Ibolya Schindele

• PhD
• Central European University

We study the impact of monetary conditions on the supply of mortgage credit by banks to households. Using comprehensive credit register data from Hungary, we first establish a "bank-lending-to-households" channel by showing that monetary conditions affect the supply of mortgage credit in volume. We then study the impact of monetary conditions on th...

We study the impact of monetary policy on the supply of bank credit when bank lending is denominated in foreign currencies. Accessing a comprehensive supervisory dataset from Hungary, we find that the supply of bank credit in a foreign currency is less sensitive to changes in domestic monetary conditions than the equivalent supply in the domestic c...

Növeli-e az alacsony kamatláb a banki hitelkínálatot? Tanulmányunkban egy magyar, vállalati szintű hiteladatbázis panelstruktúrában történő elemzésével keressük a választ a kérdésre. Kashyap–Stein [2000] identifikációs módszerét vállalati és idő fix hatásokkal kiegészítve teszteljük a feltételezést, hogy a kamatok csökkenése különbözőképpen befolyá...

We show that social capital improves the viability of stakeholder-oriented firms operating in competitive markets. Studying exits from the population of Norwegian savings banks after deregulations, we find that banks located in communities with high social capital have a higher probability of survival, but no similar effect exists for commercial ba...

We show that social capital improves the viability of stakeholder-oriented firms operating in competitive markets. Studying exits from the population of Norwegian savings banks after deregulations, we find that banks located in communities with high social capital have a higher probability of survival, but no similar effect exists for commercial ba...

We study the impact of monetary policy on the supply of bank credit when bank lending is also denominated in foreign currencies. Accessing a comprehensive supervisory dataset from Hungary, we find that the supply of bank credit in a foreign currency is less sensitive to changes in domestic monetary conditions than the equivalent supply in the domes...

This paper focuses on the role of managerial agency costs in …nancial conglomeration. We model conglomeration as the integration of commercial and investment banking in one orga-nizational unit where bank managers accomplish both activities. We assume that managers di¤er in their abilities to undertake the individual tasks. The higher is a manager'...

This paper focuses on the size of the borrower group in group lending. We show that, when social ties in a community enhance borrowers'incentives to exert e¤ort, a pro…t-maximizing …nancier chooses a group of limited size. Borrowers that would be fundable under moral hazard but have insu¢ cient social ties do not receive funding. The result arises...

This paper documents that stock liquidity improves shareholders' incentive to monitor management. Using a hand-collected sample of contested proxy solicitations and shareholder proposals as occurrences of shareholder activism, we find that poor firm performance increases the probability of shareholder activism and that this relationship is signific...

Stakeholder oriented governance systems are often thought to hamper efficiency. We show that social capital improves the viability of stakeholder-oriented firms in competitive markets. Studying exits from the population of Norwegian savings banks after deregulations, we find that banks located in communities with high social capital have a higher p...

Using panel data of 19 developed economies in the period 1985-2000, we show that share issue privatization (SIP) strongly affects a fundamental aspect of financial development: Market liquidity. First, we identify the channels through which a sustained SIP program boosts the liquidity of the overall market. Then, we explicitly test whether SIP has...

This paper shows that share issue privatization (SIP) is a major source of domestic stock market liquidity in 19 developed economies. Particularly, privatization IPOs have a negative effect on the price impact – measured by the ratio of the absolute return on the market index to turnover. This result is robust to the inclusion of controls for other...

This paper shows that share issue privatization (SIP) is a major source of domestic stock market liquidity in 19 developed economies. Particularly, privatization IPOs have a negative effect on the price impact – measured by the ratio of the absolute return on the market index to turnover. This result is robust to the inclusion of controls for other...

This paper shows that share issue privatization (SIP) is a major source of domestic stock market liquidity in 19 developed economies. Particularly, privatization IPOs have a negative effect on the price impact – measured by the ratio of the absolute return on the market index to turnover. This result is robust to the inclusion of controls for other...

We analyze the incentive problems that arise from the possibility for idea theft in the venture capital context, where the success of a start-up firm hinges on the unobservable efforts of both an entrepreneur, and a venture capitalist. The risk of idea theft is shown to destroy the entrepreneur's research effort incentives, thereby reducing the lik...

This paper focuses on the conflicting dimensions of the involvement of venture capitalists as advisors and monitors in entrepreneurial projects. It argues that advising is congruent while monitoring dissonant with respect to entrepreneurial preferences. The analysis shows that despite the conflict of incentives between tasks, entrepreneurs with sub...

Using panel data of 19 developed economies in the period 1985-2000, we show that share issue privatization (SIP) strongly affects a fundamental aspect of financial development: market liquidity. First, we identify the channels through which a sustained SIP program boosts the liquidity of the overall market. Then, we explicitly test whether SIP has...

This paper discusses the most important theoretical contributions to the literature on privatization, focusing on emerging economies, and gives a summary on recent research concerning the ways privatization might affect the development of securities markets. In addition, the paper provides a number of policy implications, emphasizing the trade-off...

The paper focuses on the financing possibilities for capital constrained entrepreneurs when venture financiers perform two tasks, monitoring and advice. We model advice as effort that results in an increase in the probability of success. In turn, we consider monitoring as an activity exerted to control entrepreneurial project choice, which results...

This paper investigates the determinants of underpricing at initial public offerings in the Hungarian Initial Public Offerings (IPO) market in 1990-1998, a period of transition from socialist to market economy and immaturity of the domestic capital market. The evidence suggests that political issues played a significant role in the process: we have...