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Working Paper
Business complexity and risk management: evidence from operational risk events in U. S. bank holding companies
Wang, Jianlin; Chernobai, Anna; Ozdagli, Ali K. (2016-10-01)
How does business complexity affect risk management in financial institutions? The commonly used risk measures rely on either balance-sheet or market-based information, both of which may suffer from identification problems when it comes to answering this question. Balance-sheet measures, such as return on assets, capture the risk when it is realized, while empirical identification requires knowledge of the risk when it is actually taken. Market-based measures, such as bond yields, not only ignore the problem that investors are not fully aware of all the risks taken by management due to ...
Working Papers , Paper 16-16

Journal Article
Financial services used by small businesses: evidence from the 1998 survey of small business finances
Robb, Alicia M.; Wolken, John D.; Bitler, Marianne (2001-04)
Using newly available data from the 1998 Survey of Small Business Finances, this article offers preliminary findings regarding the characteristics of small businesses in the United States and their use of credit and other financial services. The main goals of the survey are to provide information on credit accessibility for small businesses, their use of financial services, and the sources of those services. The survey also provides a general-purpose database that can be used to study small business financing. Preliminary findings suggest that although the financial landscape has changed ...
Federal Reserve Bulletin , Volume 87 , Issue Apr

Working Paper
Searching for Yield Abroad : Risk-Taking Through Foreign Investment in U.S. Bonds
Ammer, John; Claessens, Stijn; Wroblewski, Caleb; Tabova, Alexandra M. (2018-03-28)
The risk-taking effects of low interest rates, now prevailing in many advanced countries, "search-for-yield," can be hard to analyze due to both a paucity of data and challenges in identification. Unique, security-level data on portfolio investment into the United States allow us to overcome both problems. Analyzing holdings of investors from 36 countries in close to 15,000 unique U.S. corporate bonds between 2003 and 2016, we show that declining home-country interest rates lead investors to shift their portfolios toward riskier U.S. corporate bonds, consistent with "search-for-yield". We ...
International Finance Discussion Papers , Paper 1224

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
Are there social spillovers in consumers’ security assessments of payment instruments?
Liñares-Zegarra, José Manuel; Stavins, Joanna; Kahn, Charles M. (2016-09-21)
Even though security of payments has long been identified as an important aspect of the consumer payment experience, recent literature fails to appropriately assess the extent of social spillovers among payment users. We test for the existence and importance of such spillovers by analyzing whether social influence affects consumers? perceptions of the security of payment instruments. Based on a 2008?2014 annual panel data survey of consumers, we find strong evidence of social spillovers in payment markets: others? perceptions of security of payment instruments exert a positive influence on ...
Working Papers , Paper 16-19

Working Paper
Fedwire Funds Service: Payments, Balances, and Available Liquidity
Badev, Anton; Clark, Lauren; Ebanks, Daniel; Marquardt, Jeffrey C.; Mills, David C. (2021-11-05)
We analyze the universe of payments settled through the Fedwire Funds Service--the primary U.S. real-time gross settlement service operated by the Federal Reserve--for the period January 2004 to December 2020. We report on trends in payments volume, payments value, balances, and overdrafts, in addition to documenting changes in the behavior of financial institutions transacting via the Fedwire Funds Service.
Finance and Economics Discussion Series , Paper 2021-070

Report
Do Mortgage Lenders Respond to Flood Risk?
Blickle, Kristian S.; Perry, Evan; Santos, João A. C. (2024-05-01)
Using unique nationwide property-level mortgage, flood risk, and flood map data, we analyze whether lenders respond to flood risk that is not captured in FEMA flood maps. We find that lenders are less willing to originate mortgages and charge higher rates for lower LTV loans that face “un-mapped” flood risk. This effect is weaker for high income applicants, as well as non-banks and small local banks. However, we find evidence that non-banks and local banks are more likely to securitize/sell mortgages to borrowers prone to flood risk. Taken together, our results are indicative that ...
Staff Reports , Paper 1101

Speech
Opening remarks at reforming culture and behavior in the financial services industry: workshop on progress and challenges
Dudley, William (2015-11-05)
Opening Remarks at Reforming Culture and Behavior in the Financial Services Industry: Workshop on Progress and Challenges, Federal Reserve Bank of New York, New York City.
Speech , Paper 184

Report
Banks' payments-driven revenues
Radecki, Lawrence J. (1999-02-01)
The amount of fee income earned by the banking sector suggests that the significance of payment services has been understated or overlooked. This paper attempts to develop a clearer picture of the importance of payment services to the industry by delineating the payments area broadly and by analyzing data disclosed in bank holding company annual reports on sources of noninterest income. ; We find that payment services bring in from one-third to two-fifths of the combined operating revenue of the twenty-five largest bank holding companies. This contribution to revenue is considerably larger ...
Staff Reports , Paper 62

Working Paper
Transparency and Collateral : Central versus Bilateral Clearing
Carli, Francesco; Carapella, Francesca; Antinolfi, Gaetano (2018-03-08)
Bilateral financial contracts typically require an assessment of counterparty risk. Central clearing of these financial contracts allows market participants to mutualize their counterparty risk, but this insurance may weaken incentives to acquire and to reveal information about such risk. When considering this trade-off, participants would choose central clearing if information acquisition is incentive compatible. If it is not, they may prefer bilateral clearing, when this choice prevents strategic default while economizing on costly collateral. In either case, participants independently ...
Finance and Economics Discussion Series , Paper 2018-017

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