Seminar Series

2024 - 2025

Speaker: Alexander Popov (ECB).

Title: “Out with the new, in with the old? Bank supervision and the composition of firm investment”.

joint with Miguel Ampudia (ECB) and Thorsten Beck (EUI and CEPR). 

Date: Thursday, 12th September at 12h30 (Paris Time).

Abstract: Using exogenous variation generated by the creation of the Single Supervisory Mechanism (SSM) in the euro area, we find that relative to firms borrowing from banks remaining under national supervision, firms borrowing from SSM-supervised banks reduce intangible assets and increase tangible assets and cash holdings. These effects do not pre-date the supervisory reform, do not obtain in non-SSM jurisdictions, and coincide with a reduction in long-term borrowing. The reallocation of investment away from intangible assets is stronger in innovation-intensive sectors, suggesting that more stringent bank supervision can slow down the shift from the capital-based to the knowledge-based economy.

Here is a link to the speaker’s and the FEELab website:

https://alexanderpopov.org/ 

https://sites.google.com/view/feelabtbs/

You are cordially invited to participate in the following seminar of the FEELab, which will take place in Room 321, Lascrosses building.

For more information, please contact: Pierre Mella-Barral p.mella-barral@tbs-education.fr