| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15097 |
| DP15097 Bank-Intermediated Arbitrage | |
| Nina Boyarchenko; Thomas Eisenbach; Pooja Gupta; Or Shachar; Peter Van Tassel | |
| 发表日期 | 2020-07-25 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We argue that post-crisis banking regulations pass through from regulated institutions to unregulated arbitrageurs. We document that, once post-crisis regulations bind post 2014, hedge funds use a larger number of prime brokers, diversify away from G-SIB affiliated prime brokers, and that the match to such prime brokers is more fragile. Tighter regulatory constraints disincentivize regulated institutions not only to engage in arbitrage activity themselves but also to provide leverage to other arbitrageurs. Indeed, we show that the maximum leverage allowed and the implied return on basis trades is considerably lower under post-crisis regulation, in spite of persistently wider spreads. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp15097 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544053 |
| 推荐引用方式 GB/T 7714 | Nina Boyarchenko,Thomas Eisenbach,Pooja Gupta,et al. DP15097 Bank-Intermediated Arbitrage. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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