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Jel Classification:L25 

Working Paper
Is Bigger Necessarily Better in Community Banking?

SIPERSEDED BY WP 18-11 We investigate the relative performance of publicly traded community banks (those with assets less than $10 billion) versus larger banks (those with assets between $10 billion and $50 billion). A body of research has shown that community banks have potential advantages in relationship lending compared with large banks, although newer research suggests that these advantages may be shrinking. In addition, the burdens placed on community banks by the regulatory reforms mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the need to increase ...
Working Papers , Paper 16-15

Working Paper
Business complexity and risk management: evidence from operational risk events in U. S. bank holding companies

How does business complexity affect risk management in financial institutions? The commonly used risk measures rely on either balance-sheet or market-based information, both of which may suffer from identification problems when it comes to answering this question. Balance-sheet measures, such as return on assets, capture the risk when it is realized, while empirical identification requires knowledge of the risk when it is actually taken. Market-based measures, such as bond yields, not only ignore the problem that investors are not fully aware of all the risks taken by management due to ...
Working Papers , Paper 16-16

Journal Article
Global integration in the banking industry

Lowered regulatory barriers and advances in technology have reduced the cost of supplying banking services across borders. At the same time, growth in activity by multinational corporations has increased the demand for international financial services. As a result, many observers believe that global integration is under way in the banking industry, that banks are expanding their reach across borders, and that many banking markets will therefore develop large foreign components. The authors report on a study conducted by them, along with Qinglei Dai and Steven Ongena, that examined the ...
Federal Reserve Bulletin , Volume 89 , Issue Nov , Pages 451-460

Journal Article
Financial services used by small businesses: evidence from the 2003 Survey of Small Business Finances

Federal Reserve Bulletin , Volume 92 , Issue Oct

Report
Transformation of corporate scope in U.S. banks: patterns and performance implications

Using a novel database containing the time-series details of the organizational structure of individual bank holding companies, this paper presents the first population-wide study of the transformation in business scope of U.S. banks. Expanding scope has a negative impact on performance on average. However, we find that firms whose expansion keeps them closer to the prevailing ?modal bank? are better off compared with those pursuing generic diversification. Moreover, we find that early expanders into particular activities benefit more, whereas late adopters, rather than benefitting by ...
Staff Reports , Paper 813

Working Paper
Density Forecasts in Panel Data Models : A Semiparametric Bayesian Perspective

This paper constructs individual-specific density forecasts for a panel of firms or households using a dynamic linear model with common and heterogeneous coefficients and cross-sectional heteroskedasticity. The panel considered in this paper features a large cross-sectional dimension N but short time series T. Due to the short T, traditional methods have difficulty in disentangling the heterogeneous parameters from the shocks, which contaminates the estimates of the heterogeneous parameters. To tackle this problem, I assume that there is an underlying distribution of heterogeneous parameters, ...
Finance and Economics Discussion Series , Paper 2018-036

Working Paper
Does Scale Matter in Community Bank Performance? Evidence Obtained by Applying Several New Measures of Performance

SUPERSEDES WP16-15 We consider how size matters for banks in three size groups: banks with assets of less than $1 billion (small community banks), banks with assets between $1 billion and $10 billion (large community banks), and banks with assets between $10 billion and $50 billion (midsize banks). Community banks have potential advantages in relationship lending compared with large banks. However, increases in regulatory compliance and technological burdens may have disproportionately increased community banks? costs, raising concerns about small businesses? access to credit. Our evidence ...
Working Papers , Paper 18-11

Working Paper
Internationalization and bank risk

This paper documents a positive relation between internationalization and bank risk. This is consistent with the empirical dominance of the market risk hypothesis ? whereby internationalization increases banks' risk due to market-specific factors in foreign markets ? over the diversification hypothesis ? whereby internationalization allows banks to reduce risk through diversification of their operations. The results continue to hold following a variety of robustness tests, including endogeneity and sample selection bias. We also find that the magnitude of this effect is more pronounced during ...
Research Working Paper , Paper RWP 15-8

Working Paper
Tapping into Financial Synergies : Alleviating Financial Constraints Through Acquisitions

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

Working Paper
Is Bigger Necessarily Better in Community Banking?

We investigate the relative performance of publicly traded community banks (those with assets less than $10 billion) versus larger banks (those with assets between $10 billion and $50 billion). A body of research has shown that community banks have potential advantages in relationship lending compared with large banks, although newer research suggests that these advantages may be shrinking. In addition, the burdens placed on community banks by the regulatory reforms mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the need to increase investment in technology, ...
Working Papers (Old Series) , Paper 1615

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