This study investigates how bank characteristics affect bank stock reactions to changes in the federal funds rate target. Using a dataset of all publicly listed banks of the United States from October 1988 through December 2007, both our regression analysis and categorical analysis provide...

This paper investigates the international spillover effect of U.S. monetary policy changes on non-U.S. bank stock returns. Our data-set covers 442 non-U.S. banks in 57 countries for 1994-2007. We find that there exists an inverse relationship between non-U.S. bank stock returns and unexpected...

This paper documents the technical efficiency of Chinese banks over 1999–2010. With stochastic frontier analysis, we find that Chinese banks are about 18% more efficient in generating lending assets than profits. We also observe an upward trend of bank efficiency after China's entry to WTO in...

<heading id="h1" level="1" implicit="yes" format="display">Abstract</heading>We investigate the effects of changes in the federal funds target rate on bank stock returns through an event-study analysis. We examine the state dependency of such effects and focus on the surprise elements of policy changes derived from the federal funds futures market. Although we...

This study investigates how bank characteristics affect bank stock reactions to changes in the federal funds rate target. Using a data set of all publicly listed banks of the United States from October 1988 through December 2007, we find that (1) the effect of changes in the federal funds rate...