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Keywords:stock prices 

Report
The impact of CEO turnover on equity volatility

A change in executive leadership is a significant event in the life of a firm. This study investigates an important consequence of a CEO turnover: a change in equity volatility. We develop three hypotheses about how changes in CEO might affect stock price volatility, and test these hypotheses using a sample of 872 CEO turnovers over the 1979-95 period. We find that volatility increases following a CEO turnover, even when the CEO leaves voluntarily and is replaced by someone from inside the firm. Forced turnovers increase volatility more than voluntary turnovers - a finding consistent with the ...
Staff Reports , Paper 166

Journal Article
Are Banks Exposed to Interest Rate Risk?

While banks seem to face inherent risk from short-term interest rate changes, in practice they structure their balance sheets to avoid exposure to such risk. Nonetheless, recent research finds that banks cannot offload all of the interest rate risk they are naturally exposed to. Historically, banks’ profit margins reflect their compensation for taking on interest rate risk and their stock prices are highly sensitive to changes in interest rates. These findings can help practitioners assess banks’ risk exposures and may have implications for unconventional monetary policy.
FRBSF Economic Letter , Volume 2020 , Issue 16 , Pages 05

Working Paper
The final countdown: the effect of monetary policy during \\"Wait-for-It\\" and reversal periods

After a long period of loose monetary policy triggered by the Great Recession, some central banks are signaling that they will raise their policy rates soon. Previous research, for example, Bernanke and Kuttner (2005) and Ozdagli (2014), has shown that asset prices react more strongly to monetary policy target surprises on the dates of such a policy reversal announcement. However, we know very little about the channels that generate these effects and whether the cross-sectional differences among firms and sectors play a significant role in transmitting a reversal decision to the economy, a ...
Working Papers , Paper 15-15

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Clayton, Matthew J. 1 items

Hartzell, Jay C. 1 items

Ozdagli, Ali K. 1 items

Paul, Pascal 1 items

Rosenberg, Joshua V. 1 items

Zhu, Simon 1 items

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