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Frictions in Financial Intermediation.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Frictions in Financial Intermediation./
Author:	Raina, Sahil.
Description:	1 online resource (211 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 78-09, Section: A.
Contained By:	Dissertations Abstracts International78-09A.
Subject:	Statistics. -
Online resource:	click for full text (PQDT)
ISBN:	9781369589665

Frictions in Financial Intermediation.
Raina, Sahil.

Frictions in Financial Intermediation. - 1 online resource (211 pages)

Source: Dissertations Abstracts International, Volume: 78-09, Section: A.

Thesis (Ph.D.)--University of Michigan, 2016.

Includes bibliographical references

This dissertation comprises essays examining frictions among financial intermediaries: venture capital firms, investment banks, and commercial banks. The first essay explores the effect of gender on VC-financed entrepreneurship. I find that women's participation in VC-financed entrepreneurship is lower than in other sectors of the economy. Further, women lead startups that perform worse than startups led by men. Does interaction with venture capitalists (VCs) contribute to these disparities? To answer these questions, I compare the gender gap in performance between startups initially financed by VCs with only male general partners (GPs) and those initially financed by VCs that include female GPs. I find a large performance gender gap among startups financed by VCs with only male GPs but no such gap among startups financed by VCs that include female GPs. This suggests that VC gender composition has contributed strongly to the performance gap between female and male-led startups, which could deter women from leading VC-financed projects and lower their participation. The second essay analyzes whether mid-level managers in securitized finance were aware of a large-scale housing bubble and a looming crisis in 2004-2006 using their personal home transaction data. We find that the average person in our sample did not exhibit awareness of problems in overall housing markets. Certain groups of securitization agents were particularly aggressive in increasing their exposure to housing during this period, suggesting the need to expand the incentives-based view of the crisis to incorporate a role for beliefs. The third essay uses a uniquely extensive dataset on deposit interest rates, maintenance fees, and fee thresholds, and documents substantial variation in these prices. We then examine whether variation in concentration helps explain variation in prices. The standard measure of concentration, the HHI, is not correlated with any prices. We then construct a generalized HHI (GHHI) that captures both common ownership and cross-ownership of banks. The GHHI is strongly correlated with all prices. We use growth of index funds as an arguably exogenous source of variation of common ownership to suggest a causal link from GHHI to higher deposit prices.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9781369589665Subjects--Topical Terms:

556824
Statistics.
Subjects--Index Terms:

BankingIndex Terms--Genre/Form:

554714
Electronic books.

Frictions in Financial Intermediation.
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502 $a Thesis (Ph.D.)--University of Michigan, 2016.
504 $a Includes bibliographical references
520 $a This dissertation comprises essays examining frictions among financial intermediaries: venture capital firms, investment banks, and commercial banks. The first essay explores the effect of gender on VC-financed entrepreneurship. I find that women's participation in VC-financed entrepreneurship is lower than in other sectors of the economy. Further, women lead startups that perform worse than startups led by men. Does interaction with venture capitalists (VCs) contribute to these disparities? To answer these questions, I compare the gender gap in performance between startups initially financed by VCs with only male general partners (GPs) and those initially financed by VCs that include female GPs. I find a large performance gender gap among startups financed by VCs with only male GPs but no such gap among startups financed by VCs that include female GPs. This suggests that VC gender composition has contributed strongly to the performance gap between female and male-led startups, which could deter women from leading VC-financed projects and lower their participation. The second essay analyzes whether mid-level managers in securitized finance were aware of a large-scale housing bubble and a looming crisis in 2004-2006 using their personal home transaction data. We find that the average person in our sample did not exhibit awareness of problems in overall housing markets. Certain groups of securitization agents were particularly aggressive in increasing their exposure to housing during this period, suggesting the need to expand the incentives-based view of the crisis to incorporate a role for beliefs. The third essay uses a uniquely extensive dataset on deposit interest rates, maintenance fees, and fee thresholds, and documents substantial variation in these prices. We then examine whether variation in concentration helps explain variation in prices. The standard measure of concentration, the HHI, is not correlated with any prices. We then construct a generalized HHI (GHHI) that captures both common ownership and cross-ownership of banks. The GHHI is strongly correlated with all prices. We use growth of index funds as an arguably exogenous source of variation of common ownership to suggest a causal link from GHHI to higher deposit prices.
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538 $a Mode of access: World Wide Web
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653 $a Venture capital
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