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Discussion Paper
Going with the Flow: Changes in Banks’ Business Model and Performance Implications
Cetorelli, Nicola; Jacobides, Michael G.; Stern, Samuel (2021-09-01)
Does the performance of banks improve or worsen when banks enter into new business activities? And does it matter which activities a bank expands into, or retreats from, and when that decision is made? These important questions have remained unaddressed due to a lack of data. In a recent publication, we used a unique data set detailing the organizational structure of the entire population of U.S. bank holding companies (BHCs). In this post, we draw on that research to show that while scope expansion on average hurts performance, entering into activities that are highly synergistic with core ...
Liberty Street Economics , Paper 20210901

Journal Article
Competitive analysis in banking: appraisal of the methodologies
Cetorelli, Nicola (1999-01)
How do we measure in the banking industry? This article provides an overview of the methodology currently used in competitive analysis and highlights an alternative techniques that could be used to complement this methodology. Given the ongoing process of consolidation in U.S. banking, assessing the competitiveness of financial services markets is an important issue for policymakers.
Economic Perspectives , Volume 23 , Issue Q I , Pages 2-15

Speech
The Bank-NBFI Nexus
Cetorelli, Nicola (2025-04-03)
Presentation for the Hoover Institution “Banks and Beyond” conference.
Speech

Discussion Paper
Are Asset Managers Vulnerable to Fire Sales?
Cetorelli, Nicola; Eisenbach, Thomas M.; Duarte, Fernando M. (2016-02-18)
According to conventional wisdom, an open-ended investment fund that has a floating net asset value (NAV) and no leverage will never experience a run and hence never have to fire-sell assets. In that view, a decline in the value of the fund’s assets will just lead to a commensurate and automatic decline in the fund’s equity—end of story. In this post, we argue that the conventional wisdom is incomplete and then explore some of the systemic risk consequences of investment funds’ vulnerabilities to fire-sale spillovers.
Liberty Street Economics , Paper 20160218

Conference Paper
Does bank concentration lead to concentration in industrial sectors?
Cetorelli, Nicola (2002)
Proceedings , Paper 818

Report
Global banks and international shock transmission: evidence from the crisis
Goldberg, Linda S.; Cetorelli, Nicola (2010)
Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market economies. We examine adverse liquidity shocks on main developed-country banking systems and their relationships to emerging markets across Europe, Asia, and Latin America, isolating loan supply from loan demand effects. Loan supply in emerging markets across Europe, Asia, and Latin America was affected significantly through three separate channels: 1) a contraction in direct, cross-border lending by foreign banks; 2) a contraction in local lending by foreign banks' affiliates in emerging ...
Staff Reports , Paper 446

Working Paper
Life-cycle dynamics in industrial sectors. The role of banking market structure
Cetorelli, Nicola (2002)
This paper analyzes the role of bank competition on the life-cycle dynamics of non-financial industries. Using multi-dimensional data sets, which contain information on job creation and destruction for establishments in U.S. manufacturing sectors operating in different geographical regions and over time, I find evidence that bank competition accelerates the expansion of start-ups and helps them to thrive while young. Once these establishments are mature, however, less competitive banking markets are more propitious. Specifically, mature establishments expand at higher rates and exit the ...
Working Paper Series , Paper WP-02-26

Report
Firm value and cross-listings: the impact of stock market prestige
Peristiani, Stavros; Cetorelli, Nicola (2010)
This study investigates the valuation impact of a firm?s decision to cross-list on a more (or less) prestigious stock exchange relative to its own domestic market. We use network analysis to derive broad market-based measures of prestige for forty-five country or regional stock exchange destinations between 1990 and 2006. We find that firms cross-listing in a more prestigious market enjoy significant valuation gains over the five-year period following the listing. We also document a reverse effect for firms cross-listing in less prestigious markets: These firms experience a significant ...
Staff Reports , Paper 474

Discussion Paper
Hybrid Intermediaries
Cetorelli, Nicola (2015-01-12)
A successful hybrid is an offspring of two species that, in a new environment, is better suited for survival than its own parents. Evolution in the financial ?ecosystem? seems to have driven the emergence of hybrid intermediaries.
Liberty Street Economics , Paper 20150112

Speech
Banks and the Rise of Nonbanks in Credit Markets
Cetorelli, Nicola (2025-05-19)
Presentation at the Federal Reserve Bank of Atlanta's 29th Annual Financial Markets Conference 2025: Financial Intermediation in Transition, delivered by Nicola Cetorelli, Head of Financial Intermediation, Federal Reserve Bank of New York.
Speech

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