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Working Paper
The Effect of Changes in Ownership Structure on Performance: Evidence from the Thrift Industry
Cole, Rebel A.; Mehran, Hamid
Restrictions on the ownership structure of a public company may harm the company's performance by preventing owners from choosing the best structure. We examine the stock-price performance and ownership structure, before and after the expiration of anti-takeover regulations, of a sample of thrift institutions that converted from mutual to stock ownership. We find that after the anti-takeover provisions expire, firm performance improves significantly, and the portions of the firm owned by managers, noninstitutional outside blockholders, and the firm's employee stock ownership plan increase. ...
Finance and Economics Discussion Series , Paper 1996-06

Speech
U.S. Regulations and Approaches to Cryptocurrencies
Held, Michael (2019-12-03)
Remarks at the BIS Central Bank Legal Experts’ Meeting, Basel, Switzerland
Speech

Report
Market liquidity after the financial crisis
Shachar, Or; Fleming, Michael J.; Vogt, Erik; Adrian, Tobias (2016-10-19)
This paper examines market liquidity in the post-crisis era in light of concerns that regulatory changes might have reduced dealers? ability and willingness to make markets. We begin with a discussion of the broader trading environment, including an overview of regulations and their potential effects on dealer balance sheets and market making, but also considering additional drivers of market liquidity. We document a stagnation of dealer balance sheets after the financial crisis of 2007-09, which occurred concurrently with dealer balance sheet deleveraging. However, using high-frequency trade ...
Staff Reports , Paper 796

Report
Cross-border prudential policy spillovers: how much? How important? Evidence from the International Banking Research Network
Goldberg, Linda S.; Buch, Claudia M. (2016-11-01)
The development of macroprudential policy tools has been one of the most significant changes in banking regulation in recent years. In this multi-study initiative of the International Banking Research Network, researchers from fifteen central banks and two international organizations use micro-banking data in conjunction with a novel data set of prudential instruments to study international spillovers of prudential policy changes and their effects on bank lending growth. The collective analysis has three main findings. First, the effects of prudential instruments sometimes spill over borders ...
Staff Reports , Paper 801

Report
Dealer balance sheets and bond liquidity provision
Boyarchenko, Nina; Adrian, Tobias; Shachar, Or (2016-12-01)
Do regulations decrease dealer ability to intermediate trades? Using a unique data set of dealer-bond-level transactions, we link changes in liquidity of individual U.S. corporate bonds to dealers? transaction activity and balance sheet constraints. We show that, prior to the financial crisis, bonds traded by more levered institutions and institutions with investment-bank-like characteristics were more liquid but this relationship reverses after the financial crisis. In addition, institutions that face more regulations after the crisis both reduce their overall volume of trade and have less ...
Staff Reports , Paper 803

Report
Credit market choice
Costello, Anna M.; Shachar, Or; Boyarchenko, Nina (2018-08-01)
Which markets do institutions use to change exposure to credit risk? Using a unique data set of transactions in corporate bonds and credit default swaps (CDS) by large financial institutions, we show that simultaneous transactions in both markets are rare, with an average institution having an 11 percent probability of transacting in both the CDS and bond markets in the same entity in an average week. When institutions do transact in both markets simultaneously, they increase their speculative positions in CDS by 13 cents per dollar of bond transactions, and their hedging positions by 13 ...
Staff Reports , Paper 863

Discussion Paper
Dealer Balance Sheets and Corporate Bond Liquidity Provision
Adrian, Tobias; Boyarchenko, Nina; Shachar, Or (2017-05-24)
Regulatory reforms since the financial crisis have sought to make the financial system safer and severe financial crises less likely. But by limiting the ability of regulated institutions to increase their balance sheet size, reforms?such as the Dodd-Frank Act in the United States and the Basel Committee's Basel III bank regulations internationally?might reduce the total intermediation capacity of the financial system during normal times. Decreases in intermediation capacity may then lead to decreased liquidity in markets in which the regulated institutions intermediate significant trading ...
Liberty Street Economics , Paper 20170524

Discussion Paper
The Treasury Market Practices Group: A Consequential First Decade
Mithal, Radhika; Keane, Frank M.; Garbade, Kenneth D. (2017-09-26)
The Treasury Market Practices Group (TMPG) was formed in February 2007 in response to the appearance of some questionable trading practices in the secondary market for U.S. Treasury securities. (A history of the origins of the TMPG is available here.) Left unaddressed, the practices threatened to harm the efficiency and integrity of an essential global benchmark market. The Group responded by identifying and publicizing ?best practices? in trading Treasury securities?a statement of behavioral norms intended to maintain a level and competitive playing field for all market participants. The ...
Liberty Street Economics , Paper 20170926

Discussion Paper
Analyzing the Effects of CFPB Oversight
Vickery, James; Plosser, Matthew; Fuster, Andreas (2018-10-09)
The Consumer Financial Protection Bureau (CFPB), created in 2011, is a key element of post-crisis U.S. financial regulation, as well as the subject of intense debate. While some have praised the agency, citing the benefits of consumer financial protection, others argue that its activities involve high compliance costs, increase uncertainty and legal risk, and ultimately reduce the availability of financial services for consumers. We present new evidence on whether the CFPB?s supervisory and enforcement activities have significantly affected the supply of mortgage credit, or had other effects ...
Liberty Street Economics , Paper 20181009

Discussion Paper
What Happens When Regulatory Capital Is Marked to Market?
Vickery, James; Fuster, Andreas (2018-10-11)
Minimum equity capital requirements are a key part of bank regulation. But there is little agreement about the right way to measure regulatory capital. One of the key debates is the extent to which capital ratios should be based on current market values rather than historical ?accrual? values of assets and liabilities. In a new research paper, we investigate the effects of a recent regulatory change that ties regulatory capital directly to the market value of the securities portfolio for some banks.
Liberty Street Economics , Paper 20181011

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