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Papers by Christina Nicolas
Journal of Risk and Financial Management
The COVID-19 pandemic had unprecedented consequences on businesses and, in particular, small and ... more The COVID-19 pandemic had unprecedented consequences on businesses and, in particular, small and medium enterprises (SMEs). The aim of this paper is to empirically study the impact of the COVID-19 sanitary crisis on Swiss SMEs two years after the onset of the pandemic. Using a sample of 149 SMEs operating in the French-speaking region of Switzerland, we find that revenue loss across the full sample averaged 14% in 2020 compared to 2019. Our findings show that firm characteristics are not significant in explaining turnover loss while business management strategies such as business restructuring, remote working, and prioritizing employee protection were significantly associated with revenue. Our results suggest that remote work should be gradually introduced in sectors of activity whenever possible to reduce the financial burden of any future pandemic on SMEs. Additionally, we quantify the impact of closure on SMEs and find that firms having reported to have closed partially or comple...
Cette thèse examine l'impact des institutions formelles et informelles sur les ratios de fond... more Cette thèse examine l'impact des institutions formelles et informelles sur les ratios de fonds propres et les prêts des banques. Elle est composée de trois essais empiriques. Le premier chapitre explore l'effet de la qualité juridique et institutionnelle formelle sur les ratios de fonds propres pondérés par rapport aux ratios de fonds propres non pondérés des banques dans la région du Moyen-Orient et de l'Afrique du Nord. Les résultats montrent que lorsque les marchés boursiers sont moins développés, les variables institutionnelles affectent de manière significative les ratios de fonds propres réglementaires pondérés par le risque, mais pas les ratios de levier. À l'inverse, lorsque les marchés boursiers sont plus développés, seuls les ratios de levier sont influencés par des facteurs institutionnels. Le deuxième chapitre parcourt la relation entre les ratios de fonds propres des banques, le cadre juridique et institutionnel et les prêts bancaires en utilisant un éch...
Journal of Risk and Insurance, 2020
This paper investigates the predictors of trust in insurance and the importance of experiences in... more This paper investigates the predictors of trust in insurance and the importance of experiences in a crosscountry setting using a recent insurance industry survey conducted in seven industrialized countries. Preliminary data analysis reveals a very high prevalence of bad experiences with insurance whereby more than 50% of respondents acknowledge having had a bad experience with insurance. Our main findings show that experiences with insurance are one of the most important factors influencing trust in insurance, with the negative effect of a bad experience being more pronounced than the positive effect of a good experience. We also find that trust in insurance is higher among females, younger and less educated individuals, while being lower among individuals with higher insurance literacy. Additionally, access to insurance information through the internet is associated with lower trust in insurance, while higher trust is observed among individuals using newspapers and magazines.
Cette these examine l'impact des institutions formelles et informelles sur les ratios de fond... more Cette these examine l'impact des institutions formelles et informelles sur les ratios de fonds propres et les prets des banques. Elle est composee de trois essais empiriques. Le premier chapitre explore l'effet de la qualite juridique et institutionnelle formelle sur les ratios de fonds propres ponderes par rapport aux ratios de fonds propres non ponderes des banques dans la region du Moyen-Orient et de l'Afrique du Nord. Les resultats montrent que lorsque les marches boursiers sont moins developpes, les variables institutionnelles affectent de maniere significative les ratios de fonds propres reglementaires ponderes par le risque, mais pas les ratios de levier. A l'inverse, lorsque les marches boursiers sont plus developpes, seuls les ratios de levier sont influences par des facteurs institutionnels. Le deuxieme chapitre parcourt la relation entre les ratios de fonds propres des banques, le cadre juridique et institutionnel et les prets bancaires en utilisant un ech...
SSRN Electronic Journal, 2019
This paper examines the effect of trust on bank lending using a sample of commercial banks in 34 ... more This paper examines the effect of trust on bank lending using a sample of commercial banks in 34 countries around the world. We distinguish between two forms of trust: In-group trust, which we define as the trust in people we know, and Out-group trust, which we define as the trust in people we meet for the first time. We find that that Out-group trust significantly boosts bank lending. A closer look shows that this effect only holds in countries with relatively lower levels of institutional and judicial development. As for In-group trust, we find that it affects bank lending indirectly by favoring the development of informal lending. Overall, this paper provides novel evidence on the importance of trust and the mechanisms by which it influences bank lending around the world.
