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U.S. Banks, Crises, and Bailouts : From Mexico to LTCM
Stulz, Rene M. - 2000
This paper investigates the impact on bank stock prices of emerging market currency crises and bailouts. The stock … events in countries experiencing a crisis. The paper uses the impact of the LTCM crisis on bank stock prices to put the …
Persistent link: https://www.econbiz.de/10012471245
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Size Anomalies in U.S. Bank Stock Returns : A Fiscal Explanation
Gandhi, Priyank - 2010
The largest commercial bank stocks, ranked by total size of the balance sheet, have significantly lower risk …-adjusted returns than small- and medium-sized bank stocks, even though large banks are significantly more levered. We uncover a size … factor in the component of bank returns that is orthogonal to the standard risk factors, including small-minus-big, which has …
Persistent link: https://www.econbiz.de/10012462104
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Why Did Bank Stocks Crash During COVID-19?
Acharya, Viral V.; Engle, Robert F.; Steffen, Sascha - National Bureau of Economic Research - 2021
We study the crash of bank stock prices during the COVID-19 pandemic. We find evidence consistent with a "credit line …, even after policy measures were implemented. We conclude that bank provision of credit lines appears akin to writing deep … can be incorporated tractably into bank capital stress tests …
Persistent link: https://www.econbiz.de/10012496112
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Bank Branch Density and Bank Runs
Benmelech, Efraim; Yang, Jun; Zator, Michal - National Bureau of Economic Research - 2023
Bank branch density, defined as the number of bank branches to total deposits, has significantly declined over the past …
Persistent link: https://www.econbiz.de/10014322849
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Firm Investments in Artificial Intelligence Technologies and Changes in Workforce Composition
Babina, Tania; Fedyk, Anastassia; He, Alex Xi; Hodson, James - National Bureau of Economic Research - 2023
We study the shifts in U.S. firms' workforce composition and organization associated with the use of AI technologies. To do so, we leverage a unique combination of worker resume and job postings datasets to measure firm-level AI investments and workforce composition variables, such as...
Persistent link: https://www.econbiz.de/10014322713
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Tracking Firm Use of AI in Real Time : A Snapshot from the Business Trends and Outlook Survey
Bonney, Kathryn; Breaux, Cory; Buffington, Cathy; … - National Bureau of Economic Research - 2024
Timely and accurate measurement of AI use by firms is both challenging and crucial for understanding the impacts of AI on the U.S. economy. We provide new, real-time estimates of current and expected future use of AI for business purposes based on the Business Trends and Outlook Survey for...
Persistent link: https://www.econbiz.de/10014528359
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Long Term Expectations and Aggregate Fluctuations
Bordalo, Pedro; Gennaioli, Nicola; La Porta, Rafael; … - National Bureau of Economic Research - 2023
In line with Keynes' intuition, volatility in the stock market and in real economic activity are linked by expectations of long term profits. We show that analysts' optimism about the long term earnings growth of S&P 500 firms is associated with a near term boom in major US financial markets,...
Persistent link: https://www.econbiz.de/10014337811
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Market Response to Racial Uprisings
Ba, Bocar A.; Rivera, Roman; Whitefield, Alexander - National Bureau of Economic Research - 2023
Do investors anticipate that demands for racial equity will impact companies? We explore this question in the context of the Black Lives Matter (BLM) movement--the largest racially motivated protest movement in U.S. history--and its effect on the U.S. policing industry using a novel dataset on...
Persistent link: https://www.econbiz.de/10014337839
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Forecasting the Impact of Racial Uprisings, Market versus Stakeholders' Expectations
Ba, Bocar A.; Rivera, Roman; Whitefield, Alexander - National Bureau of Economic Research - 2023
Given police abolitionism's new visibility after the 2020 racial justice protests, we assess stakeholder beliefs on the protests' stock impacts on police-affiliated firms. Experts generally underestimate the firms' stock gains, except situated experts like community organizers and police...
Persistent link: https://www.econbiz.de/10014436988
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Why are Foreign Firms Listed in the U.S. Worth More?
Doidge, Craig - 2001
At the end of 1997, the foreign companies listed in the U.S. have a Tobin's q ratio that exceeds by 16.5% the q ratio of firms from the same country that are not listed in the U.S. The valuation difference is statistically significant and largest for exchange-listed firms, where it reaches 37%....
Persistent link: https://www.econbiz.de/10012470180