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

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

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

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

The RTC and the escalating costs of the thrift insurance mess

An examination of the structure of the Resolution Trust Corporation and of its performance in resolving the savings and loan insurance crisis, defining the obstacles that may be impeding the RTC's effectiveness in closing insolvent thrifts and returning their assets to the private sector.Resolution Trust Corporation (U.S.) ; Savings and loan associations

Depositor-preference laws and the cost of debt capital

Under depositor-preference laws, depositors' claims on the assets of failed depository institutions are senior to unsecured general-creditor claims. As a result, depositor preference changes the capital structure of banks and thrifts, thereby affecting the cost of capital for depositories. Depositor preference has no impact on the total value of banks and thrifts, however, unless deposit insurance is mispriced.Bank failures ; Bank capital ; Deposit insurance