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Journal Article
A peek at the examiners playbook phase III
Journal Article
Collateral damage detected
Journal Article
Points to consider when financing REITs
Journal Article
Hedging the risk
Journal Article
Market discipline prior to failure
This paper examines pricing behavior for bonds issued by bank holding companies in the period prior to failure of their bank subsidiaries. The results indicate that bond prices are related to the financial condition of the issuing bank holding companies, and that bonds spreads start rising as early as six quarters prior to failure as the issuing firm's financial condition and credit rating deteriorate. Strong market discipline exists during the critical period -- bond spreads for troubled banking organizations are many times those of healthy ones. Our results suggests that bond spreads could ...
Journal Article
Pooled trust preferred stock -- a new twist on an older product
Journal Article
Why has stored value not caught on?
Why have general-purpose stored-value cards been unsuccessful in penetrating the U.S. market? Three necessary conditions for a payment instrument to be successful are discussed: consumers and merchants need to be convinced of its advantages over existing payment alternatives for at least some types of transactions; payment providers must convince consumers and merchants simultaneously of its benefits to achieve critical mass; and assure them that adequate safety and security measures have been implemented. This article discusses the credit card industry's success in meeting these necessary ...