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Essays in financial intermediation.

He, Ping.

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Essays in financial intermediation.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in financial intermediation./
Author:	He, Ping.
Description:	148 p.
Notes:	Source: Dissertation Abstracts International, Volume: 65-06, Section: A, page: 2304.
Contained By:	Dissertation Abstracts International65-06A.
Subject:	Economics, Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3138020
ISBN:	0496851905

Essays in financial intermediation.
He, Ping.

Essays in financial intermediation. - 148 p.

Source: Dissertation Abstracts International, Volume: 65-06, Section: A, page: 2304.

Thesis (Ph.D.)--University of Pennsylvania, 2004.

This dissertation consists of three essays in financial intermediation. The first essay develops a theory of deposits as a safer means of payment (bank notes or checks) in competing with money (cash). It turns out that banks can lend out the money from deposits for a charge, and this supply of inside money increases the total money supply in the economy. Comparative statics show that the existence of banks improves the social welfare. The second essay shows that strategic behavior between banks in overcoming asymmetric information in the lending market leads to changes in credit standards that result in credit crunches. We investigate the amplification mechanism and provide empirical evidence that changes in banking lending standards is an important part of business cycle dynamics. The third essay explains the IPO market dynamics in terms of volume and pricing with a model of the IPO process as a repeated certification game where investment banks produce information about IPO firms. The IPO price and the underwriting fee serve to screen firms to control the quality of the firms going public. In the case with more than one investment bank, the "reputations" of investment banks are interpreted as a form of market segmentation to economize on the social cost of information production.

ISBN: 0496851905Subjects--Topical Terms:

626650
Economics, Finance.

Essays in financial intermediation.
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100 1 $a He, Ping. $3 1928708
245 1 0 $a Essays in financial intermediation.
300 $a 148 p.
500 $a Source: Dissertation Abstracts International, Volume: 65-06, Section: A, page: 2304.
500 $a Supervisor: Gary Gorton.
502 $a Thesis (Ph.D.)--University of Pennsylvania, 2004.
520 $a This dissertation consists of three essays in financial intermediation. The first essay develops a theory of deposits as a safer means of payment (bank notes or checks) in competing with money (cash). It turns out that banks can lend out the money from deposits for a charge, and this supply of inside money increases the total money supply in the economy. Comparative statics show that the existence of banks improves the social welfare. The second essay shows that strategic behavior between banks in overcoming asymmetric information in the lending market leads to changes in credit standards that result in credit crunches. We investigate the amplification mechanism and provide empirical evidence that changes in banking lending standards is an important part of business cycle dynamics. The third essay explains the IPO market dynamics in terms of volume and pricing with a model of the IPO process as a repeated certification game where investment banks produce information about IPO firms. The IPO price and the underwriting fee serve to screen firms to control the quality of the firms going public. In the case with more than one investment bank, the "reputations" of investment banks are interpreted as a form of market segmentation to economize on the social cost of information production.
590 $a School code: 0175.
650 4 $a Economics, Finance. $3 626650
650 4 $a Business Administration, Banking. $3 1018458
690 $a 0508
690 $a 0770
710 2 0 $a University of Pennsylvania. $3 1017401
773 0 $t Dissertation Abstracts International $g 65-06A.
790 1 0 $a Gorton, Gary, $e advisor
790 $a 0175
791 $a Ph.D.
792 $a 2004
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3138020