Wealth effects of bank holding company securities issuance and loan growth under the risk-based capital requirements

This paper tests a two-part hypothesis: first, that during the period between publication of the risk-based capital requirements in early 1989 and the end of 1992, bank holding companies (BHCs) faced a statistically significant decrease in stock returns if they issued new common stock; second, that this discouraged new common stock issuance and therefore, in effect, forced BHCs with Tier 1 and/or leverage capital-to-assets ratios below the regulatory minima to decrease loans outstanding more than did BHCs deficient only in their total capital ratios. Empirical evidence supporting both parts of the hypothesis is presented.Bank holding companies ; Bank loans ; Risk ; Bank capital ; Bank stocks ; Stock - Prices

Determinants of bank versus nonbank competitiveness in short-term business lending

Since about 1974, banks' share of the market for short-term business lending has been steadily eroded through competition with nonbank creditors. This paper tries to identify some factors that may affect bank competitiveness in this category in the short fun and discusses how these factors may have contributed to banks' loss of market share. Estimation of a simple linear model in first differences indicates that banks' market share responds negatively in the short run to above-average default risk and/or monetary tightness and to a decrease in banks' value of deposit insurance. Banks' market share responds positively to an increase in the level of interbank competition. Extrapolation from the short-run model to long-run effects demonstrates the plausibility that above average risk and/or monetary tightness and increases in the aggregate weighted capital-to-assets ratio, which contributes to decreases in the value of deposit insurance, may have played a small role in banks' loss of market share since the mid-1970s.Bank loans ; Bank competition ; Commercial loans

Interstate banking and competition: evidence from the behavior of stock returns

Interstate banking ; Stock - Prices ; Banking market ; Bank holding companies

Location, branching, and bank portfolio diversification: the case of agricultural lending

Agricultural credit ; Branch banks ; Bank loans ; Econometric models

Bank stock repurchases

Bank holding companies ; Bank stocks

The potential diversification and failure reduction benefits of bank expansion into nonbanking activities

BHC expansion into nonbank financial activities may increase or decrease the standard deviation of BHC ROA and/or the probability of bankruptcy of the BHC. Using individual firm data and a new application of a simulated merger methodology, I find the standard deviation minimizing and bankruptcy probability minimizing nonbank weights for a variety of nonbanking activities for two time periods, 1979-86 and 1987-97, for all BHCs and for large BHCs. I find that relatively substantial levels of investment in life insurance underwriting are optimal for reducing the standard deviation of BHC ROA. Appreciable levels of investment in life insurance underwriting, casualty insurance underwriting, and securities brokerage are optimal for reducing the probability of bankruptcy of the BHC.Nonbank activities ; Risk ; Financial institutions ; Banking Act of 1933

Planar Anchoring Strength And Pitch Measurements In Achiral And Chiral Chromonic Liquid Crystals Using 90-Degree Twist Cells

Chromonic liquid crystals are formed by molecules that spontaneously assemble into anisotropic structures in water. The ordering unit is therefore a molecular assembly instead of a molecule as in thermotropic liquid crystals. Although it has been known for a long time that certain dyes, drugs, and nucleic acids form chromonic liquid crystals, only recently has enough knowledge been gained on how to control their alignment so that studies of their fundamental liquid crystal properties can be performed. In this article, a simple method for producing planar alignment of the nematic phase in chromonic liquid crystals is described, and this in turn is used to create twisted nematic structures of both achiral and chiral chromonic liquid crystals. The optics of 90-degree twist cells allows the anchoring strength to be measured in achiral systems, which for this alignment technique is quite weak, about 3 x 10(-7) J/m2 for both disodium cromoglycate and Sunset Yellow FCF. The addition of a chiral amino acid to the system causes the chiral nematic phase to form, and similar optical measurements in 90-degree twist cells produce a measurement of the intrinsic pitch of the chiral nematic phase. From these measurements, the helical twisting power for L-alanine is found to be (1.1 +/- 0.4) x 10(-2) mu m(-1) wt%(-1) for 15 wt% disodium cromoglycate

Grain Boundary Induced Magneto-Far Infrared Resonances in Superconducting YBa2_2Cu3_3O7−δ_{7-\delta } Thin Films

Spectral features induced by 45$^{\circ }$ in-plane misoriented grains have been observed in the far infrared magneto-transmission of YBa$_2$Cu$_3$O$_{7-\delta }$ thin films. Two strong dispersive features are found at 80 and 160 $cm^{-1}$ and a weaker one at 116 $cm^{-1}$. The data can be well represented by Lorentzian oscillator contributions to the conductivity. Several possible interpretations are discussed. We conclude that the resonances are due to vortex core excitations.Comment: Latex file (14 pages) + 4 Postscript figures, uuencode

The R&D Master File Documentation

This document describes the panel of publicly traded United States manufacturing firms which was created and updated at the National Bureau of Economic Research from 1978 through 1988 within the Productivity Program. The panel consists of about 2600 large manufacturing firms with three to twenty-seven years of data each; the period covered by the sampling frame was 1976 through 1985, with data back to 1959 where possible. There are approximately 70 variables for each firm-year of data, consisting of income statement and balance sheet variables and the corresponding common stock data. The technological data available for these firms consist of R&D expenditures and patents granted, both by date of application and by granting date. The patents data are available only through about 1981, due to the limitations of our sources and budget. The firms on the file are identified both by their CUSIP number and by name, making it feasible to match this data to other sources.

The Rise of Pregnancy Criminalization: A Pregnancy Justice Report

In 2013, Pregnancy Justice published the first comprehensive national documentation effort capturing pregnancy-related arrests and deprivations of liberty. The 2013 study identified 413 reported cases from 1973 through 2005, arising out of 44 states and the District of Columbia, and involving a range of pregnancy outcomes including abortions, live births, miscarriages, and stillbirths. Overwhelmingly, the cases occurred despite a lack of legal authority, in defiance of numerous and significant appellate court decisions dismissing or overturning such actions, and contrary to the extraordinary consensus across the medical community that prosecution undermines rather than improves maternal, fetal, and child health. In 86% of these cases, pregnant people faced prosecution through the use of existing criminal statutes intended for other purposes.This report begins where the first study left off, documenting cases of pregnancy criminalization from January 2006 until the Dobbs ruling in June 2022. What we found was deeply concerning. Over these 16.5 years, we identified 1,396 cases. In other words, of the 1,800 pregnancy criminalization cases that took place over the last half century, over three-quarters occurred after 2005. Through an alarming combination of carceral approaches to substance use and the spread of fetal personhood laws, state actors have increasingly penalized pregnant people. Understanding this disturbing phenomenon—including who is most affected, how, and under what pretense—will be essential to fighting for pregnant people's liberties as we enter the post-Dobbs era