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Conference Paper
Scale economies at payday loan stores
Conference Paper
Payday lending: do the costs justify the price?
Journal Article
Risk-sensitive deposit insurance premia: some practical issues
Journal Article
Deposit insurance creates a need for bank regulation
Report
Evaluating the information in the Federal Reserve stress tests
We present evidence that the Federal Reserve stress tests produce information about both the stress-tested bank holding companies and the overall state of the banking industry. Our evidence goes beyond a standard event study, which cannot differentiate between small abnormal returns and large, but opposite?signed, abnormal stock returns. We find that stress test disclosures are associated with significantly higher absolute abnormal returns, as well as higher abnormal trading volume. More levered and riskier holding companies seem to be more affected by the stress test information. We find no ...
Working Paper
Comparing market and supervisory assessments of bank performance: who knows what when?
We compare the timeliness and accuracy of government supervisors versus market participants in assessing the condition of large U.S. bank holding companies. We find that supervisors and bond rating agencies both have some prior information that is useful to the other. In contrast, supervisory assessments and equity market indicators are not strongly interrelated. We also find that supervisory assessments are much less accurate overall than both bond and equity market assessments in predicting future changes in performance, but supervisors may be more accurate when inspections are recent. To ...
Conference Paper
Market evidence on the opaqueness of banking firms' assets
Conference Paper
Could publication of bank CAMEL ratings improve market discipline?