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Author:Liang, J. Nellie 

Working Paper
Financial stability monitoring

While the Dodd Frank Act (DFA) broadens the regulatory reach to reduce systemic risks to the U.S. financial system, it does not address some important risks that could migrate to or emanate from entities outside the federal safety net. At the same time, it limits the types of interventions by financial authorities to address systemic events when they occur. As a result, a broad and forward-looking monitoring program, which seeks to identify financial vulnerabilities and guide the development of pre-emptive policies to help mitigate them, is essential. Systemic vulnerabilities arise from ...
Finance and Economics Discussion Series , Paper 2013-21

Working Paper
Corporate payout policy and managerial stock incentives

We examine how corporate payout policy is affected by managerial stock incentives using data on more than 1100 nonfinancial firms during 1993-97. We find that management share ownership encourages higher payouts by firms with potentially the greatest agency problems--those with low market-to-book ratios and low management stock ownership. We also find that management stock options change the composition of payouts. We find a strong negative relationship between dividends and management stock options, as predicted by Lambert, Lannen, and Larcker (1989), and a positive relationship between ...
Finance and Economics Discussion Series , Paper 1999-23

Discussion Paper
A New Dataset of Macroprudential Policy Governance Structures

Governance structures are a critical part of a framework for implementing macroprudential policy, alongside methodologies for measuring and monitoring systemic risk, and analyses to understand the impact of policies that may be used to mitigate risk. As part of various research projects to study macroprudential policy frameworks, we have compiled a new dataset of governance structures in 58 countries. This note documents the construction of our dataset, including the decisions that we made concerning the countries and governance-structure facts to record in our dataset, and it discusses the ...
IFDP Notes , Paper 2017-11-07

Working Paper
Who benefits from a bull market? an analysis of employee stock option grants and stock prices

Stock option grants to top executives and to employees below the top executive ranks have risen rapidly with stock prices in recent years. This paper examines the growth in stock option grants at S&P 1500 companies between 1996 and 1999, and estimates the pay-for-performance sensitivities of the value of new option grants for top executives and, separately, for employees below the top executive levels. In our framework, options are a reward for past performance, leading to a positive relationship between firms' stock prices and the value of new option grants. We find substantial sensitivities ...
Finance and Economics Discussion Series , Paper 2001-57

Working Paper
Financial Stability Committees and Basel III Macroprudential Capital Buffers

We evaluate how a country’s governance structure for macroprudential policy affects its implementation of Basel III macroprudential capital buffers. We find that the probabilities of using the countercyclical capital buffer (CCyB) are higher in countries that have financial stability committees (FSCs) with stronger governance mechanisms and fewer agencies, which reduces coordination problems. These higher probabilities are more sensitive to credit growth, consistent with the CCyB being used to mitigate systemic risk. A country’s probability of using the CCyB is even higher when the FSC ...
Finance and Economics Discussion Series , Paper 2020-016

Working Paper
A dynamic model of entry and performance in the U.S. banking industry

Finance and Economics Discussion Series , Paper 210

Working Paper
Changes in the cost of equity capital for bank holding companies and the effects on raising capital

Finance and Economics Discussion Series , Paper 160

Discussion Paper
Financial Stability Monitoring

In a recently released New York Fed staff report, we present a forward-looking monitoring program to identify and track time-varying sources of systemic risk.
FEDS Notes , Paper 2014-08-04

Working Paper
Equity underwriting risk

Finance and Economics Discussion Series , Paper 146

Working Paper
Selection in failed bank auction prices: an econometric model of FDIC resolutions

Finance and Economics Discussion Series , Paper 93-40

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