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Working Paper
How much did banks pay to become too-big-to-fail and to become systemically important?
Jagtiani, Julapa; Brewer, Elijah (2009)
This paper estimates the value of the too-big-to-fail (TBTF) subsidy. Using data from the merger boom of 1991-2004, the authors find that banking organizations were willing to pay an added premium for mergers that would put them over the asset sizes that are commonly viewed as the thresholds for being TBTF. They estimate at least $14 billion in added premiums for the eight merger deals that brought the organizations to over $100 billion in assets. In addition, the authors find that both the stock and bond markets reacted positively to these deals. Their estimated TBTF subsidy is large enough ...
Working Papers , Paper 09-34

Journal Article
Impact of independent directors and the regulatory environment on merger prices and motivation: evidence from large bank mergers in the 1990s
Brewer, Elijah; Jackson, William E.; Jagtiani, Julapa (2000-12)
Emerging Issues , Issue Dec

Working Paper
Foreclosure delay and consumer credit performance
Lang, William W.; Calem, Paul S.; Jagtiani, Julapa (2015-07-02)
Supersedes Working Paper 14-8. The deep housing market recession from 2008 through 2010 was characterized by a steep rise in the number of foreclosures and lengthening foreclosure timelines. The average length of time from the onset of delinquency through the end of the foreclosure process also expanded significantly, averaging up to three years in some states. Most individuals undergoing foreclosure were experiencing serious financial stress. However, the extended foreclosure timelines enabled mortgage defaulters to live in their homes without making mortgage payments until the end of the ...
Working Papers , Paper 15-24

Journal Article
Do market react to bank examination ratings? evidence of indirect disclosure of management quality through BHCs' application to convert to FHC
Allen, Linda; Jagtiani, Julapa; Moser, James T. (2000-10)
Emerging Issues , Issue Oct

Working Paper
Important Factors Determining Fintech Loan Default: Evidence from the LendingClub Consumer Platform
Jagtiani, Julapa; Croux, Christophe; Korivi, Tarunsai; Vulanovic, Milos (2020-04-16)
This study examines key default determinants of fintech loans, using loan-level data from the LendingClub consumer platform during 2007–2018. We identify a robust set of contractual loan characteristics, borrower characteristics, and macroeconomic variables that are important in determining default. We find an important role of alternative data in determining loan default, even after controlling for the obvious risk characteristics and the local economic factors. The results are robust to different empirical approaches. We also find that homeownership and occupation are important factors in ...
Working Papers , Paper 20-15

Journal Article
Early warning models for bank supervision: Simpler could be better.
Kolari, James; Jagtiani, Julapa; Shin, G. Hwan; Lemieux, Catharine (2003-07)
Can computer-based models, using publicly available information, be used as off-site early warning systems (EWS) to identify banks that will become inadequately capitalized in the near future? The EWS models analyzed in this article are able to detect the early onset of financial distress one year in advance with a reasonable degree of accuracy. Although simple EWS models do as well as or better than more sophisticated ones, more sophisticated models could provide detailed information about individual bank strengths and weaknesses.
Economic Perspectives , Volume 27 , Issue Q III , Pages 49-60

Working Paper
The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the LendingClub Consumer Platform
Jagtiani, Julapa; Lemieux, Catharine (2018-04-05)
Supersedes Working Paper 17-17. Fintech has been playing an increasing role in shaping financial and banking landscapes. There have been concerns about the use of alternative data sources by fintech lenders and the impact on financial inclusion. We compare loans made by a large fintech lender and similar loans that were originated through traditional banking channels. Specifically, we use account-level data from LendingClub and Y-14M data reported by bank holding companies with total assets of $50 billion or more. We find a high correlation with interest rate spreads, LendingClub rating ...
Working Papers , Paper 18-15

Newsletter
Do markets react to regulatory information?
Moser, James T.; Jagtiani, Julapa (2001-06)
Chicago Fed Letter , Issue Jun

Working Paper
Do Fintech Lenders Penetrate Areas That Are Underserved by Traditional Banks?
Lemieux, Catharine; Jagtiani, Julapa (2018-03-23)
Supersedes Working Paper 17-17 Fintech has been playing an increasing role in shaping financial and banking landscapes. In this paper, we use account-level data from LendingClub and Y-14M data reported by U.S. banks with assets over $50 billion to examine whether the fintech lending platform could expand credit access to consumers. We find that LendingClub?s consumer lending activities have penetrated areas that may be underserved by traditional banks, such as in highly concentrated markets and in areas that have fewer bank branches per capita. We also find that the portion of LendingClub ...
Working Papers , Paper 18-13

Working Paper
Corporate governance structure and mergers
Jagtiani, Julapa; Brewer, Elijah; Jackson, William E. (2010)
Few transactions have the potential to generate revelations about the market value of corporate assets and liabilities as mergers and acquisitions (M&A). Corporate governance and control mechanisms such as independent directors, independent blockholders, and managerial share ownership are usually important predictors of the size and distribution of the incremental wealth generated by M&A transactions. The authors add to this literature by investigating these relationships using a sample of banking organization M&A transactions over the period 1990-2004. Unlike research on nonfinancial firms, ...
Working Papers , Paper 10-26

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