Working Paper
When are thrifts closed? An agency-theoretic model
Cole, Rebel A. (1993)
Finance and Economics Discussion Series , Paper 93-37

Conference Paper
The effect of changes in ownership structure on performance of public companies
Mehran, Hamid; Cole, Rebel A. (1996)
Proceedings , Paper 495

Working Paper
Changes in REIT liquidity 1990-94: evidence from intra-day transactions
Cole, Rebel A.; Kiely, Joseph K.; Bhasin, Vijay (1996)
In this study, we use data on intra-day transactions to analyze whether REIT liquidity as measured by the bid-ask spread changed from 1990 to 1994, a period during which the industry s market capitalization increased from $9 billion to $45 billion. We find that REIT spreads narrowed significantly. We then use a variation of the empirical model proposed by Stoll (1978) to analyze the determinants of percentage spreads including whether spreads are determined by return variability, share price, exchange listing, and asset type. We find strong support for Stoll s model, in that return variance ...
Finance and Economics Discussion Series , Paper 96-22

Working Paper
The effect of changes in ownership structure on performance: evidence from the thrift industry
Mehran, Hamid; Cole, Rebel A. (1996)
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 96-6

Working Paper
Commercial banks and real estate lending: the Texas experience
Eisenbeis, Robert A.; Horvitz, Paul M.; Cole, Rebel A. (1996)
This study analyzes the performance of Texas commercial banks specializing in mortgage lending during the late 1980s and early 1990s to investigate how representative was their experience as compared with that of banks across the country concentrating in real estate lending. The results show that Texas real estate banks (REBs) performed very poorly during the 1980s and early 1990s, but this was because the Texas REBs were clearly different from the majority of the banks classified as REBs in the rest of the country. Texas REBs invested more heavily in commercial mortgages than did other ...
Finance and Economics Discussion Series , Paper 96-15

Working Paper
Agency conflicts and thrift resolution costs
Cole, Rebel A. (1990)
Financial Industry Studies Working Paper , Paper 90-3

Working Paper
Separating the likelihood and timing of bank failure
Cole, Rebel A.; Gunther, Jeffery W. (1993)
Financial Industry Studies Working Paper , Paper 93-2

Conference Paper
Value creation and excess returns in FSLIC-assisted acquisitions of troubled thrifts
Cole, Rebel A.; Eisenbeis, Robert A. (1989)
Proceedings , Paper 251

Working Paper
Excess returns and sources of value in FSLIC-assisted acquisitions of troubled thrifts
Eisenbeis, Robert A.; McKenzie, Joseph A.; Cole, Rebel A. (1989)
Financial Industry Studies Working Paper , Paper 89-1

Conference Paper
Cookie-cutter versus character: the micro structure of small business lending by large and small banks
White, Lawrence J.; Cole, Rebel A.; Goldberg, Lawrence G. (1999)
Proceedings , Paper 777