, María Fabiana

Abstract

We investigate how banks change the geographic distribution of their small business loan portfolio when they face political uncertainty in some of the states where they operate. Using exogenous variation in gubernatorial elections with binding term limits, we show that political uncertainty causes local banks to increase out-of-state lending to small firms, especially to firms located in the wealthiest out-of-state counties. This effect follows a decrease in lending in the local market and is stronger for banks that are more capital constrained. The increase in credit availability leads to an increase in employment growth and net firm creation in sectors that need larger amounts of startup capital. Our results indicate that geographic diversification and financial integration enable banks to sidestep the negative local economic effects of political uncertainty.

Published
2023

11. Collateral Damaged? Priority Structure, Credit Supply, and Firm Performance

Author

Ongena, Steven, Cerqueiro, Geraldo, Roszbach, Kasper, Ongena, Steven, Cerqueiro, Geraldo, and Roszbach, Kasper

Abstract

A unique legal reform in 2004 in Sweden redistributed liquidation proceeds from banks holding floating liens to unsecured creditors. Using a country-wide panel of all registered firms, we document that the resulting reduction in collateral capacity contracts the amount and maturity of corporate debt and leads firms to slow investment and forego growth. Altering their allocation of assets, firms reduce particularly those assets with a low collateralizable value for banks and also hoard more cash. However, the reform has no impact on corporate capital intensity or efficiency, suggesting that under these newly binding credit constraints firms simply shrink their operations.

Published
2020

18. Collateral damage? On collateral, corporate financing and performance

Author

Cerqueiro, Geraldo, Ongena, Steven, and Roszbach, Kasper

Subjects
floating lien, collateral, ddc:330, G31, G32, investment, financial constraints, differences-in-differences, D22
Abstract

In this paper, we investigate the economy-wide effects of the collateral channel by exploiting: (i) a legal reform in Sweden in 2004 that reduced collateral values, and (ii) a dataset that covers all incorporated firms in Sweden over the period 2000-2006. We find that the loss in collateral value reduces both the amount and the maturity of firm debt and leads firms to contract investment, employment, and assets. The legal reform may distort investment and asset allocation decisions, as firms that reduce their holdings of assets with low collaterizable value and firms that hold more liquid assets consequently become less productive and innovative. Our results therefore document the potency of a collateral channel outside of a crisis.

Published
2016

21. Collaterlization, bank loan rates and monitoring: Evidence from a natural experiment

Author

Cerqueiro, Geraldo, Ongena, Steven, and Roszbach, Kasper

Subjects
Test, Reform, education, collateral, Kreditsicherung, credit rationing, differences-in-differences, D82, floating lien, monitoring, Asymmetrische Information, Kreditrisiko, Verbraucherkredit, ddc:330, loan contracts, G21, health care economics and organizations, natural experiment, Schweden
Abstract

We study a change in the Swedish law that exogenously reduced the value of all outstanding company mortgages, i.e., a type of collateral that is comparable to the floating lien. We explore this natural experiment to identify how collateral determines borrower quality, loan terms, access to credit and bank monitoring of business term loans. Using a differences-in-differences approach, we find that following the change in the law and the loss in collateral value borrowers pay a higher interest rate on their loans, receive a worse quality assessment by their bank, and experience a substantial reduction in the supply of credit by their bank. The reduction in collateral value also precedes a decrease in bank monitoring intensity and frequency of both the collateral and the borrower, consistent with models in which the pledging of risky assets incentivizes banks to monitor.

Published
2012

38. Market Size Structure and Small Business Lending: Are Crisis Times Different from Normal Times?

Author

BERGER, ALLEN N., CERQUEIRO, GERALDO, and PENAS, MARÍA FABIANA

Subjects
INDUSTRIAL organization (Economic theory), SMALL business finance, LOANS, FINANCIAL crises, CORPORATE finance, FINANCIAL management, MANAGEMENT
Abstract

Conventional wisdom holds that small banks have comparative advantages visà-vis large banks in serving small firms, while recent literature suggests this may not be the case. Using a panel of recent US start-ups, we investigate how small bank presence affects these firms in normal times (2004-06) and in the recent financial crisis (2007-09). We find that greater small bank presence yields significantly more lending to and slightly lower failure rates of these firms during normal times. However, these benefits disappear during the financial crisis, possibly because small banks are less diversified and benefit less from government guarantees than large banks. [ABSTRACT FROM AUTHOR]

Published
2015
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40. The COVID-19 vaccine race, government bond yields, and index futures : analysis of 34 OECD member countries

Author

Åkra, Gisle Røe and Cerqueiro, Geraldo Manuel Alves

Subjects
Futures, Estudo de evento, Rendimentos de títulos públicos, Event study, Government bond yields, COVID-19, Futuros, Ciências Sociais::Economia e Gestão [Domínio/Área Científica]
Abstract

