Search Results
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.
Journal Article
Deposit-institution failures: a review of empirical literature
A review of the current literature on deposit-institution failures, emphasizing the various methods used to model the determinants of insolvent and failed institutions.
Conference Paper
Introduction: Bank concentration and competition: an evolution in the making
The consolidation of banks around the world in recent years is intensifying public policy debates on the influences of concentration and competition on the performance of banks. In light of these developments, this paper first reviews the existing literature on the impact of bank concentration and competition. Second, the paper summarizes the main findings of the papers in this special issue of the JMCB within the context of this active literature. Finally, the paper suggests some directions for future research.
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
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
Capital positions of Japanese banks
Conference Paper
Deposit insurance and moral hazard
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.
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.