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Working Paper
Sectoral Loan Concentration and Bank Performance (2001-2014)
Regehr, Kristen; Sengupta, Rajdeep
(2016-11-01)
Sectoral loan concentration is an important factor in bank performance. We develop a measure of sectoral loan concentration and study how community bank performance and the size-performance relationship vary with loan concentration and changes in loan concentration. The size-profitability relationship varies with concentration in the residential real-estate (RRE) sector. Higher RRE concentration is associated with lower returns especially for larger community banks?banks with assets totaling a billion or more. Concentration in other sectors, such as agriculture and commercial real estate ...
Research Working Paper
, Paper RWP 16-13
Working Paper
The Effect of Common Ownership on Profits : Evidence From the U.S. Banking Industry
Gramlich, Jacob P.; Grundl, Serafin J.
(2018-10-03)
Theory predicts that "common ownership" (ownership of rivals by a common shareholder) can be anticompetitive because it reduces the weight firms place on their own profits and shifts weight toward rival firms held by common shareholders. In this paper we use accounting data from the banking industry to examine empirically whether shifts in the profit weights are associated with shifts in profits. We present the distribution of a wide range of estimates that vary the specification, sample restrictions, and assumptions used to calculate the profit weights. The distribution of estimates is ...
Finance and Economics Discussion Series
, Paper 2018-069
Journal Article
How Mergers in the Farm Credit System Have Affected Ag Banks
Scott, Francisco
(2023-07-06)
Commercial banks and the Farm Credit System (FCS) have been the most important sources of agricultural loans in the United States in recent decades. Since the 1990s, however, mergers and acquisitions have increasingly concentrated both the FCS and commercial banks, raising concerns about potential effects on the agricultural credit market. Starting in the 2000s, the FCS gained a substantial market share of total agricultural debt, lending credibility to these concerns. Thus far, however, how the FCS’s evolving size and scope affect agricultural bank operations, particularly through mergers, ...
Economic Review
, Volume vol. 108
, Issue no. 3
, Pages 23
Working Paper
Pre-LBO Credit Market Conditions and Post-LBO Target Behavior
Kwak, Seung; Press, Charles
(2023-12-01)
In the context of leveraged buyouts (LBOs), this paper empirically studies the relation between pre-buyout credit market conditions and the post-buyout behavior of target companies, employing a supervisory dataset to overcome limited data availability for post-buyout target financial information. We propose an LBO-specific measure of (changes of) credit market conditions---the short-term (6-month) change of credit spreads leading up to buyout close. Using this proposed measure, we show that loosening pre-LBO credit market conditions, which are related to higher buyout leverage consistent with ...
Finance and Economics Discussion Series
, Paper 2023-077
Working Paper
Information Production, Misconduct Effort, and the Duration of Financial Misrepresentation
Pinheiro, Roberto; da Silva, Maximiliano; Black, Jonathan; Nilsson, Mattias
(2016-06-01)
We examine the link between information produced by auditors and analysts and fraud duration. Using a hazard model, we analyze misstatement periods related to SEC accounting and auditing enforcement releases (AAERs) between 1982 and 2012. Results suggest that misconduct is more likely to end just after firms announce an auditor switch or issue audited financial statements, particularly when the audit report contains explanatory language. Analyst following increases the fraud termination hazard. However, increases (decreases) in analyst coverage have a negative (positive) marginal impact on ...
Working Papers
, Paper 16-13R
Working Paper
Why does the FDIC sue?
Okamura, Ken; Koch, Christoffer
(2016-01-25)
Cases the Federal Deposit Insurance Corporation (FDIC) pursues against the directors and officers of failed commercial banks for (gross) negligence are important for the corporate governance of U.S. commercial banks. These cases shape the kernel of bank corporate governance, as they guide expectations of bankers and regulators in defining the limits of acceptable behavior under financial distress. We examine the differences in behavior of all 408 U.S. commercial banks that were taken into receivership between 2007?2012. Sued banks had different balance sheet dynamics in the three years prior ...
Working Papers
, Paper 1601
Working Paper
The Impact of Reserves Practices on Bank Opacity
Iannotta, Giuliano; Kwan, Simon H.
(2013)
Using a banking firm?s unexpected loan loss provision to proxy for earnings management, it is found to have a significantly positive effect on bank opacity. The explanatory power of earnings management on bank opacity is stronger during the pre-crisis period than during the 2007-2009 financial crisis. When we examine the effects of delays in loan loss recognition on bank opacity, we found strong statistical relations during the financial crisis period, while the results for the pre-crisis period are mixed. We conclude that bank opacity is related to unexpected loan loss provision as well as ...
Working Paper Series
, Paper 2013-35
Working Paper
Evidence for the Effects of Mergers on Market Power and Efficiency
Blonigen, Bruce A.; Pierce, Justin R.
(2016-10)
Study of the impact of mergers and acquisitions (M&As) on productivity and market power has been complicated by the difficulty of separating these two effects. We use newly-developed techniques to separately estimate productivity and markups across a wide range of industries using detailed plant-level data. Employing a difference-in-differences framework, we find that M&As are associated with increases in average markups, but find little evidence for effects on plant-level productivity. We also examine whether M&As increase efficiency through reallocation of production to more efficient ...
Finance and Economics Discussion Series
, Paper 2016-082
Working Paper
Tapping into Financial Synergies : Alleviating Financial Constraints Through Acquisitions
Yang, Jie; Williamson, Rohan
(2018-08-03)
The paper examines whether financially constrained firms are able to use acquisitions to ease their constraints. The results show that acquisitions do ease financing constraints for constrained acquirers. Relative to unconstrained acquires, financially constrained firms are more likely to use undervalued equity to fund acquisitions and to target unconstrained and more liquid firms. Using a propensity score matched sample in a difference-in-difference framework, the results show that constrained acquirers become less constrained post-acquisition and relative to matched non-acquiring firms. ...
Finance and Economics Discussion Series
, Paper 2018-053
Journal Article
Risk management, governance, culture, and risk taking in banks
Stulz, Rene M.
(2016-08)
This article examines how governance, culture, and risk management affect risk taking in banks. It distinguishes between good risks, which are risks that have an ex ante private reward for the bank on a standalone basis, and bad risks, which do not have such a reward. A well-governed bank takes the amount of risk that maximizes shareholder wealth, subject to constraints imposed by laws and regulators. In general, this involves eliminating or mitigating all bad risks to the extent that it is cost effective to do so. The role of risk management in such a bank is not to reduce the bank?s total ...
Economic Policy Review
, Issue Aug
, Pages 43-60
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