Briefing
Explaining the Decline in the Number of Banks since the Great Recession
McCord, Roisin; Prescott, Edward Simpson; Sablik, Timothy (2015-03)
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 ...
Richmond Fed Economic Brief , Issue March

Discussion Paper
We’re All Out: Firms Struggle to Fully Meet Customer Demand
McCord, Roisin (2021-11-05)
Regional Matters

Discussion Paper
Community College Enrollment in Fall 2020: What We Know So Far
McCord, Roisin; Ullrich, Laura Dawson (2021-05-11)
Regional Matters

Journal Article
The Financial Crisis, the Collapse of Bank Entry, and Changes in the Size Distribution of Banks
Prescott, Edward Simpson; McCord, Roisin (2014-01)
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 ...
Economic Quarterly , Issue 1Q , Pages 23-50

Discussion Paper
Wages Are Rising: How Far Will They Go?
McCord, Roisin (2021-08-05)
Regional Matters

Discussion Paper
Demand for Goods Grows: Will Manufacturers Be Able to Meet It?
McCord, Roisin; Nikolov, Alexander (2021-09-02)
Regional Matters

Discussion Paper
What Businesses are Saying About the COVID Crisis
Mengedoth, Joseph; McCord, Roisin (2020-05-29)
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.
Regional Matters

Journal Article
The Housing Market and the Pandemic
McCord, Roisin (2020-10)
Econ Focus , Issue 4Q , Pages 30-34

Journal Article
A Business Cycle Analysis of Debt and Equity Financing
Karabarbounis, Marios; Macnamara, Patrick; McCord, Roisin (2014-01)
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 ...
Economic Quarterly , Issue 1Q , Pages 51-85

Discussion Paper
Remote Work and COVID-19: What Have Firms Learned?
McCord, Roisin (2021-04-01)
Regional Matters