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Keywords:financial institutions 

Report
CDS and equity market reactions to stock issuances in the U.S. financial industry: evidence from the 2002-13 period

We study seasoned equity issuances by financial and nonfinancial companies between 2002 and 2013. To assess the risk and valuation implications of these issuances, we conduct an event-study analysis using daily credit default swap (CDS) and stock market pricing data. The major findings of the paper are that equity prices do not react to new issues in the pre-crisis period, but react negatively in the crisis. CDS prices respond to new, default-relevant information. Over the full sample period, cumulative abnormal CDS spreads drop in response to equity issuance announcements. The reactions are ...
Staff Reports , Paper 697

Report
The effect of state pension cut legislation on bank values

This study provides an empirical analysis of the impact of Wisconsin and Ohio pension cut legislation on values of banks operating in Wisconsin and Ohio, banks operating in other states in which pension cut legislation was being considered as Wisconsin and Ohio went through its legislative process, and all publicly traded U.S. banks. We find that banks doing business in Wisconsin and Ohio experience positive (negative) stock price reactions to announcements that indicate an increased (a decreased) probability of pension cut legislation. The stock price reactions are positively related to the ...
Staff Reports , Paper 679

Speech
Welcoming Remarks: Thirteenth Annual International Banking Conference

Welcoming remarks delivered by Charles Evans before the Thirteenth Annual International Banking Conference on September 23, 2010, in Chicago, IL.
Speech , Paper 46

Journal Article
Tools (Lessons and Strategies) Toward Market Restoration: A Conference Summary

Community development post-recession takes place in an environment that is greatly changed in terms of both demand for and capacity to deliver services. While no community was immune, the places that were most deeply affected by the Great Recession ? and continue to feel its effects ? are often those places that had suffered from disinvestment for decades leading up to it. The tools and strategies that have been developed and relied on by investors, practitioners and advocates ? in some cases for decades ? need to be adapted to the changes, while continuing to meet ever growing demand.
Profitwise , Issue 4 , Pages 4-23

Journal Article
The role of financial reporting and transparency in corporate governance

The authors review recent literature on the role of corporate financial reporting and transparency in reducing governance-related agency conflicts between managers, directors, shareholders, and other stakeholders?most notably financial regulators?and suggest some avenues for future research. Key themes include the endogenous nature of governance mechanisms with respect to information asymmetry between contracting parties, the heterogeneous nature of the informational demands of contracting parties, and the corresponding heterogeneity of the associated governance mechanisms. The authors also ...
Economic Policy Review , Issue Aug , Pages 107-128

Newsletter
Deepening the Foundations of Risk Management

The ongoing recovery from the Great Recession has been accompanied by changes in the types of risks that financial institutions face and the ways in which they manage them. Even as improving labor markets and modest economic growth have strengthened balance sheets and stabilized most businesses, financial services firms remain under considerable pressure. In this context, the Federal Reserve Bank of Chicago and DePaul University hosted their eighth annual risk conference on March 31?April 1, 2015.
Chicago Fed Letter

Newsletter
Shifting Ground: The Changing Landscape in Financial Markets and Technology

The Chicago Fed?s Supervision and Regulation Department and DePaul University?s Center for Financial Services held their ninth annual risk conference on March 29?30, 2016. The conference brought together financial industry professionals, academics, and regulators to discuss the challenges and opportunities posed by the uncertain outlooks for financial markets and geopolitical landscapes across the globe, as well as by the array of innovations from financial technology, or ?fintech,? firms.
Chicago Fed Letter

Journal Article
Nonparametric Estimation of the Diamond-Dybvig Banking Model

I propose a nonparametric structural estimator for the distribution of liquidity needs in a version of the Diamond and Dybvig (1983) model when only the aggregate level of withdrawals is observed. The model is an extension of Peck and Shell (2003) with a continuum of depositors. I show how the characterization of the optimal contract proposed in Sultanum (2014) can be used to estimate the distribution of aggregate liquidity needs. The method builds on the literature of estimation of auctions. More precisely, it uses the indirect approach proposed by Guerre et al. (2000). Guerre et al. (2000) ...
Economic Quarterly , Issue Q4 , Pages 261-279

Working Paper
Did life insurers benefit from TARP or regulatory forbearance during the financial crisis of 2008–2009?

Life insurers? odds of being placed under regulatory control (for example, conservatorship or receivership) during the financial crisis years of 2008 and 2009 increased with deteriorating fundamentals at a much higher rate than during normal times or during the previous recession. However, no life insurer in the sample belonging to a life insurance holding company system (LIHCS) in receipt of TARP funds experienced such insolvency issues, and life insurers with poor and deteriorating performance that belonged to a LIHCS in receipt of TARP funds received increased capital inflows during the ...
Working Papers , Paper 16-24

Speech
537 Days: Time Is Still Ticking

Remarks at LIBOR: Entering the Endgame (a webinar hosted by the Bank of England and the New York Fed) .
Speech

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