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Working Paper
Target's corporate governance and bank merger payoffs
Jagtiani, Julapa; Brewer, Elijah; Jackson, William E. (2007)
Commercial bank merger and acquisition (M&A) transactions are especially informative for analyzing the impact of differing corporate governance structures on the balance of corporate control between managers and shareholders. We exploit these special characteristics to investigate the balance of control between top-tier managers and shareholders using data from bank M&A transactions over the period 1990-2004. Unlike research on non-financial firms, the impacts of independent directors, managerial share ownership, and independent blockholders on bank merger purchase premiums in this ...
Research Working Paper , Paper RWP 07-13

Working Paper
The Impact of Fintech Lending on Credit Access for U.S. Small Businesses
Cornelli, Giulio; Frost, Jon; Gambacorta, Leonardo; Jagtiani, Julapa (2022-04-25)
Small business lending (SBL) plays an important role in funding productive investment and fostering local economic growth. Recently, nonbank lenders have gained market share in the SBL market in the United States, especially relative to community banks. Among nonbanks, fintech lenders have become particularly active, leveraging alternative data for their own internal credit scoring. We use proprietary loan-level data from two fintech SBL platforms (Funding Circle and LendingClub) to explore the characteristics of loans originated pre-pandemic (2016‒2019). Our results show that fintech SBL ...
Working Papers , Paper 22-14

Working Paper
The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the LendingClub Consumer Platform
Jagtiani, Julapa; Lemieux, Catharine (2018-04-05)
Supersedes Working Paper 17-17. Fintech has been playing an increasing role in shaping financial and banking landscapes. There have been concerns about the use of alternative data sources by fintech lenders and the impact on financial inclusion. We compare loans made by a large fintech lender and similar loans that were originated through traditional banking channels. Specifically, we use account-level data from LendingClub and Y-14M data reported by bank holding companies with total assets of $50 billion or more. We find a high correlation with interest rate spreads, LendingClub rating ...
Working Papers , Paper 18-15

Working Paper
Is Bigger Necessarily Better in Community Banking?
Jagtiani, Julapa; Mester, Loretta J.; Hughes, Joseph P. (2016-06-10)
SIPERSEDED BY WP 18-11 We investigate the relative performance of publicly traded community banks (those with assets less than $10 billion) versus larger banks (those with assets between $10 billion and $50 billion). A body of research has shown that community banks have potential advantages in relationship lending compared with large banks, although newer research suggests that these advantages may be shrinking. In addition, the burdens placed on community banks by the regulatory reforms mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the need to increase ...
Working Papers , Paper 16-15

Working Paper
Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China”
Allen, Franklin; Gu, Xian; Jagtiani, Julapa (2022-04-11)
Fintech and decentralized finance have penetrated all areas of the financial system and have improved financial inclusion in the last decade. In this paper, we review the recent literature on fintech, cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). There are important implications from the rise of fintech and the introduction of stablecoins and CBDCs in recent years. We provide an overview of China’s experience in fintech, focusing on payments, digital banking, fintech lending, and the recent progress on its CBDC pilots (e-CNY). We also discuss important ...
Working Papers , Paper 22-12

Journal Article
Early warning models for bank supervision: Simpler could be better.
Kolari, James; Jagtiani, Julapa; Shin, G. Hwan; Lemieux, Catharine (2003-07)
Can computer-based models, using publicly available information, be used as off-site early warning systems (EWS) to identify banks that will become inadequately capitalized in the near future? The EWS models analyzed in this article are able to detect the early onset of financial distress one year in advance with a reasonable degree of accuracy. Although simple EWS models do as well as or better than more sophisticated ones, more sophisticated models could provide detailed information about individual bank strengths and weaknesses.
Economic Perspectives , Volume 27 , Issue Q III , Pages 49-60

Working Paper
Can banks circumvent minimum capital requirements? The case of mortgage portfolios under Basel II
Henderson, Christopher; Jagtiani, Julapa (2010)
The recent mortgage crisis has resulted in several bank failures as the number of mortgage defaults increased. The current Basel I capital framework does not require banks to hold sufficient amounts of capital to support their mortgage lending activities. The new Basel II capital rules are intended to correct this problem. However, Basel II models could become too complex and too costly to implement, often resulting in a trade-off between complexity and model accuracy. In addition, the variation of the model, particularly how mortgage portfolios are segmented, could have a significant impact ...
Working Papers , Paper 10-17

Working Paper
Foreclosure delay and consumer credit performance
Lang, William W.; Calem, Paul S.; Jagtiani, Julapa (2014-03-09)
Superseded by Working Paper 15-24.The deep housing market recession from 2008 through 2010 was characterized by a steep increase in the number of foreclosures. Foreclosure timelines ? the length of time between initial mortgage delinquency and completion of foreclosure ? also expanded significantly, averaging up to three years in some states. Most individuals undergoing foreclosure are experiencing serious financial stress. However, extended foreclosure timelines enable mortgage defaulters to live in their homes without making housing payments until the completion of the foreclosure process, ...
Working Papers , Paper 14-8

Working Paper
Beneath the Crypto Currents: The Hidden Effect of Crypto “Whales”
Chernoff, Alan; Jagtiani, Julapa (2024-08-12)
Cryptocurrency markets are often characterized by market manipulation or, at the very least, by a sharp distinction between large and sophisticated investors and small retail investors. While traditional assets often see a divergence in the success of institutional traders and retail traders, we find an even more pronounced difference regarding the holders of Ethereum (ETH), the second-largest cryptocurrency by volume. We see a significant difference in how large holders of ETH behave compared with smaller holders of ETH relative to price movements and the volatility of the cryptocurrency. We ...
Working Papers , Paper 24-14

Working Paper
How much would banks be willing to pay to become \"too-big-to-fail\" and to capture other benefits?
Jagtiani, Julapa; Brewer, Elijah (2007)
This paper examines an important aspect of the ?too-big-to-fail? (TBTF) policy employed by regulatory agencies in the United States. How much is it worth to become TBTF? How much has the TBTF status added to bank shareholders? wealth? Using market and accounting data during the merger boom (1991-2004) when larger banks greatly expanded their size through mergers and acquisitions, we find that banking organizations are willing to pay an added premium for mergers that will put them over the asset sizes that are commonly viewed as the thresholds for being TBTF. We estimate at least $14 billion ...
Research Working Paper , Paper RWP 07-05

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