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Conference Paper
Merging commercial and investment banking--risks, benefits, challenges : proceedings, 23rd Conference on Bank Structure and Competition, held May 6-8, 1987
anonymous (1987)
Proceedings , Paper 7

Conference Paper
Risks and profitability in the banking system: assessment and prescription
Johnson, Thomas S. (1987)
Proceedings , Paper 147

Report
A cross-sectional analysis of mutual funds' market timing and security selection skill
Lee, Cheng Few; Chan, Anthony; Rahman, Shafiqur; Chen, Carl R. (1990)
Research Paper , Paper 9014

Working Paper
Securities activities by commercial banking firms' Section 20 subsidiaries: risk, return and diversification benefits
Kwan, Simon H. (1998)
This paper studies the implications of securities activities on bank safety and soundness by comparing the ex-post returns between banking firms' Section 20 subsidiaries -- subsidiaries that were authorized by the Federal Reserve to conduct bank-ineligible securities activities -- and their commercial bank affiliates. I found that securities subsidiaries that are primary dealers of government securities, their higher risk partially comes from their higher leverage, whereas for those that are not primary dealers, despite having lower leverage, they tend to be riskier than their bank ...
Working Papers in Applied Economic Theory , Paper 98-10

Journal Article
Risk and return of banks' Section 20 securities affiliates
Kwan, Simon H. (1998)
FRBSF Economic Letter

Working Paper
Bringing new issues to market: a theory of underwriting
Benveniste, Lawrence M.; Spindt, Paul A. (1988)
Finance and Economics Discussion Series , Paper 39

Conference Paper
Firewalls and the structure of the future
Weatherstone, Dennis (1989)
Proceedings , Paper 225

Report
Understanding the securitization of subprime mortgage credit
Ashcraft, Adam B.; Schuermann, Til (2008)
In this paper, we provide an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. We discuss the ways that market participants work to minimize these frictions and speculate on how this process broke down. We continue with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. We present the key structural features of a typical subprime securitization, document how rating agencies assign credit ratings to mortgage-backed securities, and outline how these agencies ...
Staff Reports , Paper 318

Report
Repo runs
Skeie, David R.; von Thadden, Ernst-Ludwig; Martin, Antoine (2010-04-01)
The recent financial crisis has shown that short-term collateralized borrowing may be highly unstable in times of stress. The present paper develops a dynamic equilibrium model and shows that this instability can be a consequence of market-wide changes in expectations, but does not have to be. We derive a liquidity constraint and a collateral constraint that determine whether such expectations-driven runs are possible and show that they depend crucially on the microstructure of particular funding markets that we examine in detail. In particular, our model provides insights into the ...
Staff Reports , Paper 444

Report
Do underwriters matter? The impact of the near loss of an equity underwriter
Kovner, Anna (2010)
The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter's role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that their equity underwriter might collapse. Representing a loss in equity value of more than $3 billion, the decline was more than 1 percent lower than the conditional return predicted by a market model. The price impact was worse for companies with more opaque operations and fewer ...
Staff Reports , Paper 459

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