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Keywords:limited attention 

Working Paper
Financial Consequences of Severe Identity Theft in the U.S.

We examine how a negative shock from severe identity theft affects consumer credit market behavior in the United States. We show that the immediate effects of severe identity theft on credit files are typically negative, small, and transitory. After those immediate effects fade, identity theft victims experience persistent increases in credit scores and declines in reported delinquencies, with a significant proportion of affected consumers transitioning from subprime-to-prime credit scores. Those consumers take advantage of their improved creditworthiness to obtain additional credit, ...
Working Papers , Paper 21-41

Report
Investor Attention to Bank Risk During the Spring 2023 Bank Run

We examine how investors’ perceptions of bank balance sheet risk evolved before and during the bank run in March-April 2023. To do so, we estimate the covariance (“beta”) of bank excess stock returns with returns on factors constructed from long-short portfolios sorted on shares of uninsured deposits and unrealized losses on securities. We find that investor perception of bank risk shifted, as the factor betas are insignificant before the bank run but become positive and significant during the run. In the crosssection, increases in the betas occurred for a limited set of banks and ...
Staff Reports , Paper 1095

Working Paper
Financial Consequences of Identity Theft

We examine how a negative shock from identity theft affects consumer credit market behavior. We show that the immediate effects of fraud on credit files are typically negative, small, and transitory. After those immediate effects fade, identity theft victims experience persistent increases in credit scores and declines in reported delinquencies, with a significant proportion of affected consumers transitioning from subprime-to-prime credit scores. Those consumers take advantage of their improved creditworthiness to obtain additional credit, including auto loans and mortgages. Despite having ...
Working Papers , Paper 20-33

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