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The Decline of Traditional Banking : Implications for Financial Stabilityand Regulatory Policy

Edwards, Franklin R. - 2010

may threaten financial stability by increasing bank failures and by increasing the incentives for banks to take on more … financial stability and strengthen the banking system is to adopt a system of structured bank capital requirements with early …

Persistent link: https://www.econbiz.de/10012763562

Capital Requirements in a Quantitative Model of Banking Industry Dynamics

Corbae, Dean; D'Erasmo, Pablo N. - 2021

bank risk taking, commercial bank failure, interest rates on loans, and market structure. We propose a market structure … addition to aggregate shocks to the fraction of performing loans in their portfolio. A nontrivial bank size distribution arises … consistent with untargeted business cycle properties, the bank lending channel, and empirical studies of the role of …

Persistent link: https://www.econbiz.de/10013310583

Competition and Bank Opacity

Jiang, Liangliang - 2014

competition reduces bank opacity, enhancing the ability of markets and regulators to monitor banks …

Persistent link: https://www.econbiz.de/10013039766

Information Content of Equity Analyst Reports

Asquith, Paul - 2002

This paper investigates the market reaction to the information released in security analyst reports. It shows that the market reacts significantly and positively to changes in recommendation levels, earnings forecasts, and price targets. While changes in price targets and earnings forecasts both...

Persistent link: https://www.econbiz.de/10012787095

An Empirical Model of Stock Analysts' Recommendations : Market Fundamentals, Conflicts of Interest, and Peer Effects

Bajari, Patrick L. - 2010

In this paper we develop an empirical model of equity analyst recommendations for firms in the NASDAQ 100 during 1998-2003. In the model we allow recommendations to depend on publicly observed information, measures of an analyst's beliefs about a stock's future earnings, investment banking...

Persistent link: https://www.econbiz.de/10012762605

Who Benefits from Analyst “Top Picks”?

Birru, Justin; Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 2022

Following the Global Settlement, analysts extensively use a top pick designation to highlight their highest conviction best ideas. Such a designation enables analysts to provide greater granularity of information, but it can potentially be influenced by conflicts of interest. Examining a...

Persistent link: https://www.econbiz.de/10013403250

Changing Times, Changing Values : A Historical Analysis of Sectors within the Us Stock Market 1872-2013

Bunn, Oliver D. - 2014

We construct a price, dividend, and earnings series for the Industrials sector, the Utilities sector, and the Railroads sector from the beginning of the 1870s until the beginning of the year 2013 from primary sources. To infer about mispricings in the sector markets over more than a century, we...

Persistent link: https://www.econbiz.de/10013049370

Four Centuries of Return Predictability

Golez, Benjamin - 2015

/U.K. (1629-1812), U.K. (1813-1870) and U.S. (1871-2015). We show that dividend yields are stationary and consistently forecast …

Persistent link: https://www.econbiz.de/10013031015

Market Reactions to Tangible and Intangible Information

Daniel, Kent - 2010

We decompose stock returns into components attributable to tangible and intangible information. A firm's tangible return is the component of its return attributable to fundamental accounting-performance information, and its intangible return is the component which is orthogonal to this...

Persistent link: https://www.econbiz.de/10012762814

Valuation Ratios and the Long-Run Stock Market Outlook : An Update

Campbell, John Y. - 2010

The use of price earnings ratios and dividend-price ratios as forecasting variables for the stock market is examined using aggregate annual US data 1871 to 2000 and aggregate quarterly data for twelve countries since 1970. Various simple efficient-markets models of financial markets imply that...

Persistent link: https://www.econbiz.de/10012763169