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The role of bank advisors in mergers and acquisitions

Allen, Linda; Jagtiani, Julapa; Peristiani, Stavros; … - 2002

This paper looks at the role of both commercial and investment banks in providing merger advisory services. In this … investment banks. In their dual role as lenders and advisors to firms that are the target or the acquirer in a merger, banks can … possible reasons for these different outcomes. First, it is the target firm, not the acquirer, that must be priced in a merger …

Persistent link: https://www.econbiz.de/10010283491

Bank integration and business volatility

Morgan, Donald; Rime, Bertrand; Strahan, Philip - 2000

We investigate how bank migration across state lines over the last quarter century has affected the size and covariance of business fluctuations within states. Starting with a two-state version of the unit banking model in Holmstrom and Triocole (1997), we conclude that the theoretical effect of...

Persistent link: https://www.econbiz.de/10010283452

Bank capital and value in the cross section

Mehran, Hamid; Thakor, Anjan - 2009

We address two questions: (i) Are bank capital structure and value correlated in the cross section, and if so, how? (ii) If bank capital does affect bank value, how are the components of bank value affected by capital? We first develop a dynamic model with a dissipative cost of bank capital that...

Persistent link: https://www.econbiz.de/10010287142

The execution of monetary policy: A tale of two central banks

Bartolini, Leonardo; Prati, Alessandro - 2003

The Eurosystem and the U.S. Federal Reserve System follow quite different approaches to the execution of monetary policy. The former institution adopts a hands-off approach that largely delegates to depository institutions the task of stabilizing their own liquidity at high frequency. The latter...

Persistent link: https://www.econbiz.de/10010283398

How wages change: Micro evidence from the International Wage Flexibility Project

Dickens, William T.; Goette, Lorenz; Groshen, Erica L.; … - 2007

How do the complex institutions involved in wage setting affect wage changes? The International Wage Flexibility Project provides new microeconomic evidence on how wages change for continuing workers. We analyze individuals’ earnings in thirty-one different data sets from sixteen countries,...

Persistent link: https://www.econbiz.de/10010283404

Establishing credibility: Evolving perceptions of the European Central Bank

Goldberg, Linda S.; Klein, Michael W. - 2005

The perceptions of a central bank’s inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high-frequency data to test for persistent variation in market perceptions of...

Persistent link: https://www.econbiz.de/10010283437

Visible and hidden risk factors for banks

Schuermann, Til; Stiroh, Kevin J. - 2006

This paper examines the common factors that drive the returns of U.S. bank holding companies from 1997 to 2005. We compare a range of market models from a basic one-factor model to a nine-factor model that includes the standard Fama-French factors and additional factors thought to be...

Persistent link: https://www.econbiz.de/10010333053

Unemployment benefits and unemployment in the great recession: The role of macro effects

Hagedorn, Marcus; Karahan, Fatih; Manovskii, Iourii; … - 2013

We exploit a policy discontinuity at U.S. state borders to identify the effects of unemployment insurance policies on unemployment. Our estimates imply that most of the persistent increase in unemployment during the Great Recession can be accounted for by the unprecedented extensions of...

Persistent link: https://www.econbiz.de/10010333564

The gender unemployment gap

Albanesi, Stefania; Şahin, Ayşegül - 2013

The unemployment gender gap, defined as the difference between female and male unemployment rates, was positive until 1980. This gap virtually disappeared after 1980 - except during recessions, when men's unemployment rates always exceed women's. We study the evolution of these gender...

Persistent link: https://www.econbiz.de/10010333571

Payment size, negative equity, and mortgage default

Fuster, Andreas; Willen, Paul S. - 2012

Surprisingly little is known about the importance of mortgage payment size for default, as efforts to measure the treatment effect of rate increases or loan modifi cations are confounded by borrower selection. We study a sample of hybrid adjustable-rate mortgages that have experienced large rate...

Persistent link: https://www.econbiz.de/10010333591

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