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Working Paper
The Credit Card Act and Consumer Debt Structure
Ronen, Joshua; Jagtiani, Julapa; Dou, Yiwei; Maingi, Ramain Quinn (2020-08-05)
We investigate whether the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 influenced the debt structure of consumers. By debt structure, we mean the proportion of total available credit from credit cards for each consumer.The act enhances disclosures of contractual and related information and restricts card issuers’ ability to raise interest rates or charge late or over-limit fees, primarily affecting non-prime borrowers. Using the credit history via the Federal Reserve Bank of New York/Equifax Consumer Credit Panel during 2006–2016, we find that the average ...
Working Papers , Paper 20-32

Working Paper
How much would banks be willing to pay to become \"too-big-to-fail\" and to capture other benefits?
Jagtiani, Julapa; Brewer, Elijah (2007)
This paper examines an important aspect of the ?too-big-to-fail? (TBTF) policy employed by regulatory agencies in the United States. How much is it worth to become TBTF? How much has the TBTF status added to bank shareholders? wealth? Using market and accounting data during the merger boom (1991-2004) when larger banks greatly expanded their size through mergers and acquisitions, we find that banking organizations are willing to pay an added premium for mergers that will put them over the asset sizes that are commonly viewed as the thresholds for being TBTF. We estimate at least $14 billion ...
Research Working Paper , Paper RWP 07-05

Working Paper
Foreclosure delay and consumer credit performance
Lang, William W.; Calem, Paul S.; Jagtiani, Julapa (2014-03-09)
Superseded by Working Paper 15-24.The deep housing market recession from 2008 through 2010 was characterized by a steep increase in the number of foreclosures. Foreclosure timelines ? the length of time between initial mortgage delinquency and completion of foreclosure ? also expanded significantly, averaging up to three years in some states. Most individuals undergoing foreclosure are experiencing serious financial stress. However, extended foreclosure timelines enable mortgage defaulters to live in their homes without making housing payments until the completion of the foreclosure process, ...
Working Papers , Paper 14-8

Report
The role of bank advisors in mergers and acquisitions
Peristiani, Stavros; Allen, Linda; Saunders, Anthony; Jagtiani, Julapa (2002)
This paper looks at the role of both commercial and investment banks in providing merger advisory services. In this area, unlike some areas of investment banking, commercial banks have always been allowed to compete directly with investment banks. In their dual role as lenders and advisors to firms that are the target or the acquirer in a merger, banks can be viewed as serving a certification function. However, banks acting as both lenders and advisors face a potential conflict of interest that may mitigate or offset any certification effect. Overall, we find evidence supporting the ...
Staff Reports , Paper 143

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

Working Paper
Fintech Innovations in Banking: Fintech Partnership and Default Rate on Bank Loans
Jagtiani, Julapa; Lemieux, Catharine; Goldstein, Brandon (2025-07-14)
We explore whether banks could leverage data and technology to expand their customer base without taking on more credit risk. Previous studies have not explored the impact of fintech partnerships on the quality of banks’ loan portfolios. Our analysis utilizes data on relevant bank– fintech partnerships and loan-level data from Y-14M reports. For credit cards, we find that banks that had fintech partnerships extended larger lines of credit to consumers with low credit scores or missing credit scores. We also find that credit card default rates declined among nonprime borrowers with missing ...
Working Papers , Paper 25-21

Journal Article
Do markets discipline banks and bank holding companies? evidence from debt pricing
Kaufman, George G.; Jagtiani, Julapa; Lemieux, Catharine (1999-06)
Emerging Issues , Issue Jun

Working Paper
Impact of independent directors and the regulatory environment on bank merger prices: evidence from takeover activity in the 1990s
Jagtiani, Julapa; Brewer, Elijah; Jackson, William E. (2000)
This article examines the primary motivation of the bank merger waves in the 1990s. Our investigation of the factors that determine bid premiums paid for target banks focuses on the importance of the financial characteristics of the targets, composition of their boards of directors, and the regulatory environment. ; The value of the target bank to the acquiring bank should reflect its present discounted value of future net cash flows. Thus, at a minimum, the bid price should be a combination of the stand-alone value of the net assets of the target bank and the net cash flows from ...
Working Paper Series , Paper WP-00-31

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
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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