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The impact of deposit insurance on S&L shareholders' risk/return trade-offs
16 references·15 citing·47 second hop
The impact of deposit insurance on S&L shareholders' risk/return trade-offs (1995)The impact of deposit insurance on S&L sh…Re-examination of interest rate sensitivity of commercial bank stock returns using a random coefficient model (1991)Re-examination of interest ra…Determinants of Thrift Institution Resolution Costs (1990)Determinants of Thrift Instit…A reexamination of mean-variance analysis of bank capital regulation (1990)A reexamination of mean-varia…Capital regulation and bank risk-taking: A note (1989)Capital regulation and bank r…Risk and solvency regulation of depository institutions: past policies and current options (1988)Risk and solvency regulation …The Gathering Crisis in Federal Deposit Insurance (1986)The Gathering Crisis in Feder…Access to deposit insurance, insolvency rules and the stock returns of financial institutions (1986)Access to deposit insurance, …The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions (1984)The Effect of Interest Rate C…Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital (1981)Federal Deposit Insurance, Re…An Empirical Study of the Interest Rate Sensitivity of Commercial Bank Returns: A Multi-Index Approach (1980)An Empirical Study of the Int…A RE‐EXAMINATION OF INTEREST RATE SENSITIVITY IN THE COMMON STOCKS OF FINANCIAL INSTITUTIONS (1980)A RE‐EXAMINATION OF INTEREST …On the Cost of Deposit Insurance When There Are Surveillance Costs (1978)On the Cost of Deposit Insura…An analytic derivation of the cost of deposit insurance and loan guarantees An application of modern option pricing theory (1977)An analytic derivation of the…A Test of Stone's Two-Index Model of Returns (1977)A Test of Stone's Two-Index M…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Systematic Interest-Rate Risk in a Two-Index Model of Returns (1974)Systematic Interest-Rate Risk…Crisis-Related Shifts in the Market Valuation of Banking Activities (2013)Crisis-Related Shifts in the …Resolving the Financial Crisis: Are We Heeding the Lessons from the Nordics? (2010)Resolving the Financial Crisi…Pitfalls in Managing Closures of Financial Institutions (2005)Pitfalls in Managing Closures…Maximizing the Value of Distressed Assets: Bankruptcy Law and the Efficient Reorganization of Firms (2005)Maximizing the Value of Distr…Financial Crisis Policies and Resolution Mechanisms: A Taxonomy from Cross-Country Experience (2005)Financial Crisis Policies and…Financial Crises and the Presence of Foreign Banks (2005)Financial Crises and the Pres…Crisis Resolution, Policies, and Institutions: Empirical Evidence (2005)Crisis Resolution, Policies, …The subordinated debt alternative to Basel II (2004)The subordinated debt alterna…Banking Reform in Russia: Problems and Prospects (2004)Banking Reform in Russia: Pro…The Effects of Competition on Banks’ Risk Taking (2003)The Effects of Competition on…Does the Japanese Stock Market Price Bank-Risk? Evidence from Financial Firm Failures (2003)Does the Japanese Stock Marke…Deposit insurance in theory and practice (2000)Deposit insurance in theory a…Monitoring, Ownership, and Risk-Taking: The Impact of Guaranty Funds (1999)Monitoring, Ownership, and Ri…Failure and Failure Resolution in the US Thrift and Banking Industries (1999)Failure and Failure Resolutio…Financial Fragility: Issues and Policy Implications (1995)Financial Fragility: Issues a…The Pricing of Options and Corporate Liabilities (1973)Capital controls and bank risk (1991)Financial Intermediation (2003)Financial intermediation as a beliefs-bridge between optimists and pessimists (2004)Theory of Rational Option Pricing (1973)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)The Theory of Bank Risk Taking and Competition Revisited (2005)The Credit Crisis Around the Globe: Why Did Some Banks Perform Better? (2011)How does capital affect bank performance during financial crises? (2013)An Intertemporal Capital Asset Pricing Model (1973)Option pricing when underlying stock returns are discontinuous (1976)The Valuation of FDIC Deposit Insurance Using Option-Pricing Estimates (1984)Risk‐Based Premiums for Insurance Guaranty Funds (1988)Is Fairly Priced Deposit Insurance Possible? (1992)Regulation of Bank Capital and Portfolio Risk (1980)Bank Capital Regulation in Contemporary Banking Theory: A Review of the Literature (2001)Capital requirements and bank behaviour: Empirical evidence for Switzerland (2001)How does competition affect bank