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Discussion Paper
April Update: The Coronavirus and Firms in the Fifth Dis
Over the past several weeks, social distancing and shutdowns have impacted our economy. Fifth District firms continued to tell us how COVID-19 has affected their business operations in recent surveys.
Briefing
Explaining the Decline in the Number of Banks since the Great Recession
The financial crisis of 2007?08 was a major shock to the U.S. banking sector. From 2007 through 2013, the number of independent commercial banks shrank by 14 percent ? more than 800 institutions. Most of this decrease was due to the dwindling number of community banks. While some of this decline was caused by failure, most of it was driven by an unprecedented collapse in new bank entry. The rate of new-bank formation has fallen from an average of about 100 per year since 1990 to an average of about three per year since 2010. If this change persists, it will have a large impact on the ...
Discussion Paper
What Businesses are Saying About the COVID Crisis
While the majority of businesses surveyed have suffered some negative effects and loss of revenue as result of the COVID-19 crisis, most firms remained open and operating, at least partially, when surveyed.While the majority of businesses surveyed have suffered some negative effects and loss of revenue as result of the COVID-19 crisis, most firms remained open and operating, at least partially, when surveyed.
Journal Article
The Financial Crisis, the Collapse of Bank Entry, and Changes in the Size Distribution of Banks
We document the effects of the recent financial crisis on the size distribution of U.S. commercial banks. There was a 14 percent drop in the number of banks from 2007 to 2013. Proportionally, the largest declines were to the smallest banks, those with less than $100 million in assets. This drop in the number of small banks is not due to bank failures. Despite the severity of the crisis, the rate at which a bank exits the industry, either due to failure or acquisition, is similar to that before the crisis. We show that there has been very little entry into banking since the crisis and that ...
Journal Article
The Housing Market and the Pandemic
Discussion Paper
A Crooked Road to a Creative Economy
The Crooked Road trail celebrates the cultural history of Appalachian music and arts. In 2015, it was estimated to bring $6.4 million in tourism spending to the region annually and continues to promote growth in southwest Virginia’s tourism industry today.
Journal Article
A Business Cycle Analysis of Debt and Equity Financing
This article provides an introductory, yet comprehensive, business cycle analysis of firm financing. Using data from Compustat, we find that debt issuance is procyclical while the net sale of stock is countercyclical. However, an equity financing measure that includes stock compensation and especially mergers turns out to be weakly procyclical. Nevertheless, there is widespread heterogeneity in firm financing. Compared to large firms, the equity issuance of small firms tends to be more procyclical while debt issuance tends to be less procyclical. We then examine how well a quantitative model ...