Yatırım bankaları, finansal araçları kullanarak sağladıkları kaynakları yatırıma dönüştürebilme yeteneğine sahiptirler. Bu özellikleri sayesinde, yatırım bankaları bulundukları ülke ekonomisinin önemli bir parçasını oluştururken aynı zamanda en sektörlerden birini de temsil ederler. Sermaye piyasalarında işlem gören bu bankalar, özel işletmelerin ve devletlerin uzun dönemli fon taleplerini karş...

This paper analyzes equilibrium rationing on credit markets in the case of gains from waiting to acquire information about the future profitability of investment. We compare the competitive outcome with the socially optimal level of investment. We show that the opportunity to postpone investment changes the nature of the inefficiencies of the competitive outcome fundamentally. Without the optio...

Abstract In some classes of macroeconomic models with financial frictions, an adverse shock successfully explains a decrease in real activity but simultaneously induces stock price boom. The latter theoretical result is not consistent data from actual crises. This study aims to provide explanation for both prolonged recessions and declines. I develop simple model featuring banking sector, R&amp...

For decades, the world of financial advisors has been dominated by large investment banks such as Goldman Sachs. In recent years, user-contributed investment services such as SeekingAlpha and StockTwits have grown to millions of users. In this paper, we seek to understand the quality and impact of content on social investment platforms, by empirically analyzing complete datasets of SeekingAlpha...

VAR analysis on a measure of bank lending standards collected by the Federal Reserve reveals that shocks to lending standards are significantly correlated with innovations in commercial loans at banks and in real output. Credit standards strongly dominate loan rates in explaining variation in business loans and output. Standards remain significant when we include various proxies for loan demand...