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Working Paper
How Do Lead Banks Use Their Private Information about Loan Quality in the Syndicated Loan Market?
Koepke, Matthew; Berger, Allen N.; Balasubramanyan, Lakshmi (2017-11-29)
We formulate and test two opposing hypotheses about how lead banks in the syndicated loan market use private information about loan quality, the Signaling Hypothesis and Sophisticated Syndicate Hypothesis. We use Shared National Credit (SNC) internal loan ratings made comparable using concordance tables to measure private information. We find favorable private information is associated with higher lead bank loan retention and lower interest rate spreads for pure term loans, ceteris paribus, supporting the Signaling Hypothesis. Neither hypothesis dominates for pure revolvers. The data ...
Working Papers , Paper 16-16R2

Working Paper
Climate Risks in the U.S. Banking Sector: Evidence from Operational Losses and Extreme Storms
Berger, Allen N.; Curti, Filippo; Lazaryan, Nika; Mihov, Atanas; Roman, Raluca A. (2023-12-19)
Using supervisory data from large U.S. bank holding companies (BHCs), we document that BHCs suffer more operational losses during episodes of extreme storms. Among different operational loss types, losses due to external fraud, BHCs’ failure to meet obligations to clients and faulty business practices, damage to physical assets, and business disruption drive this relation. Event study estimations corroborate our baseline findings. We further show that BHCs with past exposure to extreme storms reduce operational losses from future exposure to storms. Overall, our findings provide new ...
Working Papers , Paper 21-31

Working Paper
Did bank borrowers benefit from the TARP program : the effects of TARP on loan contract terms
Makaew, Tanakorn; Berger, Allen N.; Roman, Raluca (2015-09-01)
We study the effects of the Troubled Asset Relief Program (TARP) on loan contract terms to businesses borrowing from recipient banks. Using a difference-in-difference analysis, we find that TARP led to more favorable terms to these borrowers in all five contract terms studied ? loan amounts, spreads, maturities, collateral, and covenants. This suggests recipient banks' borrowers benefited from TARP. These findings are statistically and economically significant, and are robust to dealing with potential endogeneity issues and other checks. {{p}} The contract term improvements are concentrated ...
Research Working Paper , Paper RWP 15-11

Conference Paper
The effects of bank mergers and acquisitions on small business lending
Scalise, Joseph M.; Udell, Gregory F.; Saunders, Anthony; Berger, Allen N. (1997)
Proceedings , Paper 549

Conference Paper
Bank liquidity creation and bank capital
Berger, Allen N.; Bouwman, Christa H. S. (2005)
Recent theory papers by Diamond and Rajan (2000, 2001) and others suggest that banks with higher capital ratios may create less liquidity because capital diminishes financial fragility and/or ?crowds out? deposits. Other contributions suggest the opposite outcome: banks with higher capital ratios may create more liquidity because capital gives them greater capacity to absorb the risks associated with liquidity creation. We construct liquidity creation measures for U.S. banks from 1993-2003 and test these opposing theoretical predictions. Our calculations suggest that the industry created over ...
Proceedings , Paper 997

Conference Paper
The ability of banks to lend to informationally opaque small businesses
Udell, Gregory F.; Berger, Allen N.; Klapper, Leora (2001)
Proceedings , Paper 709

Working Paper
Debt maturity, risk, and asymmetric information
Espinosa-Vega, Marco A.; Frame, W. Scott; Miller, Nathan H.; Berger, Allen N. (2004)
We test the implications of Flannery?s (1986) and Diamond?s (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity choices. We employ data from more than 6,000 commercial loans from 53 large U.S. banks. Our results for low-risk firms are consistent with the predictions of both theoretical models, but our findings for high-risk firms conflict with the predictions of Diamond?s model and with much of the empirical literature. Our findings also suggest a strong ...
FRB Atlanta Working Paper , Paper 2004-32

Conference Paper
Technological progress and the geographic expansion of the banking industry
DeYoung, Robert; Berger, Allen N. (2002)
Proceedings , Paper 817

Working Paper
The effects of geographic expansion on bank efficiency
DeYoung, Robert; Berger, Allen N. (2001)
We assess the effects of geographic expansion on bank efficiency using cost and profit efficiency for over 7,000 U.S. banks, 1993-1998. We find that parent organizations exercise some control over the efficiency of their affiliates, although this control tends to dissipate with distance to the affiliate. However, on average, distance-related efficiency effects tend to be modest, suggesting that some efficient organizations can overcome any effects of distance. The results imply there may be no particular optimal geographic scope for banking organizations some may operate efficiently within a ...
Finance and Economics Discussion Series , Paper 2001-03

Working Paper
Why are bank profits so persistent: the roles of product market competition, informational opacity, and regional/macroeconomic shocks
Hancock, Diana; Bonime, Seth D.; Covitz, Daniel M.; Berger, Allen N. (1999)
We investigate how banking market competition, informational opacity, and sensitivity to shocks have changed over the last three decades by examining the persistence of firm-level rents. We develop propagation mechanisms with testable implications to isolate the sources of persistence. Our analysis suggests that different processes underlie persistent performance at the high and low ends of the distribution. Our tests suggest that impediments to competition and informational opacity continue to be strong determinants of performance; that the reduction in geographic regulatory restrictions had ...
Finance and Economics Discussion Series , Paper 1999-28

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