Search Results
Conference Paper
Bank competition and access to finance: international evidence
Using a unique database for 74 countries and for firms of small, medium, and large size we assess the effect of banking market structure on the access of firms to bank finance. We find that bank concentration increases obstacles to obtaining finance, but only in countries with low levels of economic and institutional development.
Conference Paper
Regulations, market structure, institutions, and the cost of financial intermediation
This paper examines the impact of bank regulations, market structure, and national institutions on bank net interest margins and overhead costs using data on over 1400 banks across 72 countries while controlling for bank specific characteristics. The data indicate that tighter regulations on bank entry and bank activities boost the cost of financial intermediation. Inflation also exerts a robust, positive impact on bank margins and overhead costs. While concentration is positively associated with net interest margins, this relationship breaks down when controlling for regulatory impediments ...
Working Paper
Using SMVAM as a linear approximation to a nonlinear function: a note
A study contending that the linear statistical market-value accounting model (SMVAM) is a reasonable approximation of the relationship between market and book equity for firms with positive balance sheets, but that the linear approximation is inadequate when the data sample includes firms whose balance sheets show a low or negative liquidation value.
Conference Paper
Bank capital and stock returns during the financial crisis
Working Paper
Testing for speculative bubbles in stock prices
A modification of Kenneth West's method for investigating speculative bubbles in stock prices, in which a direct test of the "no bubble" hypothesis is applied to long-term annual U.S. stock-market data.
Working Paper
Principal-agent problems in commercial-bank failure decisions
The author develops a model that examines the regulator's role in the bank failure decision process, with attention given to the regulator's constraints and incentives.
Working Paper
On the valuation of deposit institutions
The author develops an empirical model to value a financial institution's capital for regulatory purposes, which when estimated for a sample of failed and nonfailed institutions, reveals the need for a market-value accounting approach to capital.
Conference Paper
Deposit insurance and moral hazard
Conference Paper
Capital positions of Japanese banks
Working Paper
Modeling large commercial-bank failures: a simultaneous-equation analysis
The development of a model of large-bank failures that studies insolvency and failure simultaneously and that recognizes economic, political, and bureaucratic constraints faced by regulators.