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The impact of competition on technology adoption: An apples-to-PCs analysis
Copeland, Adam; Shapiro, Adam Hale - 2010
We study the effect of market structure on a personal computer manufacturer's decision to adopt new technology. This industry is unusual because there exist two horizontally segmented retail markets with different degrees of competition: the IBM-compatible (or PC) platform and the Apple...
Persistent link: https://www.econbiz.de/10010287060
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Trading partners in the interbank lending market
Afonso, Gara; Kovner, Anna; Schoar, Antoinette - 2013
There is substantial heterogeneity in the structure of trading relationships in the U.S. overnight interbank lending market: Some banks rely on spot transactions, while most form stable, concentrated borrowing relationships to hedge liquidity needs. As a result, borrowers pay lower prices and...
Persistent link: https://www.econbiz.de/10010333605
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Subprime mortgage pricing: The impact of race, ethnicity, and gender on the cost of borrowing
Haughwout, Andrew; Mayer, Christopher; Tracy, Joseph - 2009
Some observers have argued that minority borrowers and neighborhoods were targeted for expensive credit in 2004-06, the peak period for subprime lending. To investigate this claim, we take advantage of a new data set that merges demographic information on subprime borrowers with information on...
Persistent link: https://www.econbiz.de/10010283533
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Stressed, not frozen: The federal funds market in the financial crisis
Afonso, Gara; Kovner, Anna; Schoar, Antoinette - 2010
This paper examines the impact of the financial crisis of 2008, specifically the bankruptcy of Lehman Brothers, on the federal funds market. Rather than a complete collapse of lending in the presence of a market-wide shock, we see that banks became more restrictive in their choice of...
Persistent link: https://www.econbiz.de/10010287137
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CDS and equity market reactions to stock issuances in the U.S. financial industry: Evidence from the 2002-13 period
Cornett, Marcia Millon; Mehran, Hamid; Pan, Kevin; … - 2014
We study market reactions to seasoned equity issuances that were announced by financial companies between 2002 and 2013 …. To assess the risk and valuation implications of these seasoned equity issuances, we conduct an event analysis using … equity issuance announcements. The reactions are significantly stronger during the financial crisis. At that time, the …
Persistent link: https://www.econbiz.de/10011341015
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Fire-sale spillovers and systemic risk
Duarte, Fernando; Eisenbach, Thomas M. - 2013
We construct a new systemic risk measure that quantifies vulnerability to fire-sale spillovers using detailed regulatory balance sheet data for U.S. commercial banks and repo market data for broker-dealers. Even for moderate shocks in normal times, fire-sale externalities can be substantial. For...
Persistent link: https://www.econbiz.de/10010333593
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The capital structure and governance of a mortgage securitization utility
Mosser, Patricia C.; Tracy, Joseph; Wright, Joshua - 2013
We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or 'tail' risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of...
Persistent link: https://www.econbiz.de/10010333600
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Rollover risk as market discipline: A two-sided inefficiency
Eisenbach, Thomas M. - 2013
Why does the market discipline that banks face seem too weak during good times and too strong during bad times? This paper shows that using rollover risk as a disciplining device is effective only if all banks face purely idiosyncratic risk. However, if banks' assets are correlated, a two-sided...
Persistent link: https://www.econbiz.de/10010333637
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The cost of capital of the financial sector
Adrian, Tobias; Friedman, Evan; Muir, Tyler - 2015
Standard factor pricing models do not capture well the common time-series or cross-sectional variation in average returns of financial stocks. We propose a five-factor asset pricing model that complements the standard Fama and French (1993) three-factor model with a financial sector ROE factor...
Persistent link: https://www.econbiz.de/10011460637
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The return to retail and the performance of US banks
Hirtle, Beverly J.; Stiroh, Kevin J. - 2005
branches per dollar of assets) and comparing these measures with both equity market and accounting measures of performance. We … find that an increased focus on retail banking across U.S. banks is linked to significantly lower equity market and …
Persistent link: https://www.econbiz.de/10010283328