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Author:Stiroh, Kevin J. 

Compositional dynamics and the performance of the U.S. banking industry

As the U.S. banking industry continuously evolves, changes in industry composition have a direct impact on the aggregate performance of the industry. This paper presents a new decomposition framework for commercial banks and shows that both firm-level changes and dynamic reallocation effects--due to increased market share of successful banks, exit of poor performers, and new entrants--made substantial contributions to changes in profitability and capitalization of the U.S. banking industry from 1976 to 1998. In periods of declining profits, these reallocations were particularly important, ...
Staff Reports , Paper 98

Three decades of financial sector risk

This paper examines the evolution of risk in the U.S. financial sector using firm-level equity market data from 1975 to 2005. Over this period, financial sector volatility has steadily increased, reaching extraordinary levels from 1998 to 2002. Much of this recent turbulence can be attributed to a series of major financial shocks, and we find evidence of an upward trend in volatility only for the common component that affects the entire financial sector. While idiosyncratic volatility remains dominant, a combination of common shocks, deregulation, and diversification has reduced its relative ...
Staff Reports , Paper 248

The Basel Committee’s Initiatives on Climate-Related Financial Risks

Remarks on the panel "New regulatory and policy landscape for sustainable finance," 2020 IIF Annual Membership Meeting (delivered via videoconference).

Reform of culture in finance from multiple perspectives: remarks at the GARP Risk Convention, New York City

Remarks at the GARP Risk Convention, New York City.
Speech , Paper 308

The Impact of the Pandemic on Cultural Capital in the Finance Industry

Remarks at the Risk USA Conference (delivered via videoconference).

Conference Paper
Bond market discipline of banks

Proceedings , Paper 687

Journal Article
Explaining the rising concentration of banking assets in the 1990s

In recent years, the nation's largest bank holding companies have sharply increased their market share of assets. Have these institutions achieved their dominance by expanding their existing subsidiaries or by merging with other bank holding companies? A study of industry data for 1990-99 suggests that the increased market share of the largest companies is attributable almost entirely to external growth through mergers and acquisitions.
Current Issues in Economics and Finance , Volume 6 , Issue Aug

Journal Article
Now and then: the evolution of loan quality for U.S. banks

Although loan quality in the U.S. banking industry deteriorated in recent years, a comparison with the banking crisis of the late 1980s and early 1990s suggests that the industry is in a far better position today than it was a decade ago. The percentage of troubled loans is lower, loan quality problems are confined principally to large-bank commercial and industrial lending, and credit weakness is concentrated in a small number of borrower industries.
Current Issues in Economics and Finance , Volume 9 , Issue Apr

Emerging Issues for Risk Managers

Introductory Remarks at the GARP Global Risk Forum, Federal Reserve Bank of New York, New York City.
Speech , Paper 336

Opening Remarks to Community Bankers Conference, Federal Reserve Bank of New York, New York City

Remarks to Community Bankers Conference, Federal Reserve Bank of New York, New York City.
Speech , Paper 314


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