Adrian A.r.j.m. Rixtel - Academia.edu (original) (raw)

Papers by Adrian A.r.j.m. Rixtel

SSRN Electronic Journal, 2016

This paper investigates if relationship lending and bank market concentration permit informationa... more This paper investigates if relationship lending and bank market concentration permit informational rent extraction through collateral. We use equity IPOs as informational shocks that erode rent seeking opportunities. Using unique loan data from China, we find collateral incidence increases with relationship intensity and bank market concentration for pre-IPO loans, while these effects are moderated post-IPO. We further discover after an IPO, rent extraction is moderated for safe firms but intensified for risky firms. These results are not driven by differences or changes in financial risks. Ours is the first investigation on collateral determinants for China with loan-level data.

Capital Markets, Globalization, and Economic Development, 2005

... A large number of proposals to revitalize the fund procurement function of the Samurai market... more ... A large number of proposals to revitalize the fund procurement function of the Samurai market have been made recently (see the various ... the total amount of funds procured by all listed firms (including Japanese and foreign) both as initial public offerings (IPO's) and secondary ...

SSRN Electronic Journal, 2008

The Occasional Paper Series seeks to disseminate work conducted at the Banco de España, in the pe... more The Occasional Paper Series seeks to disseminate work conducted at the Banco de España, in the performance of its functions, that may be of general interest. The opinions and analyses in the Occasional Paper Series are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem. The Banco de España disseminates its main reports and most of its publications via the INTERNET at the following website: http://www.bde.es. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged.

Journal of the Japanese and International Economies, 2002

We examine the movement of retired top staff members (so-called "old boys" or the mechanism of "d... more We examine the movement of retired top staff members (so-called "old boys" or the mechanism of "descending from heaven" [amakudari]) from the Japanese Ministry of Finance (MoF) and the Bank of Japan (BoJ) into the boards of Japanese private banks. We distinguish between three alternative hypotheses: amakudari as a reward system only for the government bureaucracy, an instrument of prudential policy (ex-post monitoring), and a tool for banks to buy influence from the monetary authorities. The article demonstrates that the system is not solely used for retirement purposes. That is, we get evidence that the

Japan and the World Economy, 1992

Applied Economics, 2011

This paper is the first that applies a new measure of competition, the Boone indicator, to the ba... more This paper is the first that applies a new measure of competition, the Boone indicator, to the banking industry. This approach is able to measure competition of bank market segments, such as the loan market, whereas many well-known measures of competition can consider the entire banking market only. A caveat of the Boone-indicator may be that it assumes that banks generally pass on at least part of their efficiency gains to their clients. Like most other model-based measures, this approach ignores differences in bank product quality and design, as well as the attractiveness of innovations. We measure competition on the lending markets in the five major EU countries as well as, for comparison, the UK, the US and Japan. Bearing the mentioned caveats in mind, our findings indicate that over the period 1994-2004 the US had the most competitive loan market, whereas overall loan markets in Germany and Spain were among the best competitive in the EU. The Netherlands occupied a more intermediate position, whereas in Italy competition declined significantly over time. The French, Japanese and UK loan markets were generally less competitive. Turning to competition among specific types of banks, commercial banks tend to be more competitive, particularly in Germany and the US, than savings and cooperative banks.

Applied Economics, 2013

In 2008 all ECB publications feature a motif taken from the 10 banknote.

SSRN Electronic Journal, 2007

In this paper, we investigate the investment behaviour of institutional investors in terms of the... more In this paper, we investigate the investment behaviour of institutional investors in terms of their shareholdings in 2,938 companies listed on the Tokyo and Osaka Stock Exchanges at the end of June 2002. By doing so, we provide one of the first detailed empirical analyses of the involvement of institutional investors in the ownership structure of Japanese listed firms. At the same time, we compare this aspect of Japanese corporate governance with the shareholdings of banks in the same group of firms. Our results show that the equity investments of financial investors-institutional investors and banks-in Japanese listed companies at the end of June 2002 were predominantly in the high-tech manufacturing, traditional manufacturing and communications industries. All financial investors combined held more than 60% of the equity capital of the firms listed on the Tokyo and Osaka Stock Exchanges, with banks being the largest group of these financial investors. Further analysis shows that on average most financial investors were minority shareholders, holding up to 3% of a firm's total shares. Domestic financial investors tended to have higher levels of ownership than foreign institutions, and small and minority shareholdings were more common among foreign financial investors than among domestic banks and institutional investors. Finally, the average shareholdings of six large Japanese financial groups in Japanese listed companies were considerable, representing an average ownership level of 3.3% of a firm's stock. However, they were not as high as to exert a significant degree of corporate control. All in all, we conclude that as of end-June 2002, banks continued to be important shareholders of Japanese listed firms, owing around 34% of the market capitalisation of all listed firms on the Tokyo and Osaka Stock Exchanges. At the same time, institutional investors, predominantly investment firms and insurance companies, were important shareholders as well, accounting for around 27% of total market capitalisation. Moreover, we found that foreign investment funds were very important shareholders of Japanese listed firms, which confirms the general perception that foreign ownership of Japan's corporate sector has become a rather crucial characteristic of the system of corporate governance in Japan.

