Errors in recorded security prices and the turn-of-the year effect

A study that concludes recorded security price errors are potential sources of misspecification in joint tests of the capital asset pricing model and market efficiency.Stock - Prices

The cost of buying time: lessons from the thrift debacle

An argument that capital forbearance for thrifts in the 1980s was at best a misguided policy whose costs will have long-term consequences for the health of both the nation's depositories and the overall economy.Savings and loan associations

FSLIC forbearances to stockholders and the value of savings and loan shares

An investigation of the value of FSLIC forbearances to the stockholders of insolvent stock-chartered thrift institutions, concluding that these forbearances increase the stock-market value of thrift institutions.Stocks ; Savings and loan associations ; Federal Savings and Loan Insurance Corporation

Using financial data to identify changes in bank condition

An empirical study using an early-warning bank failure prediction model and call-report data to predict deterioration in a bank's condition.Bank supervision ; Bank failures

National bank notes and silver certificates

From 1883 to 1892, the circulation of national bank notes in the United States fell nearly 50 percent. Previous studies have attributed this to supply-side factors that led to a decline in the profitability of note issue during this period. This paper provides an alternative explanation. The decline in note issue was, in large part, demand-driven. The presence of a competing currency with superior features caused the public to substitute away from national bank notes.Paper money ; National bank notes ; Silver

Underlying determinants of closed-bank resolution costs

An analysis of the issues surrounding bank resolution costs, looking at failures from 1986 to 1992 and including proxies for fraud, off-balance-sheet risk, brokered deposits, and both regional and size effects. Evidence suggests there was a significant lag between the realization and recognition of losses on bank assets, and that regulators may have practiced forbearance.Bank failures

Depositor preference legislation and failed banks' resolution costs

An examination of the empirical impact of depositor preference legislation (DPL) on resolution type and resolution costs for commercial banks. It focuses on the impact of state DPL statutes, using FDIC and call-report data on resolution costs and types for all operating FDIC-BIF insured commercial banks that closed or required FDIC financial assistance from January 1986 through December 1992.Federal Deposit Insurance Corporation ; Bank failures