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Changes in REIT liquidity 1988 - 2007: Evidence from daily data

Cannon, Susanne E.; Cole, Rebel A. - Volkswirtschaftliche Fakultät, … - 2008

In this study, we present panel-data evidence on REIT liquidity and its determinants over the 1988 – 2007 period. We … focus upon liquidity measures that do not require micro-structure data (1) to facilitate use of our results as benchmarks … benchmarks that do not require access to costly (and voluminous) micro-structure data. We find that REIT liquidity improved …

Persistent link: https://www.econbiz.de/10008615006

Executive Compensation and Corporate Performance : Evidence from Thrift Institutions

Cole, Rebel A. - 2008

This study uses data from thrift institutions to provide new evidence on the relation between executive pay and firm performance. We find a positive and statistically significant relation between CEO pay and firm performance as measured by both return on assets and return on equity. Moreover,...

Persistent link: https://www.econbiz.de/10012722501

A CAMEL Rating's Shelf Life

Cole, Rebel A. - 2008

How quickly do the CAMEL ratings regulators assign to banks during on-site examinations become quot;stalequot;? One measure of the information content of CAMEL ratings is their ability to discriminate between banks that will fail and those that will survive. To assess the accuracy of CAMEL...

Persistent link: https://www.econbiz.de/10012722731

Deregulation Gone Awry : Moral Hazard in the Savings and Loan Industry

Cole, Rebel A. - 2008

This article tests several hypotheses concerning the failure of thrift institutions and the costs these failures imposed upon the thrift deposit insurance fund. The central hypothesis posits that thrift failures during the 1986-1989 period were largely a function of portfolio decisions made by...

Persistent link: https://www.econbiz.de/10012722733

The Role of Commercial Real Estate Investments in the Banking Crisis of 1985-92

Fenn, George W. - 2008

This article examines the role of commercial real estate investments in the banking crisis of 1985-92, an unprecedented period during which more than 1,300 banks failed. Bank failures are fundamentally important because of the unique role played by financial institutions in the provision of...

Persistent link: https://www.econbiz.de/10012722734

Bank Stock Returns and Economic Growth

Cole, Rebel A. - 2008

Previous research has established (i) that a country's financial sector influence future economic growth and (ii) that stock market index returns affect future economic growth. We extend and tie together these two strands of the growth literature by analyzing the relationship between banking...

Persistent link: https://www.econbiz.de/10012726451

The Effect of Changes in Ownership Structure on Performance : Evidence from the Thrift Industry

Cole, Rebel A. - 2008

Restrictions on the ownership structure of a public company may harm the company's performance by preventing owners from choosing the best structure. We examine the stock-price performance and ownership structure, before and after the expiration of anti-takeover regulations, of a sample of...

Persistent link: https://www.econbiz.de/10012728419

The Role of Principal-Agent Conflicts in the 1980s Thrift Crisis

Cole, Rebel A. - 2008

Agency theory suggests that many of the costs incurred by the taxpayer during the 1980s thrift crisis were the result …

Persistent link: https://www.econbiz.de/10012728421

Banking Consolidation and the Availability of Credit to Small Businesses

Cole, Rebel A. - 2007

In this study, we use firm-level data from the 1993 National Survey of Small Business Finances to test the hypothesis that banking consolidation has reduced the availability of credit to small businesses. We find that banks in markets where mergers have occurred are more likely than other banks...

Persistent link: https://www.econbiz.de/10012729426

Cookie-Cutter Versus Character : The Micro Structure of Small Business Lending by Large and Small Banks

Goldberg, Lawrence G. - 2004

The informational opacity of small businesses makes them an interesting area for the study of banks' lending practices and procedures. We use a survey of small businesses conducted by the Federal Reserve to analyze the micro-level differences between large banks and small banks in the loan...

Persistent link: https://www.econbiz.de/10012739124