Serie Research Memoranda, 1991

Banking & Financial Institutions, 2005

This occasional paper explains why the bank lending survey was developed by the ECB and describes... more This occasional paper explains why the bank lending survey was developed by the ECB and describes its main features. It discusses the importance of credit developments for both the economy and the functioning of monetary policy, and further clarifies why the survey was introduced. Furthermore, the paper demonstrates that the value added of implementing a bank lending survey for the euro area lies in particular in the way it provides greater insight into developments in credit standards, non-interest rate credit conditions and terms, the risk perception of banks and the willingness of banks to lend. Credit standards are the internal guidelines or criteria of a bank which reflect the bank’s loan policy. The terms and conditions of a loan refer to the specific obligations agreed upon by the lender and the borrower. This occasional paper also considers similar surveys conducted by the Federal Reserve System in the US and by the Bank of Japan.

The paper investigates whether the Japanese monetary authorities use post-retirement employment o... more The paper investigates whether the Japanese monetary authorities use post-retirement employment of Ministry of Finance (MoF) and Bank of Japan (BoJ) officials as a policy instrument. The authors also investigate whether industrial groupings (keiretsu) and main banks have monitoring functions. They find that MoF and BoJ retirees do move into banks that perform badly in terms of profitability. Furthermore, the paper concludes that the movement of these retirees into the boards of private banks is positively related to specific main bank relationships. The hypothesis of monitoring by keiretsu is rejected, however. Finally, the paper finds that MoF/BoJ amakudari appointments have a positive impact on the development of lending to risky industries. In particular, this latter finding casts doubts on the credibility of the hypothesis that amakudari is used as an instrument of prudential policy.

This paper provides an overview of bank funding trends in the euro area following the 2007-09 glo... more This paper provides an overview of bank funding trends in the euro area following the 2007-09 global financial crisis and the euro area crisis. It shows that funding has become segmented along national borders and that secured instruments are much more prevalent than previously. Rising debt retention by euro area banks has accompanied greater dependence on liquidity provided by the ECB.

For central banks, the monitoring of financing conditions plays a pivotal role in assessing the a... more For central banks, the monitoring of financing conditions plays a pivotal role in assessing the actual transmission of monetary policy impulses to borrowers. This paper presents in detail some of the indicators and data used by the ECB to assess financing conditions in the euro area. It also shows how these indicators have been used to provide a broad assessment of developments in financing conditions in the euro area in recent years. The ECB’s analysis of financing conditions is dynamic and seeks to reflect underlying changes in the euro area’s financial structure.

Inflation-linked bond markets have experienced significant growth in recent years. This growth is... more Inflation-linked bond markets have experienced significant growth in recent years. This growth is somewhat surprising, for inflation-linked bonds cannot be considered a financial innovation and their development has taken place in a period of historically low global inflation and inflation expectations. In this context, the purpose of this paper is twofold. First, it provides a selective survey of the key arguments for and against the issuance of inflation-linked debt, and some of the factors that help to understand their recent growth. Second, it illustrates the use of these instruments to better monitor investors’ inflation expectations and growth prospects from a central bank perspective.

The paper examines the basic rationale and features of the proposals adopted to separate specific... more The paper examines the basic rationale and features of the proposals adopted to separate specific investment and commercial banking activities (Volcker rule, Vickers and Liikanen proposals). In particular, it focuses on the likely implications of such initiatives for: (i) financial stability and systemic risk; (ii) banks' business models; and (iii) the international activities of global banks.

Causes, Consequences, and Our Economic Future, 2010