Blar i Arbeidsnotater / Working Papers på forfatter "Vale, Bent"
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Endogenous Product Differentiation in Credit Markets: What Do Borrowers Pay For?
Kim, Moshe; Kristiansen, Eirik Gaard; Vale, Bent (Working Papers;8/2001, Working paper, 2001)This paper studies strategies pursued by banks in order to differentiate their services and soften competition. More specifically we analyse whether bank's ability to avoid losses, its capital ratio, or bank size can be ... -
Life-Cycle Patterns of Interest Rate Markups in Small Firm Finance
Kim, Moshe; Kristiansen, Eirik Gaard; Vale, Bent (Working Papers;4/2007, Working paper, 2007)We derive empirical implications from a stylized theoretical model of bankborrower relationships. Banks’ interest rate markups are predicted to follow a life-cycle pattern over the borrowing firms’ age. Due to endogenous ... -
Resolving the Financial Crisis: Are We Heeding the Lessons from the Nordics?
Borio, Claudio; Vale, Bent; von Peter, Goetz (Working Papers;17/2010, Working paper, 2010)How does the management and resolution of the current crisis compare with the response of the Nordic countries in the early 1990s, widely regarded as exemplary? We argue that, while intervention has been prompter, the ... -
Scale Economies, Bank Mergers, and Electronic Payments: A Spline Function Approach
Humphrey, David B.; Vale, Bent (Working Papers;5/2003, Working paper, 2003)This paper demonstrates the importance of using a flexible cost function specification when analyzing economies of scale and estimating the cost effect of banking mergers. The inflexibility of the translog cost function ... -
Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Norwegian Savings Banks
Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent (Working Papers;14/2009, Working paper, 2009)Stakeholder oriented governance systems are often thought to hamper efficiency. We show that social capital improves the viability of stakeholder-oriented firms in competitive markets. Studying exits from the population ... -
What Determines Banks’ Market Power? Akerlof versus Herfindahl
Kim, Moshe; Kristiansen, Eirik Gaard; Vale, Bent (Working Papers;8/2005, Working paper, 2005)We introduce a model analyzing how asymmetric information problems in a bank-loan market may evolve over the age of a borrowing firm. The model predicts a life-cycle pattern for banks’ interest rate markup. Young firms pay ...