Working Paper Series, Issues in Financial Regulation

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WP-97-25: Requiem for a market marker: the case of Drexel Burham Lambert and below-investment-grade bonds

William Adams and Elijah Brewer

WP-97-22: A Trojan horse or the golden fleece? small business investment companies and government guarantees

William Adams, Elijah Brewer, Hesna Genay and Paula R. Worthington

WP-97-21: The role of the financial services industry in the local economy

Douglas Evanoff, Philip R. Israilevich and Graham Schindler

WP-97-14: The role of credit market competition on lending strategies and on capital accumulation

Nicola Cetorelli

WP-97-09: Bank capital standards for market risk: a welfare analysis

David Marshall and Subu Venkataraman

WP-97-07: \"Peso problem\" explanations for term structure anomalies

Geert Bekaert, Robert Hodrick and David Marshall

WP-97-01: FDICIA after five years: a review and evaluation

George J. Benston and George G. Kaufman

WP-96-27: The security issue decision: evidence from small business investment companies

William Adams, Elijah Brewer, Hesna Genay and Paula R. Worthington

WP-96-22: Financial distress and the role of capital contributions by the owner manager

Subu Venkataraman

WP-96-21: Changes in trading activity following stock splits and their impact on volatility and the adverse information component of the bid-ask spread

Anand S.‏ Desai, Mahendrarajah Nimalendran and Subu Venkataraman

WP-96-20: How should financial institutions and markets be structured? Analysis and options for financial system design

George G. Kaufman and Randall S. Kroszner

WP-96-18: Bank fragility: perception and historical evidence

George G. Kaufman

WP-96-8: Deposit insurance, bank capital structures and the demand for liquidity

Alberto M. Ramos

WP-96-7: Strategic responses to bank regulation: evidence from HMDA data

Douglas Evanoff and Lewis M. Segal

WP-96-6: Alligators in the swamp: the impact of derivatives on the financial performance of depository institutions

William Adams, Elijah Brewer and James Moser

WP-96-4: The equity premium puzzle and the risk-free rate puzzle at long horizons

Kent D. Daniel and David Marshall

WP-96-3: On biases in tests of the expectations hypothesis of the term structure of interest rates

Geert Bekaert, Robert Hodrick and David Marshall

WP-96-1: Bank failures, systemic risk, and bank regulation

George G. Kaufman

95-18: Noisy trade disclosure and liquidity

Subu Venkataraman

95-12: Public benefits and public concerns: an economic analysis of regulatory standards for clearing facilities

William J. Hanley, Karen McCann and James Moser

95-8: The cultural affinity hypothesis and mortgage lending decisions

William C. Hunter and MaryBeth Walker

95-1: Spreads, information flows and transparency across trading systems

Paul Kofman and James Moser

94-28: Is the banking and payments system fragile?

George J. Benston and George G. Kaufman

94-10: Small business investment companies: financial characteristics and investments

Elijah Brewer and Hesna Genay

94-5: The effect of bank-held derivatives on credit accessibility

Elijah Brewer, Bernadette A. Minton and James Moser

94-3: Origins of the modern exchange clearinghouse: a history of early clearing and settlement methods at futures exchanges

James Moser

93-19: The ownership structure of Japanese financial institutions

Hesna Genay

93-18: Opportunity cost and prudentiality: a representative-agent model of futures clearinghouse behavior

Herbert L. Baer, Virginia G. France and James Moser

93-11: Is there Lif(f)e after DTB?: competitive aspects of cross listed futures contracts on synchronous markets

Tony Bouwman, Paul Kofman and James Moser

93-5: Stock margins and the conditional probability of price reversals

Paul Kofman and James Moser

93-3: Junk bond holdings, premium tax offsets, and risk exposure at life insurance companies

Elijah Brewer and Thomas H. Mondschean

92-33: The impact of S&L failures and regulatory changes on the CD market, 1987-1991

Elijah Brewer and Thomas H. Mondschean

92-30: A framework for estimating the value and interest rate risk of retail bank deposits

David E. Hutchison and George Pennacchi

92-29: The effect of capital on portfolio risk at life insurance companies

Elijah Brewer, Thomas H. Mondschean and Philip E. Strahan

92-24: An investigation of returns conditional on trading performance

James Moser and Jacky C. So

92-21: Preferred sources of market discipline: depositors vs. subordinated debt holders

Douglas Evanoff

92-16: Trading activity, program trading, and the volatility of stock returns

James Moser

92-13: Bank contagion: theory and evidence

George G. Kaufman

92-11: Capital adequacy and the growth of U.S. banks

Herbert L. Baer and John N. McElravey

92-5: Incentive conflict in deposit-institution regulation: evidence from Australia

Edward Kane and George G. Kaufman

91-18: An empirical test of the incentive effects of deposit insurance: the case of junk bonds at savings and loan associations

Elijah Brewer and Thomas H. Mondschean

91-15: Scale elasticity and efficiency for U.S. banks

Douglas Evanoff and Philip R. Israilevich

91-13: Optimal contingent bank liquidation under moral hazard

Charles Calomiris, Charles Kahn and Stefan Krasa

91-11: The diminishing role of commercial banking in the U.S. economy

George G. Kaufman

91-10: Capital in banking: past, present and future

George G. Kaufman

90-20: Evidence on the impact of futures margin specifications on the performance of futures and cash markets

James Moser

90-19: Deregulation, cost economies and allocative efficiency of large commercial banks

Douglas Evanoff and Philip R. Israilevich

90-12: Payments system risk issues in a global economy

Herbert L. Baer and Douglas Evanoff

1989-24: The impact of deposit insurance on S&L shareholders' risk/return trade- offs

Elijah Brewer

89-23: The Savings and loan rescue of 1989: causes and perspective

George G. Kaufman

89-18: Do vulnerable economies need deposit insurance?: lessons from the U.S. agricultural boom and bust of 1920s

Charles Calomiris

89-17: A Model of borrowing and lending with fixed and variable interest rates

Thomas H. Mondschean

89-16: Variability and stationarity of term premia

Ramon Degennaro and James Moser

89-14: Are some banks too large to fail? Myth and reality

George G. Kaufman

89-12: Reserve account management behavior: impact of the reserve accounting scheme and carry forward provision

Douglas Evanoff

89-11: Technical change, regulation, and economies of scale for large commercial banks: an application of a modified version of Shephard's Lemma

Douglas Evanoff, Philip R. Israilevich and Randall C. Merris