risk-taking? (2013)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Equilibrium in a Capital Asset Market (1966)The capital asset pricing model: Some empirical tests (1972)Change in Market Assessments of Deposit-Institution Riskiness (1988)REIT Characteristics and the Sensitivity of REIT Returns (2000)The impact of interest rate and exchange rate volatility on banks' stock returns and volatility: Evidence from Turkey (2011)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION (1963)Loan Sales and the Cost of Bank Capital (1988)Deposit Insurance and Wealth Effects: The Value of Being "Too Big to Fail" (1990)Prudential Regulation for Banks (1995)The cost of capital, corporation finance and the theory of investment (2008)Risk, Return, and Equilibrium: Empirical Tests (1973)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Problems and Solutions in Conducting Event Studies (1990)The sensitivity of bank stock returns to market, interest and exchange rate risks (1992)Sensitivity of the bank stock returns distribution to changes in the level and volatility of interest rate: A GARCH-M model (1998)Asset returns and inflation (1977)Risk measurement when shares are subject to infrequent trading (1979)Evidence of Bank Market Discipline in Subordinated Debenture Yields: 1983- 1991 (1996)Cost and Profit Efficiency of Financial Conglomerates and Universal Banks in Europe (2002)Does the stock market value bank diversification? (2007)The Nature of the Firm (1937)Separation of Ownership and Control (1983)Corporate financing and investment decisions when firms have information that investors do not have (1984)Law and Finance (1998)Liquidity provision, banking, and the allocation of interest rate risk (1994)Depositor discipline and changing strategies for regulating thrift institutions (2002)Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis (2008)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1977An analytic derivation of the cost of deposit insurance and loan guarantees An application of modern option pricing theory1,923 cited
  • 1984The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions771 cited
  • 1989Capital regulation and bank risk-taking: A note662 cited
  • 1981Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital525 cited
  • 1978On the Cost of Deposit Insurance When There Are Surveillance Costs395 cited
  • 1990A reexamination of mean-variance analysis of bank capital regulation370 cited
  • 1974Systematic Interest-Rate Risk in a Two-Index Model of Returns294 cited
  • 1986The Gathering Crisis in Federal Deposit Insurance244 cited
  • 1980An Empirical Study of the Interest Rate Sensitivity of Commercial Bank Returns: A Multi-Index Approach175 cited
  • 1980A RE‐EXAMINATION OF INTEREST RATE SENSITIVITY IN THE COMMON STOCKS OF FINANCIAL INSTITUTIONS128 cited
  • 1991Re-examination of interest rate sensitivity of commercial bank stock returns using a random coefficient model124 cited
  • 1990Determinants of Thrift Institution Resolution Costs124 cited
  • 1988Risk and solvency regulation of depository institutions: past policies and current options

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121 cited
  • 1977A Test of Stone's Two-Index Model of Returns100 cited
  • 1986Access to deposit insurance, insolvency rules and the stock returns of financial institutions92 cited
  • Cited by

    • 1999Monitoring, Ownership, and Risk-Taking: The Impact of Guaranty Funds105 cited
    • 2000Deposit insurance in theory and practice63 cited
    • 2005Crisis Resolution, Policies, and Institutions: Empirical Evidence61 cited
    • 2005Financial Crisis Policies and Resolution Mechanisms: A Taxonomy from Cross-Country Experience51 cited
    • 2005Maximizing the Value of Distressed Assets: Bankruptcy Law and the Efficient Reorganization of Firms50 cited
    • 2013Crisis-Related Shifts in the Market Valuation of Banking Activities48 cited
    • 2004Banking Reform in Russia: Problems and Prospects46 cited
    • 2003Does the Japanese Stock Market Price Bank-Risk? Evidence from Financial Firm Failures44 cited
    • 2010Resolving the Financial Crisis: Are We Heeding the Lessons from the Nordics?43 cited
    • 2004The subordinated debt alternative to Basel II42 cited
    • 1999Failure and Failure Resolution in the US Thrift and Banking Industries37 cited
    • 2003The Effects of Competition on Banks’ Risk Taking36 cited
    • 2005Financial Crises and the Presence of Foreign Banks36 cited
    • 1995Financial Fragility: Issues and Policy Implications30 cited
    • 2005Pitfalls in Managing Closures of Financial Institutions30 cited