The US banking industry offers a unique, natural and fertile environment to study geography's effects on banks' behavior and performance. The literature on banks' operating performance, while extensive, says little about the influence of spatial interactions on banks' performance. We compute and...

Using a system of equations approach, this paper empirically tests the impact of credit quality, asset maturity, and other issuer and issue characteristics on the maturity of municipal bonds. We find that under conditions of lower information asymmetry that prevails in the municipal sector,...

Bond clawback provisions allow the issuer to partially redeem a bond issue often within three years of issuance using proceeds only from new equity issues. We document that clawback bonds are often renegotiated and clawbacks provisions are rarely exercised. We find that the probability of...

This paper investigates empirically the relationship between credit spreads and credit default swap spreads, and how these spreads react to changes in credit ratings. Our findings suggest a clear relationship between the two spreads and that credit rating and macroeconomic factors add...

This paper investigates the use of exit consents in a sample of bond exchange offers. We find that exit consents are common, approximately 56% of the exchange offers in our sample have them and 60% of the exit consents are by non-financially distressed firms. Using a probit model, we find that a...

This paper presents empirical analysis of the factors that affect a firm's decision to use a clawback provision in debt and the yield impact of including the clawback provision. The results show that relatively smaller firms with low credit rating and low profitability favor the usage of...

Considerable theoretical literature exists concerning auctions and auction mechanisms. Empirical tests of theory while growing are still relatively limited. In this paper, we utilize a unique and large data set of municipal bonds sold in the primary market through electronic auctions and other...

We examine the role of underwriter reputation in the tax-exempt municipal bond market. Using a large sample of 10,239 tax-exempt municipal bonds, we show that generally, reputation matters. Municipal bond issues lead managed by larger and more prestigious underwriters have significantly lower...

This paper studies the influence of the evolution in intrastate and interstate deregulations on the total factor productivity growth of the US commercial banking sector for the 1971-1995 period. We consider intrastate branching, intrastate multibank holding company (MBHC), interstate multibank...

The relative cost efficiency of the mutual versus stock forms of ownership for thrifts has been a relevant issue in an era of deregulation and competition in the financial services industry. In this study Bayesian-based Markov chain Monte Carlo (MCMC) re-sampling methods are used to solve a...