SSRN Electronic Journal, 2019
While the importance of trust in insurance is widely recognised, surprisingly, existing literatur... more While the importance of trust in insurance is widely recognised, surprisingly, existing literature on the determinants of trust in insurance remains scarce. This paper investigates the determinants of trust in insurance in seven industrialised countries in Europe, North America and Asia using data from a recent insurance industry survey. We find that trust in insurance is higher among females, younger individuals, and less educated people. On the contrary, people who are more insurance literate have higher trust in insurance. Our findings also show that experiences with insurance are one of the most important determinants of trust in insurance, with the negative effect of a bad experience being more pronounced than the positive effect of a good experience. Finally, access to information related to insurance through the internet deters trust in insurance, while access to information through newspapers and magazines promotes it.
SSRN Electronic Journal, 2019
This paper examines the effect of capital ratios and institutional variables on bank lending in a... more This paper examines the effect of capital ratios and institutional variables on bank lending in a global context. For this purpose, a Two-stage least square model is employed on a sample of commercial banks operating in 51 countries around the world from 2004 to 2015. Findings show that banks detaining higher capital ratios and operating in more developed institutional environments exhibit higher loan growth. Also, higher levels of institutional development alleviate pressure on lending during economic downturns. The results obtained in this paper contribute to the bank lending and the law and finance literature and have important policy implications.
SSRN Electronic Journal, 2017
All rights reserved. No part of this publication may be reproduced in any form or by any electron... more All rights reserved. No part of this publication may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without permission in writing from the publisher. The findings, interpretations and conclusions expressed in this publication are entirely those of the author(s) and should not be attributed to the Economic Research Forum, members of its Board of Trustees, or its donors.
Journal of Risk and Financial Management
Many studies have attempted to investigate the drivers of preventive behaviour. This study contri... more Many studies have attempted to investigate the drivers of preventive behaviour. This study contributes to this strand of literature by examining the association between higher insurance deductibles in the Swiss health system and preventive behaviour that allows for maintaining a good diet, exercising and limiting/abstaining from smoking and alcohol consumption. To conduct our study, we made use of the 2017 Swiss Health Survey and employed an ordered probit model with each prevention aspect as a dependant variable. Our results show that, except for alcohol consumption, higher insurance deductibles were significantly associated with higher behavioural prevention. Our study also highlighted how numerous other factors influenced prevention and offered some guidance for public policies to further incentivise prevention decisions.
Journal of Risk and Financial Management
The COVID-19 pandemic had unprecedented consequences on businesses and, in particular, small and ... more The COVID-19 pandemic had unprecedented consequences on businesses and, in particular, small and medium enterprises (SMEs). The aim of this paper is to empirically study the impact of the COVID-19 sanitary crisis on Swiss SMEs two years after the onset of the pandemic. Using a sample of 149 SMEs operating in the French-speaking region of Switzerland, we find that revenue loss across the full sample averaged 14% in 2020 compared to 2019. Our findings show that firm characteristics are not significant in explaining turnover loss while business management strategies such as business restructuring, remote working, and prioritizing employee protection were significantly associated with revenue. Our results suggest that remote work should be gradually introduced in sectors of activity whenever possible to reduce the financial burden of any future pandemic on SMEs. Additionally, we quantify the impact of closure on SMEs and find that firms having reported to have closed partially or comple...
Cette thèse examine l'impact des institutions formelles et informelles sur les ratios de fond... more Cette thèse examine l'impact des institutions formelles et informelles sur les ratios de fonds propres et les prêts des banques. Elle est composée de trois essais empiriques. Le premier chapitre explore l'effet de la qualité juridique et institutionnelle formelle sur les ratios de fonds propres pondérés par rapport aux ratios de fonds propres non pondérés des banques dans la région du Moyen-Orient et de l'Afrique du Nord. Les résultats montrent que lorsque les marchés boursiers sont moins développés, les variables institutionnelles affectent de manière significative les ratios de fonds propres réglementaires pondérés par le risque, mais pas les ratios de levier. À l'inverse, lorsque les marchés boursiers sont plus développés, seuls les ratios de levier sont influencés par des facteurs institutionnels. Le deuxième chapitre parcourt la relation entre les ratios de fonds propres des banques, le cadre juridique et institutionnel et les prêts bancaires en utilisant un éch...
