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Working Paper
Monthly estimates of U.S. cross-border securities positions
Bertaut, Carol C.; Tryon, Ralph W. (2007)
This paper reports monthly estimates of U.S. cross-border securities positions obtained by combining the (now) annual TIC surveys with monthly transactions data adjusted for various differences in the two reporting standards. Our approach is similar to that of Thomas, Warnock, and Wongswan (2004), but in addition to having a somewhat larger dataset we are able to make some simplifications to the numerical procedure used and we incorporate additional adjustments to the transactions data. This paper describes the procedure used and presents the monthly results. In addition, we discuss how the ...
International Finance Discussion Papers , Paper 910

Journal Article
Recovering from the housing and financial crisis
Luttrell, David; Duca, John V. (2010)
The recent recession was unusual because it stemmed from an unsustainable easing of credit standards and financing, which fueled the prior expansion but also the imbalances that led to the worst recession since the 1930s. When losses on new financial practices ended excessive lending, the economy was hit by housing and credit shocks, culminating in a financial crisis. Home construction plunged, wealth fell, credit standards tightened and financial markets seized up. ; The initial impacts of these four shocks on gross domestic product (GDP) were amplified by cyclical interactions between ...
Economic Letter , Volume 5

Journal Article
Statement to Congress, March 29, 1990 (issues involving the regulation of securities markets)
Greenspan, Alan (1990-05)
Federal Reserve Bulletin , Issue May , Pages 319-323

Journal Article
Statement to Congress, June 14, 1989 (internationalization of securities markets)
Greenspan, Alan (1989-08)
Federal Reserve Bulletin , Issue Aug

Conference Paper
The changing nature of debt and equity; a legal perspective
Normandin, Charles P. (1989)
Conference Series ; [Proceedings] , Volume 33 , Pages 49-79

Working Paper
Large capital infusions, investor reactions, and the return and risk performance of financial institutions over the business cycle and recent finanical crisis
Pagano, Michael S.; Mester, Loretta J.; Elyasiani, Elyas (2013)
We examine investors? reactions to announcements of large capital infusions by U.S. financial institutions (FIs) from 2000 to 2009. These infusions include private market infusions (seasoned equity offerings (SEOs)) as well as injections of government capital under the Troubled Asset Relief Program (TARP). The sample period covers both business cycle expansions and contractions, and the recent financial crisis. We present evidence on the factors affecting FIs? decisions to raise capital, the determinants of investor reactions, and post-infusion risk-taking of the recipients, as well as a ...
Working Papers , Paper 13-23

Report
The costs and benefits of dual trading
Sarkar, Asani; Wu, Lifan; Park, Hun Y. (1995)
This paper finds that marketmaking practices of dual traders are pit-specific. In the S&P 500 futures pit, the authors estimate that, because of a lower price impact, customers of dual traders pay eighteen cents less per contract on their trades, compared with customers of pure brokers. According to the authors' estimates, however, customers pay eleven cents more per contract for a purchase and receive nine cents less per contract for a sale, compared with the prices dual traders obtain for their own trades. Thus, the estimated net benefit of dual trading to customers in the S&P 500 futures ...
Staff Reports , Paper 2

Report
Traders' broker choice, market liquidity and market structure
Sarkar, Asani; Chakravarty, Sugato (1997)
Hedgers and a risk-neutral informed trader choose between a broker who takes a position in the asset (a capital broker) and a broker who does not (a discount broker). The capital broker exploits order flow information to mimic informed trades and offset hedgers' trades, reducing informed profits and hedgers' utility. But the capital broker has a larger capacity to execute hedgers' orders, increasing market depth. In equilibrium, hedgers choose the broker with the lowest price per unit of utility while the informed trader chooses the broker with the lowest price per unit of the informed order ...
Staff Reports , Paper 28

Working Paper
The role of securitization in mortgage renegotiation
Agarwal, Sumit; Ben-David, Itzhak; Chomsisengphet, Souphala; Evanoff, Douglas D.; Amromin, Gene (2011)
We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis. Unlike prior studies, we employ unique data that directly observe lender renegotiation actions and cover more than 60% of the U.S. mortgage market. Exploiting within-servicer variation in these data, we find that bank-held loans are 26% to 36% more likely to be renegotiated than comparable securitized mortgages (4.2 to 5.7% in absolute terms). Also, modifications of bank-held loans are more efficient: conditional on a modification, bank-held loans have lower ...
Working Paper Series , Paper WP-2011-02

Journal Article
Currency derivatives in internationally diversified investment portfolios
anonymous (1997-10)
Economics Update , Issue Oct , Pages 5

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