Journal Article
Economic factors, monetary policy and expected returns on stocks and bonds
Booth, Lena Chua; Booth, James R. (1997)
This paper examines the impact of the stance of monetary policy on security returns. The two measures of the stance of monetary policy used, the federal funds rate and an index based on the changes in the discount rate, contain significant information that can be used to forecast expected stock and bond portfolio returns. Specifically, we find that a restrictive (expansive) monetary policy stance decreases (increases) returns of large and small stock portfolios and in some cases, corporate bond portfolios. The monetary policy stance measures have explanatory power in forecasting stock and ...
Economic Review

Journal Article
Structure and pricing of large bank loans
Booth, James R.; Chua, Lena (1995)
This paper examines the characteristics of large bank loans as a form of corporate finance. We compare the characteristics of a sample of these loans with private placements and public issues of debt. The unique features of large bank loans that may encourage firms to continue using this source of financing include: borrower flexibility in deciding on the timing and amount of borrowing; the use of fixed-spread floating rate of interest, flexibility of changing and renegotiating contract features, such as covenants, during the life of the contract.
Economic Review

Journal Article
Does the stock market prefer Republican administrations?
Booth, Lena Chua; Booth, James R. (1998)
FRBSF Economic Letter

Journal Article
The persistence of the prime rate
Booth, James R. (1994)
FRBSF Economic Letter

Journal Article
The securitization of lending markets
Booth, James R. (1989)
FRBSF Economic Letter

Journal Article
The development of stock markets in China
Booth, James R.; Chua, Lena (1994)
FRBSF Economic Letter

Journal Article
FDIC Improvement Act and corporate governance of commercial banks
Booth, James R. (1993)
This paper examines provisions of the FDIC Improvement Act related to corporate governance of banks. These provisions focus on the composition and independence of the audit committee and on increased regulatory influence over executive compensation. The composition of audit committees for a sample of banking firms for 1990 is compared with those of industrial firms and with the provisions of FDICIA. The findings suggest only minor differences between banks and other firms; however, under FDICIA provisions, large changes in the composition of bank audit committees are likely. Provisions ...
Economic Review

Journal Article
Farmer Mac and the secondary market
Booth, James R. (1990)
FRBSF Economic Letter

Journal Article
The IPO underpricing puzzle
Booth, James R. (1994)
FRBSF Economic Letter