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Report
Stock market reaction to financial statement certification by bank holding company CEOs
Hirtle, Beverly (2003)
In 2002, the Securities and Exchange Commission mandated that the chief executive officers of large, publicly traded firms certify the accuracy of their company financial statements. In this paper, I investigate whether CEO certification has had a measurable effect on the stock market valuation of the forty-two bank holding companies subject to the SEC order. I find that these firms experienced a positive average abnormal return of 30 to 60 basis points on the day of certification-a result driven primarily by those BHCs that certified ahead of the SEC's deadline. Characteristics associated ...
Staff Reports , Paper 170

Journal Article
Factors affecting the competitiveness of internationally active financial institutions
Hirtle, Beverly (1991-04)
The author identifies the characteristics of banks and securities firms that appear to contribute to competitive success in the international arena. She bases her findings on studies of several bank product markets and a statistical analysis of the performance of fifty-one large financial institutions. Particular attention is given to the ways in which success in individual product markets translates into overall profitability.
Quarterly Review , Volume 16 , Issue Spr , Pages 38-51

Speech
Structural and cyclical macroprudential objectives in supervisory stress testing: remarks at The Effects of Post-Crisis Banking Reforms, Federal Reserve Bank of New York, New York City
Hirtle, Beverly (2018-06-22)
Remarks at The Effects of Post-Crisis Banking Reforms, Federal Reserve Bank of New York, New York City.
Speech , Paper 290

Report
Wage linkages in union bargaining settlements
Hirtle, Beverly (1988)
Research Paper , Paper 8805

Discussion Paper
CCAR: More than a Stress Test
Hirtle, Beverly (2012-07-02)
The Federal Reserve recently released the results of its latest stress test of large bank holding companies (BHCs). While the stress test results have received a lot of attention, they are just one part of a much larger effort by the Federal Reserve to ensure that these large BHCs have robust processes for determining how much capital they need to maintain access to funding and continue to serve as credit intermediaries, even under stressed conditions. In this post, I describe these larger efforts and the role that the stress test plays in them.
Liberty Street Economics , Paper 20120702

Discussion Paper
Using Crisis Losses to Calibrate a Regulatory Capital Buffer
Hirtle, Beverly (2011-10-24)
In response to the enormous losses experienced during the recent financial crisis, the Basel Committee on Banking Supervision reached a new international agreement on the amount of capital banks will be required to hold. The “Basel 3” agreement introduces a new, two-tiered structure for regulatory capital requirements involving much more stringent standards for the amount of common equity banks must hold. In a previous post, I discussed how the minimum capital requirement component of the Basel 3 agreement was calibrated. In this post, I explain how the other component—the common equity ...
Liberty Street Economics , Paper 20111024

Report
Bank Economic Capital
Hirtle, Beverly; Plosser, Matthew (2025-03-01)
Conventional measures of bank solvency fail to account for the unique liquidity risks posed by deposits. Using public regulatory data, we develop a novel measure, economic capital, that jointly quantifies the impact of credit, liquidity, and market risk. We validate that economic capital is a more timely and accurate indicator of bank health than standard solvency measures. Using our framework, we examine the evolution of banking sector solvency and find that following the GFC low interest rates depressed economic capital even as liquidity and market risks grew. We conclude with several ...
Staff Reports , Paper 1144

Speech
The Economic Health of the Region
Hirtle, Beverly (2021-01-14)
Remarks at the Waterfront Alliance Regional Symposium: Recovery and Resiliency in a New Era (delivered via videoconference).
Speech

Discussion Paper
Common Stock Repurchases during the Financial Crisis
Hirtle, Beverly (2013-07-10)
Large bank holding companies (BHCs) continued to pay dividends to their shareholders well after the onset of the recent financial crisis. Academics, industry analysts, and policymakers have noted that these payments reduced capital at these firms at a time when there was considerable uncertainty about the full extent of losses facing individual banks and the banking industry. But dividends are not the only means to return capital to shareholders; stock repurchases serve much the same function. In this post, I examine common stock repurchases by large BHCs during the financial crisis and show ...
Liberty Street Economics , Paper 20130710

Journal Article
Supervisory information and the frequency of bank examinations
Lopez, Jose A.; Hirtle, Beverly (1999-04)
Bank supervisors need timely and reliable information about the financial condition and risk profile of banks. A key source of this information is the on-site, full-scope bank examination. This article evaluates the frequency with which supervisors examine banks by assessing the decay rate of the private supervisory information gathered during examinations. The analysis suggests that this information ceases to provide a useful picture of a bank's current condition after six to twelve quarters. The decay rate appears to be faster in years when the banking industry experiences financial ...
Economic Policy Review , Volume 5 , Issue Apr , Pages 1-20

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