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Are universal banks better underwriters? Evidence from the last days of the Glass-Steagall Act
Focarelli, Dario; Marqués-Ibáñez, David; Pozzolo, … - 2011
’s restrictions. Securities underwritten by commercial banks’ subsidiaries have a higher probability of default than those … gain market share and/or to the lower initial ability of these banks to correctly evaluate default risk. …
Persistent link: https://www.econbiz.de/10011605333
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Bringing "honest capitalʺ to poor borrowers : the passage of the uniform small loan law, 1907-1930
Carruthers, Bruce G.; Guinnane, Timothy; Lee, Yoonseok - 2009
The Uniform Small Loan Law (USLL) was the Russell Sage Foundation’s primary device for fighting what it viewed as the scourge of high-rate lending to poor people in the first half of the twentieth century. The USLL created a new class of lenders who could make small loans at interest rates...
Persistent link: https://www.econbiz.de/10003841394
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Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System
Calomiris, Charles W. - 2016
Reducing systemic liquidity risk related to seasonal swings in loan demand was one reason for the founding of the Federal Reserve System. Existing evidence on the post-Federal Reserve increase in the seasonal volatility of aggregate lending and the decrease in seasonal interest rate swings...
Persistent link: https://www.econbiz.de/10012987352
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Contagion of fear
Mitchener, Kris; Richardson, Gary - 2020
The Great Depression is infamous for banking panics, which were a symptomatic of a phenomenon that scholars have labeled a contagion of fear. Using geocoded, microdata on bank distress, we develop metrics that illuminate the incidence of these events and how banks that remained in operation...
Persistent link: https://www.econbiz.de/10012194368
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Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System
Calomiris, Charles W. - 2018
Reducing systemic liquidity risk related to seasonal swings in loan demand was one reason for the founding of the Federal Reserve System. Existing evidence on the post-Federal Reserve increase in the seasonal volatility of aggregate lending and the decrease in seasonal interest rate swings...
Persistent link: https://www.econbiz.de/10012937500
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Credit Availability and the Collapse of the Banking Sector in the 1930s
Carlson, Mark A. - 2011
This paper examines the mechanism through which banking sector distress affects the availability of credit. We use the experience of the United States during the Great Depression, a period of intense bank distress, to conduct our analysis. We utilize previously neglected data from a 1934 survey...
Persistent link: https://www.econbiz.de/10013118655
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Credit Availability and the Collapse of the Banking Sector in the 1930s
Carlson, Mark A. - 2011
This paper examines the mechanism through which banking sector distress affects the availability of credit. We use the experience of the United States during the Great Depression, a period of intense bank distress, to conduct our analysis. We utilize previously neglected data from a 1934 survey...
Persistent link: https://www.econbiz.de/10013120553
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Are universal banks better underwriters?
Focarelli, Dario; Marques-Ibanez, David; Pozzolo, … - 2011
’s restrictions. Securities underwritten by commercial banks’ subsidiaries have a higher probability of default than those … gain market share and/or to the lower initial ability of these banks to correctly evaluate default risk …
Persistent link: https://www.econbiz.de/10009640613
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Securitization and moral hazard: Evidence from a lender cutoff rule
Bubb, Ryan; Kaufman, Alex - 2009
Credit score cutoff rules result in very similar potential borrowers being treated differently by mortgage lenders. Recent research has used variation induced by these rules to investigate the connection between securitization and lender moral hazard in the recent financial crisis. However, the...
Persistent link: https://www.econbiz.de/10010286943
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Conflicts of Interest in Financial Markets - Evidence from Bond Underwriting in the Nineties.
Focarelli, Dario; Pozzolo, Alberto Franco - Dipartimento di Economia, Gestione, Società e … - 2005
(the ‘naïve investor’ hypothesis). The empirical analysis compares the default rates between 2000 and 2002 of a sample of … investment houses and by commercial banks had the same probability of default. However, investment-grade issues underwritten by … commercial banks had a lower probability of default than those underwritten by investment houses, while the reverse was true for …
Persistent link: https://www.econbiz.de/10005583213