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BEGIN:VEVENT
UID:57f5967b3ef76745a9b8ddc9b5ca06af
CATEGORIES:Seminars
CREATED:20170426T191536
SUMMARY:Lunch Seminar: Robert S. Chirinko - University of Illinois at Chicago
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Islamic Banking and Firm Performance: Costs, Benefits, and Lessons from the
  Global Financial Crisis\nAbstract:\n The roles played by Western-oriented 
 banks in creating and exacerbating the Global Financial Crisis invite inves
 tigation of alternative banking arrangements. The dual-banking system in Tu
 rkey allows us to obtain a better understanding of Islamic banks in resolvi
 ng the two fundamental finance problems — transferring funds from savers to
  borrowers and efficiently allocating those funds among competing borrowers
 . We are particularly concerned with the effects of that resolution on real
  activity by non-financial firms. Islamic banking relations are analyzed in
  terms of secular, Western-oriented, finance concepts. Islamic banking rela
 tionships attenuate financial frictions and shift risk from firms to banks 
 (where risk can be borne more efficiently). The extent to which these featu
 res of Islamic banking relationships affect firms and improve or impair rea
 l economic performance are evaluated empirically. With a unique dataset of 
 100,000 firm/year observations, we document the advantages of an Islamic ba
 nking relation in normal times in terms of increasing investment and expand
 ing the size of the firm. During abnormal times, we find that firms with an
  Islamic banking relationship investment less, suggesting the dark side of 
 an Islamic banking relationship. Religiosity is an important factor in the 
 adoption decision by firms for an exclusive Islamic banking relationship. W
 e use this ”instrument” to re-examine the sensitivity of investment and fir
 m growth to an Islamic banking relationship. Propensity score matching esti
 mates confirm our previous findings.\n
DTSTAMP:20260405T193240Z
DTSTART:20170418T130000Z
DTEND:20170418T143000Z
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