Journal of Risk and Insurance, 2020
This paper investigates the predictors of trust in insurance and the importance of experiences in... more This paper investigates the predictors of trust in insurance and the importance of experiences in a crosscountry setting using a recent insurance industry survey conducted in seven industrialized countries. Preliminary data analysis reveals a very high prevalence of bad experiences with insurance whereby more than 50% of respondents acknowledge having had a bad experience with insurance. Our main findings show that experiences with insurance are one of the most important factors influencing trust in insurance, with the negative effect of a bad experience being more pronounced than the positive effect of a good experience. We also find that trust in insurance is higher among females, younger and less educated individuals, while being lower among individuals with higher insurance literacy. Additionally, access to insurance information through the internet is associated with lower trust in insurance, while higher trust is observed among individuals using newspapers and magazines.
Cette these examine l'impact des institutions formelles et informelles sur les ratios de fond... more Cette these examine l'impact des institutions formelles et informelles sur les ratios de fonds propres et les prets des banques. Elle est composee de trois essais empiriques. Le premier chapitre explore l'effet de la qualite juridique et institutionnelle formelle sur les ratios de fonds propres ponderes par rapport aux ratios de fonds propres non ponderes des banques dans la region du Moyen-Orient et de l'Afrique du Nord. Les resultats montrent que lorsque les marches boursiers sont moins developpes, les variables institutionnelles affectent de maniere significative les ratios de fonds propres reglementaires ponderes par le risque, mais pas les ratios de levier. A l'inverse, lorsque les marches boursiers sont plus developpes, seuls les ratios de levier sont influences par des facteurs institutionnels. Le deuxieme chapitre parcourt la relation entre les ratios de fonds propres des banques, le cadre juridique et institutionnel et les prets bancaires en utilisant un ech...
SSRN Electronic Journal, 2019
This paper examines the effect of trust on bank lending using a sample of commercial banks in 34 ... more This paper examines the effect of trust on bank lending using a sample of commercial banks in 34 countries around the world. We distinguish between two forms of trust: In-group trust, which we define as the trust in people we know, and Out-group trust, which we define as the trust in people we meet for the first time. We find that that Out-group trust significantly boosts bank lending. A closer look shows that this effect only holds in countries with relatively lower levels of institutional and judicial development. As for In-group trust, we find that it affects bank lending indirectly by favoring the development of informal lending. Overall, this paper provides novel evidence on the importance of trust and the mechanisms by which it influences bank lending around the world.
SSRN Electronic Journal, 2019
While the importance of trust in insurance is widely recognised, surprisingly, existing literatur... more While the importance of trust in insurance is widely recognised, surprisingly, existing literature on the determinants of trust in insurance remains scarce. This paper investigates the determinants of trust in insurance in seven industrialised countries in Europe, North America and Asia using data from a recent insurance industry survey. We find that trust in insurance is higher among females, younger individuals, and less educated people. On the contrary, people who are more insurance literate have higher trust in insurance. Our findings also show that experiences with insurance are one of the most important determinants of trust in insurance, with the negative effect of a bad experience being more pronounced than the positive effect of a good experience. Finally, access to information related to insurance through the internet deters trust in insurance, while access to information through newspapers and magazines promotes it.
SSRN Electronic Journal, 2019
This paper examines the effect of capital ratios and institutional variables on bank lending in a... more This paper examines the effect of capital ratios and institutional variables on bank lending in a global context. For this purpose, a Two-stage least square model is employed on a sample of commercial banks operating in 51 countries around the world from 2004 to 2015. Findings show that banks detaining higher capital ratios and operating in more developed institutional environments exhibit higher loan growth. Also, higher levels of institutional development alleviate pressure on lending during economic downturns. The results obtained in this paper contribute to the bank lending and the law and finance literature and have important policy implications.
SSRN Electronic Journal, 2017
All rights reserved. No part of this publication may be reproduced in any form or by any electron... more All rights reserved. No part of this publication may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without permission in writing from the publisher. The findings, interpretations and conclusions expressed in this publication are entirely those of the author(s) and should not be attributed to the Economic Research Forum, members of its Board of Trustees, or its donors.
Journal of Risk and Financial Management
Many studies have attempted to investigate the drivers of preventive behaviour. This study contri... more Many studies have attempted to investigate the drivers of preventive behaviour. This study contributes to this strand of literature by examining the association between higher insurance deductibles in the Swiss health system and preventive behaviour that allows for maintaining a good diet, exercising and limiting/abstaining from smoking and alcohol consumption. To conduct our study, we made use of the 2017 Swiss Health Survey and employed an ordered probit model with each prevention aspect as a dependant variable. Our results show that, except for alcohol consumption, higher insurance deductibles were significantly associated with higher behavioural prevention. Our study also highlighted how numerous other factors influenced prevention and offered some guidance for public policies to further incentivise prevention decisions.