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Did capital requirements and fair value accounting spark fire sales in distressed mortgage-backed securities?

Merrill, Craig B.; Nadauld, Taylor D.; Stulz, René M.; … - 2012

Much attention has been paid to the large decreases in value of non-agency residential mortgage-backed securities (RMBS) during the financial crisis. Many observers have argued that the fall in prices was partly driven by decreased liquidity and fire sales. We investigate whether capital...

Persistent link: https://www.econbiz.de/10009625918

Did capital requirements and fair value accounting spark fire sales in distressed mortgage-backed securities?

Merrill, Craig B.; Nadauld, Taylor D.; Stulz, René M.; … - 2012

Persistent link: https://www.econbiz.de/10009580723

This time is the same : using bank performance in 1998 to explain bank performance during the recent financial crisis

Fahlenbrach, Rüdiger; Prilmeier, Robert; Stulz, René M. - 2011

We investigate whether a bank’s performance during the 1998 crisis, which was viewed at the time as the most dramatic … crisis since the Great Depression, predicts its performance during the recent financial crisis. One hypothesis is that a bank …. Another hypothesis is that a bank’s poor experience in a crisis is tied to aspects of its business model that are persistent …

Persistent link: https://www.econbiz.de/10009240510

Why do banks practice regulatory arbitrage? : evidence from usage of trust preferred securities

Boyson, Nicole M.; Fahlenbrach, Rüdiger; Stulz, René M. - 2014

We investigate why only some banks use regulatory arbitrage. We predict that banks wanting to be riskier than allowed by capital regulations (constrained banks) use regulatory arbitrage while others do not. We find support for this hypothesis using trust preferred securities (TPS) issuance, a...

Persistent link: https://www.econbiz.de/10010353295

Why did holdings of highly rated securitization tranches differ so much across banks?

Erel, Isil; Nadauld, Taylor D.; Stulz, René M. - In: The review of financial studies 27 (2014) 2, pp. 404-453

Persistent link: https://www.econbiz.de/10010357928

Why do banks practice regulatory arbitrage? : evidence from usage of trust preferred securities

Boysen, Nicole M.; Fahlenbrach, Rüdiger; Stulz, René M. - 2014

Persistent link: https://www.econbiz.de/10010339655

Why do banks practice regulatory arbitrage? : evidence from usage of trust preferred securities

Boyson, Nicole M.; Fahlenbrach, Rüdiger; Stulz, René M. - 2014

Persistent link: https://www.econbiz.de/10010340285

Why does fast loan growth predict poor performance for banks?

Fahlenbrach, Rüdiger; Prilmeier, Robert; Stulz, René M. - 2016

Persistent link: https://www.econbiz.de/10011456415

Why does fast loan growth predict poor performance for banks?

Fahlenbrach, Rüdiger; Prilmeier, Robert; Stulz, René M. - 2016

From 1973 to 2014, the common stock of U.S. banks with loan growth in the top quartile of banks over a three-year period significantly underperforms the common stock of banks with loan growth in the bottom quartile over the next three years. The benchmark-adjusted cumulative difference in...

Persistent link: https://www.econbiz.de/10011516043

How much do banks use credit derivatives to reduce risk?

Minton, Bernadette A. (contributor); … - 2005

Persistent link: https://www.econbiz.de/10003290845