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Who Owned Citibank? Familiarity Bias and Business Network Influences on Stock Purchases, 1925-1929

Calomiris, Charles W. - 2018

We study factors influencing individuals' decisions to purchase Citibank stock during the 1920s. Citibank stock had a very high price per share and was only an investment option for wealthy people. The willingness to own shares was encouraged by proximity to New York, but constraints related to...

Persistent link: https://www.econbiz.de/10012453283

Corporate Governance and Risk Management at Unprotected Banks : National Banks in the 1890s

Calomiris, Charles W. - 2014

Managers' incentives may conflict with those of shareholders or creditors, particularly at leveraged, opaque banks. Bankers may abuse their control rights to give themselves excessive salaries, favored access to credit, or to take excessive risks that benefit themselves at the expense of...

Persistent link: https://www.econbiz.de/10012458857

Measuring the Cost of Regulation : A Text-Based Approach

Calomiris, Charles W. - 2020

We derive a measure of firm-level regulatory costs from the text of corporate earnings calls. We then use this measure to study the effect of regulation on companies' operating fundamentals and cost of capital. We find that higher regulatory cost results in slower sales growth, an effect which...

Persistent link: https://www.econbiz.de/10012482037

Firm Heterogeneity, Internal Finance, and `Credit Rationing'

Calomiris, Charles W. - 1988

Assessing the extent to which agents or firms face capital-market imperfections and quantity restrictions on credit is crucial for measuring intertemporal tradeoffs in consumption or the cost of capital for investment. In contrast to standard price-clearing, "full-information" models of loan...

Persistent link: https://www.econbiz.de/10012476570

Price Flexibility, Credit Rationing, and Economic Fluctuations : Evidence from the U.S., 1879-1914

Calomiris, Charles W. - 1985

The reawakening of interest in links between price flexibility and fluctuations in economic activity calls for a reconsideration of models of price and quantity adjustment. We examine relationships between credit disturbances and real activity under flexible prices, using monthly data on real...

Persistent link: https://www.econbiz.de/10012477312

Underwriter Certification, Issuer-Underwriter Matching, and SEO Performance

Calomiris, Charles W. - 2019

The introduction of deal types for issues of seasoned equity in which the offer follows quickly after its announcement highlights the role of underwriter certification in the performance of SEOs. Controlling for the matching between underwriters and issuers, underwriter quality is positively...

Persistent link: https://www.econbiz.de/10012480288

Can Emerging Market Bank Regulators Establish Credible Discipline? The Case of Argentina, 1992-1999

Calomiris, Charles W. - 2000

macroeconomic and bank regulatory reform. Bank regulatory policy promoted privatization, financial liberalization, and free entry …. Argentina's bank regulatory system now is widely regarded as one of the two or three most successful among emerging market …

Persistent link: https://www.econbiz.de/10012471046

Activity-Based Valuation of Bank Holding Companies

Calomiris, Charles W. - 2007

Standard valuation methods do not lend themselves to bank holding companies. Banks create value through the types of … assets and liabilities they create (e.g., lending and deposit taking relationships). Bank income streams reflect … balance sheet and income statement to bank value. Our approach explains substantial cross-sectional variation in observed …

Persistent link: https://www.econbiz.de/10012465738

Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston

Calomiris, Charles W. - 2005

one large, universal bank remained. We explore the extent to which that merger resulted in monopoly rents for the combined …

Persistent link: https://www.econbiz.de/10012467332

Banker Fees and Acquisition Premia for Targets in Cash Tender Offers : Challenges to the Popular Wisdom on Banker Conflicts

Calomiris, Charles W. - 2005

We analyze data on fees paid to investment bankers and acquisition premia paid for targets in cash tender offers. Our results are broadly consistent with the predictions of a benign view of the role of investment banks in advising acquisition targets. Fees to investment banks are correlated with...

Persistent link: https://www.econbiz.de/10012467350