Search Results
Journal Article
Recourse risk in asset sales
Journal Article
F.Y.I. going off the balance sheet
Journal Article
Bank asset growth robust, statistics show
Journal Article
Interstate banking and the outflows of local funds
Working Paper
A question of liquidity: the great banking run of 2008?
The current financial crisis has given rise to a new type of bank run, one that affects both the banks' assets and liabilities. In this paper we combine information from the commercial paper market with loan level data from the Survey of Terms of Business Loans to show that during the 2007-2008 financial crises banks suffered a run on credit lines. First, as in previous crises, we find an increase in the usage of credit lines as commercial spreads widen, especially among the lowest quality firms. Second, as the crises deepened, firms drew down their credit lines out of fear that the weakened ...
Speech
Dividend policy and capital retention: a systemic “first response”.
Presentation by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for ?Rethinking Central Banking? Conference, Washington, D.C., October 10, 2010
Journal Article
Commercial bank holdings of Treasury debt
An analysis of commercial and large-bank Treasury holdings from 1972 to 1982, with a discussion of the effect of cyclical factors on banks' asset preferences.
Working Paper
Getting the most out of a mandatory subordinated debt requirement
Recent advances in asset pricing-the reduced-form approach to pricing risky debt and derivatives-are used to quantitatively evaluate several proposals for mandatory bank issue of subordinated debt. The authors find that credit spreads on both fixed- and floating-rate subordinated debt provide relatively clean signals of bank risk and are not unduly influenced by non-risk factors. Fixed-rate debt with a put is unacceptable, but making the putable debt floating resolves most problems. The authors' approach also helps to clarify several different notions of "bank risk."
Working Paper
Market evidence on the opaqueness of banking firms' assets.
We assess the market microstructure properties of U.S. banking firms' equity, to determine whether they exhibit more or less evidence of asset opaqueness than similar-sized nonbanking firms. The evidence strongly indicates that large banks (traded on NASDAQ) trade much less frequently despite microstructure characteristics. Problem (noncurrent) loans tend to raise the frequency with which the bank's equity trades, as well as the equity's return volatility. The implications for regulatory policy and future market microstructure research are discussed.
Journal Article
Patterns in the foreign ownership of U.S. banking assets