This is the only paper to provide a valuation framework for untraded Troubled Asset Relief Program (TARP) preferred stock. Up to $8.1 billion of bailout preferred stock, which is currently paying dividends, could be auctioned to investors. The first auction was held in March 2012. This paper...

We look at COVID-19 mortality and expected life expectancy risks by age prior to the development of pharmaceutical treatments for the SARS-CoV-2 virus. A COVID-19 infection more than doubled the annual mortality risks for Americans over sixty. Americans aged sixty or older stand to lose 153 to...

In 2018, YouTube began releasing click-through rates (CTR) data to its video creators. Since 2012, YouTube has emphasized how it favors watch time over clicks in its recommendations to viewers. This is the first academic study employing that data to test what matters more for views on YouTube....

The SARS-CoV-2, COVID-19, infection fatality rate (IFR) has been hard to accurately estimate. It is a key parameter for disease modeling and policy decisions. Asymptomatic spread and limited testing have understated infections in hard to predict ways across jurisdictions. We survey serology,...

The loan standards question in the Federal Reserve’s quarterly Senior Loan Officer Survey is shown to be predictive of quarterly stock returns a month or two after its release. This is an apparent violation of semi-strong form stock market efficiency. Out-of-sample, we use this signal and...

This paper develops a formula to numerically estimate the unsubsidized, fair-market value of the toxic assets purchased with Federal Reserve loans. It finds that subsidy rates on these loans were on average 33.9 percent at origination. Yet, by the 3rd quarter of the 2010, there was on average no...

Minority and black owned banks were significantly less likely to receive funds from the Troubled Asset Relief Program (TARP) Community Development Capital Initiative (CDCI). A non-minority bank with the median characteristics was approximately ten times more likely to obtain TARP funds than an...

(Zheng, 2009) does not realize that the government provides nonrecourse loans to investors to buy toxic assets. Nonrecourse loans allow the borrower to walk away from the loan with no penalties besides ceding the asset that the loan purchased. Thus (Zheng, 2009)'s conclusions that less well...

Forty-eight credit unions received capital injections as part of the financial sector bailout. The predicted probability of receiving bailout funds jumps from 29 percent to 81 percent for the typical credit union, if the institution's headquarters was in the district of a member of the U.S....

This study uses a unique natural experiment to contribute to the long-running debate as to whether the demand curves for stocks slope downward. The U.S. Treasury sold 5.27 billion shares of Citigroup's common stock during trading hours in April 26, 2010, to December 6, 2010. Using a geometric...