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Author:Genay, Hesna 

Newsletter
Japanese banks and market discipline

Chicago Fed Letter , Issue Aug

Journal Article
Performance and access to government guarantees: the case of small business investment companies

This article analyzes the performance of small business investment companies (SBICs) that are chartered and regulated by the Small Business Administration (SBA). Our principal finding is that poor performance over the 1986-91 period is associated with high usage of funds from the SBA.
Economic Perspectives , Volume 20 , Issue Sep , Pages 16-32

Newsletter
What Is the Impact of a Low Interest Rate Environment on Bank Profitability?

The economic conditions and low interest rate environment of recent years have been challenging for banks that rely on a wide spread between long- and short-maturity yields to generate earnings. The authors? analysis indicates that a low interest rate environment is associated with decreased profitability for banks, particularly for small institutions. However, the estimated negative effects on bank profits are economically small and are outweighed by the likely positive effects on profits of low interest rates boosting economic activity.
Chicago Fed Letter , Issue Jul

Journal Article
Banking relationships during financial distress: the evidence from Japan

This article examines some implications of the failure of three large Japanese banks in 1997 and 1998. The authors examine the response in the equity returns of surviving Japanese banks to the three failure announcements. In addition, they provide evidence on the clients of failed and surviving banks.
Economic Perspectives , Volume 27 , Issue Q III

Conference Paper
Does the Japanese stock market price bank risk? evidence from bank failures

Proceedings , Paper 638

Conference Paper
Performance and access to government guarantees: the case of small business investment companies

Proceedings , Paper 524

Newsletter
Recent trends in deposit and loan growth: implications for small and large banks

Chicago Fed Letter , Issue Dec

Journal Article
Assessing the condition of Japanese banks: how informative are accounting earnings?

This article examines the accounting and stock market performance of banks from 1991 to 1997. Overall, the results indicate that the accounting, disclosure, and regulatory practices of Japanese banks have drive a wedge between their accounting and stock market returns in recent years and, furthermore, that regulatory forbearance might have become a more important source of value to shareholders than the value of assets in place.
Economic Perspectives , Volume 22 , Issue Q IV , Pages 12-34

Working Paper
Does the Japanese stock market price bank risk? evidence from financial firm failures

The efficiency of Japanese stock market to appropriately price the riskiness of Japanese firms has been frequently questioned, particularly with respect to Japanese banks which have experienced severe financial distress in recent years. This paper examines the response in the stock market returns of Japanese commercial banks to the failure of four commercial banks and two securities firms between 1995 and 1998. The analysis finds that the stock market responded to new information of the failures and did so rationally. Financially weaker banks were affected more adversely by the failure of ...
Working Paper Series , Paper WP-99-31

Working Paper
Small business investment companies: financial characteristics and investments

Working Paper Series, Issues in Financial Regulation , Paper 94-10

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