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Author:Berger, Allen N. 

Discussion Paper
Securitization with recourse: an instrument that offers uninsured bank depositors sequential claims

Research Papers in Banking and Financial Economics , Paper 97

Working Paper
Comparing market and supervisory assessments of bank performance: who knows what when?

We compare the timeliness and accuracy of government supervisors versus market participants in assessing the condition of large U.S. bank holding companies. We find that supervisors and bond rating agencies both have some prior information that is useful to the other. In contrast, supervisory assessments and equity market indicators are not strongly interrelated. We also find that supervisory assessments are much less accurate overall than both bond and equity market assessments in predicting future changes in performance, but supervisors may be more accurate when inspections are recent. To ...
Finance and Economics Discussion Series , Paper 1998-32

Working Paper
Bank scale economies, mergers, concentration, and efficiency: the U.S. experience

Finance and Economics Discussion Series , Paper 94-23

Conference Paper
Risk-based capital and off-balance sheet activities

Proceedings , Paper 202

Working Paper
Risk-based capital and deposit insurance reform

Risk-based capital (RBC) is an important component of deposit insurance reform. This paper provides an empirical analysis of the new 1992 RBC bank standards, applying them to data on virtually all U.S. banks from 1982 to 1989. The data reveal strong associations between several measures of future bank performance (including bankruptcy) and the RBC relative risk weights. These associations suggest that the weights constitute a significant improvement over the old capital standards, although there are several instances in which the weights for specific categories appear to be out of line with ...
Working Papers (Old Series) , Paper 9101

Working Paper
Unexpected Effects of Bank Bailouts: Depositors Need Not Apply and Need Not Run

A key policy issue is whether bank bailouts weaken or strengthen market discipline. We address this by analyzing how bank bailouts influence deposit quantities and prices of recipients versus other banks. Using the Troubled Asset Relief Program (TARP) bailouts, we find both deposit quantities and prices decline, consistent with substantially reduced demand for deposits by bailed-out banks that dominate market discipline supply effects. Main findings are robust to numerous checks and endogeneity tests. However, diving deeper into depositor heterogeneity suggests nuances. Increases in uninsured ...
Working Papers , Paper 21-10

Working Paper
Inside the black box: what explains differences in the efficiencies of financial institutions?

Over the past several years, substantial research effort has gone into measuring the efficiency of financial institutions. Many studies have found that inefficiencies are quite large, on the order of 20 percent or more of total banking industry costs and about half of the industry's potential profits. There is no consensus on the sources of the differences in measured efficiency. This paper examines several possible sources, including differences in efficiency concept, measurement method, and a number of bank, market, and regulatory characteristics. We review the extant literature and provide ...
Finance and Economics Discussion Series , Paper 1997-10

Working Paper
The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle.

We examine the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. We show the sources of small business finance,and how capital structure varies with firm size and age. The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research.
Finance and Economics Discussion Series , Paper 1998-15

Working Paper
Technological progress and the geographic expansion of the banking industry

We test some predictions about the effects of technological progress on geographic expansion using data on banks in U.S. multibank holding companies over 1985-1998. Specifically, we test whether over time (a) parental control over affiliate banks has increased, and (b) the agency costs associated with distance from the parent have decreased. The data suggest that banking organizations exercise significant control over affiliates that has been increasing over time, and that the agency costs associated with distance have decreased somewhat over time. The findings are consistent with the ...
Finance and Economics Discussion Series , Paper 2002-31

Working Paper
The coexistence of multiple distribution systems for financial services: the case of property-liability insurance

Finance and Economics Discussion Series , Paper 95-22


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