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Author:Carey, Mark S. 

Conference Paper
Partial market value accounting: bank capital volatility, and bank risk

Proceedings , Paper 412

Conference Paper
Parameterizing credit risk models rating data: current limits of actuarial approaches

Proceedings , Paper 684

Journal Article
Recent developments in the market for privately placed debt

Federal Reserve Bulletin , Issue Feb , Pages 77-92

Journal Article
The economics of the private placement market(summary of staff study 166)

Federal Reserve Bulletin , Issue Jan , Pages 5-6

Working Paper
Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting

This paper establishes empirically that specialization in private-market corporate lending exists, adding a new dimension to the public vs. private debt distinctions now common in the literature on debt contracting and financial intermediation. Using a large database of individual loans, we compare lending by finance companies to that by banks. The evidence implies that it is intermediaries in general that are special in solving information problems, not banks in particular. But lending by the two types of institutions is not identical. Finance companies tend to serve observably riskier ...
Finance and Economics Discussion Series , Paper 96-25

Discussion Paper
The economics of the private placement market

The private placement market is an important source of long-term funds for U.S. corporations. Nonetheless, it has received relatively little attention in the financial press or the academic literature, partly because of the nature of the instrument itself. In particular, a private placement is a debt or equity security sold in the United States that is exempt from registration with the Securities and Exchange Commission by virtue of being issued in transactions "not involving any public offering." Thus, information about private transactions is often limited, and following and analyzing ...
Staff Studies , Paper 166

Working Paper
Risk Choices and Compensation Design

We analyze the impact of bad-tail risks on managerial pay functions, especially the decision to pay managers in stock or in options. In contrast to conventional wisdom, we find that options are often a superior vehicle for limiting managerial incentives to take bad-tail risks while providing incentives to exert effort. Arrangements similar to collar options are able to incent the desired project choice in wider range of circumstances than call options or stock. However, information requirements appear high. We briefly explore alternatives with features similar to maluses and clawbacks, which ...
International Finance Discussion Papers , Paper 1130

Working Paper
Is the corporate loan market globally integrated? a pricing puzzle

We offer evidence that interest rate spreads on syndicated loans to corporate borrowers are economically significantly smaller in Europe than in the U.S., other things equal. Differences in borrower, loan and lender characteristics associated with equilibrium mechanisms suggested in the literature do not appear to explain the phenomenon. Borrowers overwhelmingly issue in their natural home market and bank portfolios display significant home "bias." This may explain why pricing discrepancies are not competed away, but the fundamental causes of the discrepancies remain a puzzle. Thus, ...
International Finance Discussion Papers , Paper 813

Working Paper
Partial market value accounting, bank capital, volatility, and bank risk

Finance and Economics Discussion Series , Paper 94-21

Conference Paper
Which banks sponsored ABCP vehicles and why?

Proceedings , Paper 1072


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