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Author:Saunders, Anthony 

Working Paper
Who changes the prime rate?

Working Papers , Paper 90-26

Journal Article
LDC debt rescheduling: calculating who gains, who loses

Business Review , Issue Nov , Pages 13-23

Conference Paper
Should banks be diversified? evidence from individual bank portfolios

Proceedings , Paper 836

Working Paper
Returns and risks of U.S. bank foreign currency activities

Working Papers , Paper 86-2

Conference Paper
Low inflation: the behavior of financial markets and institutions

This paper provides a broad overview of the potential impact of low inflation (deflation) on U.S. financial markets and institutions. It is argued that the contemporary experience of Japan and the historical experience of the United States in the 1920s and 1930s offer only limited insights into the potential impact of low inflation (deflation) on today's U.S. financial system. A number of potential implications are discussed including a decline in secondary market trading and a trend towards reintermediation. In addition, low inflation/deflation is likely to have a material effect on bank ...
Conference Series ; [Proceedings]

Conference Paper
Alternative models for clearance and settlement: the case of the single European capital market


Journal Article
Why are so many new stock issues underpriced?

Business Review , Issue Mar , Pages 3-12

Conference Paper
Bank underwriting of debt securities: modern evidence

Proceedings , Paper 481

Working Paper
The effects of bank mergers and acquisitions on small business lending

We examine the effects of over 6,000 M&As involving more than 10,000 banks on small business lending. We are the first to decompose the impact of M&As into static effects associated with a simple melding of the antecedent institutions and dynamic effects associated with post-M&A refocusing of the consolidated institution. We are also the first to estimate the reactions of other local banks to M&As. We find that the static effects that reduce small business lending are mostly offset by the reactions of other banks and, in some cases, also by the refocused efforts of the consolidating ...
Finance and Economics Discussion Series , Paper 1997-28

The Myth of the Lead Arranger’s Share

We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly after syndication. In contrast to existing asymmetric information theories on the role of the lead share, we find that loans that are sold are less likely to become non-performing in the future. This result is robust to several different measures of loan performance and is reflected in subsequent secondary market prices. We ...
Staff Reports , Paper 922


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