Submitted by Maria Helena Ribeiro (helena.ribeiro@lisboa.ucp.pt) on 2021-10-29T13:26:28Z No. of bitstreams: 1 152119265_GisleRøeÅkra_DPDFA.pdf: 3393355 bytes, checksum: 21a535fd8c521114d9f8ed0e6d02735c (MD5) Made available in DSpace on 2021-10-29T13:26:28Z (GMT). No. of bitstreams: 1 152119265_GisleRøeÅkra_DPDFA.pdf: 3393355 bytes, checksum: 21a535fd8c521114d9f8ed0e6d02735c (MD5) Previous issue date: 2021-06-28

Published
2021

41. The failure of Lehman Brothers : how did the collapse affect the banking system in the U.S.?

Author

Gaspar, Raquel Sofia Neves and Cerqueiro, Geraldo Manuel Alves

Subjects
Lehman Brothers’ bankruptcy, Estudo de evento, Event study, Banking system, Financial crisis, Crise financeira, Sistema bancário, Falência do Lehman Brothers, Ciências Sociais::Economia e Gestão [Domínio/Área Científica]
Abstract

Submitted by Maria Helena Ribeiro (helena.ribeiro@lisboa.ucp.pt) on 2020-10-20T08:10:57Z No. of bitstreams: 1 152416033_Raquel Gaspar_DPDFA_Revised.pdf: 659061 bytes, checksum: aeea7871476c017d3f02846f237139fc (MD5) Approved for entry into archive by Maria Helena Ribeiro (helena.ribeiro@lisboa.ucp.pt) on 2020-10-20T08:11:12Z (GMT) No. of bitstreams: 1 152416033_Raquel Gaspar_DPDFA_Revised.pdf: 659061 bytes, checksum: aeea7871476c017d3f02846f237139fc (MD5) Made available in DSpace on 2020-10-20T08:11:12Z (GMT). No. of bitstreams: 1 152416033_Raquel Gaspar_DPDFA_Revised.pdf: 659061 bytes, checksum: aeea7871476c017d3f02846f237139fc (MD5) Previous issue date: 2020-05-28

Published
2020

42. How social media usage by managers affects corporate value : the case of Elon Musk

Author

Corte, Miguel Alexandre Barbeira and Cerqueiro, Geraldo

Subjects
Social media, Celebrity CEO, Sentiment, Sentimento, Redes sociais, Twitter, Preço das ações, CEO celebridade, Ciências Sociais::Economia e Gestão [Domínio/Área Científica], Stock price
Abstract

Submitted by Maria Helena Ribeiro (helena.ribeiro@lisboa.ucp.pt) on 2020-11-11T09:07:35Z No. of bitstreams: 1 152418069_Miguel Corte_PDFA.pdf: 1116703 bytes, checksum: 849d1d446994fab365b0bc19e159a954 (MD5) Approved for entry into archive by Maria Helena Ribeiro (helena.ribeiro@lisboa.ucp.pt) on 2020-11-11T09:07:47Z (GMT) No. of bitstreams: 1 152418069_Miguel Corte_PDFA.pdf: 1116703 bytes, checksum: 849d1d446994fab365b0bc19e159a954 (MD5) Made available in DSpace on 2020-11-11T09:07:47Z (GMT). No. of bitstreams: 1 152418069_Miguel Corte_PDFA.pdf: 1116703 bytes, checksum: 849d1d446994fab365b0bc19e159a954 (MD5) Previous issue date: 2020-06-29

Published
2020

43. ESG and Corporate Financial Performance : empirical evidence from the Worldwide Energy Sector

Author

Tuci, Enrico and Cerqueiro, Geraldo

Subjects
Desempenho financeiro, Financial performance, Setor energético, ESG, Energy sector, Ciências Sociais::Economia e Gestão [Domínio/Área Científica]
Abstract

Submitted by Maria Helena Ribeiro (helena.ribeiro@lisboa.ucp.pt) on 2020-11-11T09:13:37Z No. of bitstreams: 1 152418060_Enrico Tuci_DPDFA.pdf: 795546 bytes, checksum: 06a5a3967d405535624fa668477bc4fb (MD5) Approved for entry into archive by Maria Helena Ribeiro (helena.ribeiro@lisboa.ucp.pt) on 2020-11-11T09:13:50Z (GMT) No. of bitstreams: 1 152418060_Enrico Tuci_DPDFA.pdf: 795546 bytes, checksum: 06a5a3967d405535624fa668477bc4fb (MD5) Made available in DSpace on 2020-11-11T09:13:50Z (GMT). No. of bitstreams: 1 152418060_Enrico Tuci_DPDFA.pdf: 795546 bytes, checksum: 06a5a3967d405535624fa668477bc4fb (MD5) Previous issue date: 2020-07-01

