US state chartered commercial banks are supervised alternately by state and federal regulators. Each regulator supervises a given bank for a fixed time period according to a predetermined rotation schedule. The authors of this paper examine differences between federal and state regulators for these banks. Federal regulators are significantly less lenient, downgrading supervisory [...]
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Posted on March 14th, 2012
Posted on January 10th, 2012
This paper characterizes heterogeneity of the beliefs of American households about future stock market returns, provides an explanation for that heterogeneity and establishes its relationship to stock holding behavior. The authors find substantial belief heterogeneity that is puzzling since households can observe the same publicly available information about the stock market. They propose [...] Posted on November 22nd, 2011
It is well known that within U.S. domestic equity mutual funds, actively managed funds significantly underperform index funds. However, this comparison ignores the fact that mutual funds targeted at different types of investors charge different fees, and use these fees to provide different bundles of services. To control for these differences, this study [...] Posted on October 25th, 2011
The authors assemble data on the structure of bank supervision, distinguishing supervision by the central bank from supervision by a nonbank governmental agency and independent from dependent governmental supervisors. Using observations for 140 countries from 1998 through 2010, they find that supervisory responsibility tends to be assigned to the central bank in low-income [...] Posted on September 14th, 2011
The financial crisis of 2008 engulfed the banking system of the United States and many large European countries. Canada was a notable exception. In this paper the authors argue that the structure of financial systems is path dependent. The relative stability of the Canadian banks in the recent crisis compared to the United [...] 8 pages
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