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Conference Paper
Supervising bank safety and soundness: some open issues
Conference Paper
Pricing deposit insurance when the insurer measures risk with error
Working Paper
The 2007-09 financial crisis and bank opaqueness
Doubts about the accuracy with which outside investors can assess a banking firm?s value motivate many government interventions in the banking market. The recent financial crisis has reinforced concerns about the possibility that banks are unusually opaque. Yet the empirical evidence, thus far, is mixed. This paper examines the trading characteristics of bank shares over the period from January 1990 through September 2009. We find that bank share trading exhibits sharply different features before vs. during the crisis. Until mid-2007, large (NYSE-traded) banking firms appear to be no more ...
Journal Article
Risk-sensitive deposit insurance premia: some practical issues
Journal Article
Removing deposit rate ceilings: how will bank profits fare?
Conference Paper
Market evidence on the opaqueness of banking firms' assets
Conference Paper
Market forces at work in the banking industry: evidence from the capital buildup of the 1990s
We document the build-up of regulatory and market equity capital in large U.S. bank holding companies between 1986 and 2000. During this time, large banking firms raised their capital ratios to the highest levels in more than 50 years. Since 1995, essentially none of the 100 largest U.S. banking firms have been constrained by regulatory capital standards. Nor do these firms appear to be protecting themselves explicitly against falling below supervisory minimum capital standards. Variation in bank equity ratios reliably reflects portfolio risk, and we attribute the capital increase to enhanced ...
Conference Paper
Payday lending: do the costs justify the price?