Published
2020

44. Brexit : changes in cross-market correlation throughout Europe

Author

Tessarolo, Valentina and Cerqueiro, Geraldo Manuel Alves

Subjects
Financial markets, Country-specific factors, Correlação, Volatilidade, Factores específicos por país, Ciências Sociais::Economia e Gestão [Domínio/Área Científica], Correlation, Volatility, Mercados financeiros, Short and long term, Curto e longo prazo, Brexit, Retornos, Returns
Abstract

Submitted by Isabel Gomes (itg@lisboa.ucp.pt) on 2020-01-09T10:08:16Z No. of bitstreams: 1 152417089_Valentina Tessarolo_DPDFA.pdf: 1210456 bytes, checksum: 8dde8149990459023c002d91642d586e (MD5) Approved for entry into archive by Isabel Gomes (itg@lisboa.ucp.pt) on 2020-01-09T10:08:25Z (GMT) No. of bitstreams: 1 152417089_Valentina Tessarolo_DPDFA.pdf: 1210456 bytes, checksum: 8dde8149990459023c002d91642d586e (MD5) Made available in DSpace on 2020-01-09T10:08:25Z (GMT). No. of bitstreams: 1 152417089_Valentina Tessarolo_DPDFA.pdf: 1210456 bytes, checksum: 8dde8149990459023c002d91642d586e (MD5) Previous issue date: 2019-10-10

Published
2019

45. Executives misconducts and their consequences on the associated companies’ stock markets

Author

Gaspar, Cláudia Ester Novo and Cerqueiro, Geraldo Manuel Alves

Subjects
Estudo de evento, Financial impact, Event study, Corporate scandals, Personal misconduct, Financial misconduct, Escândalos corporativos, Impacto financeiro, Indevida conduta executiva, Executives misconduct, Ciências Sociais::Economia e Gestão [Domínio/Área Científica]
Abstract

Submitted by Isabel Gomes (itg@lisboa.ucp.pt) on 2020-01-08T08:04:03Z No. of bitstreams: 1 152217015_Claudia Gaspar_DPDFA.pdf: 1307951 bytes, checksum: 744a9393148548df524f054a9e5a614c (MD5) Approved for entry into archive by Isabel Gomes (itg@lisboa.ucp.pt) on 2020-01-08T08:04:19Z (GMT) No. of bitstreams: 1 152217015_Claudia Gaspar_DPDFA.pdf: 1307951 bytes, checksum: 744a9393148548df524f054a9e5a614c (MD5) Made available in DSpace on 2020-01-08T08:04:19Z (GMT). No. of bitstreams: 1 152217015_Claudia Gaspar_DPDFA.pdf: 1307951 bytes, checksum: 744a9393148548df524f054a9e5a614c (MD5) Previous issue date: 2019-10-10

Published
2019

46. Performance analysis of corporate events

Author

Ferreira, Tomás Andrade de Moura and Cerqueiro, Geraldo

Subjects
Privatisation, Corporate governance, Performance, Negócios familiares, Governação corporativa, Family-owned businesses, Privatização, Ciências Sociais::Economia e Gestão [Domínio/Área Científica]
Abstract

Submitted by Isabel Gomes (itg@lisboa.ucp.pt) on 2019-02-19T08:38:48Z No. of bitstreams: 1 Dissertation Tomás Ferreira_Performance analysis of corporate events.pdf: 698733 bytes, checksum: 7fad6c0148b914ef473423706a86bd26 (MD5) Approved for entry into archive by Isabel Gomes (itg@lisboa.ucp.pt) on 2019-02-19T08:39:08Z (GMT) No. of bitstreams: 1 Dissertation Tomás Ferreira_Performance analysis of corporate events.pdf: 698733 bytes, checksum: 7fad6c0148b914ef473423706a86bd26 (MD5) Made available in DSpace on 2019-02-19T08:39:08Z (GMT). No. of bitstreams: 1 Dissertation Tomás Ferreira_Performance analysis of corporate events.pdf: 698733 bytes, checksum: 7fad6c0148b914ef473423706a86bd26 (MD5) Previous issue date: 2019-01-30

Published
2019

47. Collateral Damaged? Priority Structure, Credit Supply, and Firm Performance

Author

Kasper Roszbach, Steven Ongena, Geraldo Cerqueiro, Research programme EEF, University of Zurich, and Cerqueiro, Geraldo

Subjects
MANAGERS, Economics and Econometrics, Difference-in-differences, INVESTMENT, Creditor, Collateral, media_common.quotation_subject, collateral, Social Sciences, jel:D22, 2002 Economics and Econometrics, Monetary economics, Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 [VDP], JEL: D22, Seniority, Seniority (financial), Business & Economics, difference-in-differences, ddc:330, G31, G32, Balance sheet, media_common, CONTRACTS, seniority, jel:G31, investment, Investment (macroeconomics), financial constraints, Business, Finance, Maturity (finance), 10003 Department of Banking and Finance, jel:G32, 330 Economics, LAWS, JEL: G31, floating lien, Floating lien, 2003 Finance, Cash, Capital intensity, Business, FINANCIAL CONSTRAINTS, ACCESS, Finance, JEL: G32, D22
Abstract

A unique legal reform in 2004 in Sweden redistributed collateral rights from banks holding floating liens to unsecured creditors without changing the value of assets on firms’ balance sheets. Using a country-wide panel of all incorporated firms, we document that a zero-sum redistribution of collateral rights and the resulting reduction in collateral capacity towards banks contracts the amount and maturity of corporate debt and leads firms to slow investment and forego growth. Altering their allocation of assets, firms reduce particularly those assets with a low collateralizable value for banks and also hoard more cash. However, the reform has no impact on corporate capital intensity or efficiency, suggesting that under these newly binding credit constraints firms simply shrink their operations.

Published
2019

48. The Cristiano Ronaldo rape allegation scandal : financial implications for his market environment

Author

Kleinhans, Peter and Cerqueiro, Geraldo Manuel Alves

Subjects
Estudo de evento, Financial impact, Event study, Ronaldo, Athlete endorsement, Apoios ao atleta, Impacto financeiro, Rape allegation, Alegada violação, Ciências Sociais::Economia e Gestão [Domínio/Área Científica]
Abstract

Submitted by Maria Helena Ribeiro (helena.ribeiro@lisboa.ucp.pt) on 2020-01-10T15:52:51Z No. of bitstreams: 1 152417067 Peter Kleinhans W.pdf: 1801448 bytes, checksum: 404e25d11f8ac23010517bbd92ef1329 (MD5) Approved for entry into archive by Maria Helena Ribeiro (helena.ribeiro@lisboa.ucp.pt) on 2020-01-10T15:53:06Z (GMT) No. of bitstreams: 1 152417067 Peter Kleinhans W.pdf: 1801448 bytes, checksum: 404e25d11f8ac23010517bbd92ef1329 (MD5) Made available in DSpace on 2020-01-10T15:53:06Z (GMT). No. of bitstreams: 1 152417067 Peter Kleinhans W.pdf: 1801448 bytes, checksum: 404e25d11f8ac23010517bbd92ef1329 (MD5) Previous issue date: 2019-07-04

Published
2019

49. How do Basel IV regulation announcements impact market performance of European banks?

Author

Pereira, Maria Inês Coelho and Cerqueiro, Geraldo Manuel Alves

Subjects
Estudo de eventos, Basel IV, Event study, Regulação Basileia, Basileia IV, Reação de mercado, Basel regulation, Banking regulation, Market reaction, Regulação bancária, Ciências Sociais::Economia e Gestão [Domínio/Área Científica]
Abstract

Submitted by Isabel Gomes (itg@lisboa.ucp.pt) on 2018-08-07T11:15:38Z No. of bitstreams: 1 FinanceDissertation_MariaPereira.pdf: 1695311 bytes, checksum: 223be02928f16bf3d5c09da2bed63120 (MD5) Made available in DSpace on 2018-08-07T11:15:39Z (GMT). No. of bitstreams: 1 FinanceDissertation_MariaPereira.pdf: 1695311 bytes, checksum: 223be02928f16bf3d5c09da2bed63120 (MD5) Previous issue date: 2018-07-25

Published
2018

50. The financial impact of the Fukushima reactor meltdown on the stock returns of german nuclear power providers

Author

Schug, Per Espen and Cerqueiro, Geraldo Manuel Alves

Subjects
Estudo de evento, Financial impact, Nuclear power providers, Event study, Germany, Alemanha, Empresas de energia nuclear, Impacto financeiro, Fukushima, Ciências Sociais::Economia e Gestão [Domínio/Área Científica]
Abstract

Submitted by Isabel Gomes (itg@lisboa.ucp.pt) on 2018-08-07T12:55:03Z No. of bitstreams: 1 Master Dissertation - Per Espen Schug - 24.05.2018.pdf: 2917870 bytes, checksum: c0358b044d4c4c036d59667437f33acd (MD5) Made available in DSpace on 2018-08-07T12:55:03Z (GMT). No. of bitstreams: 1 Master Dissertation - Per Espen Schug - 24.05.2018.pdf: 2917870 bytes, checksum: c0358b044d4c4c036d59667437f33acd (MD5) Previous issue date: 2018-07-25

Published
2018

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