Risk-taking behavior in the U.S. thrift industry: ownership structure and regulatory changes

Article Abstract:

A study was conducted on the relationship between US thrift institution ownership structure and risk-taking and the impact of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 on this relationship. The results indicate that insider controlled thrifts were more likely to resort to risk-taking prior to 1989 than diversely held institutions. The results also suggest an inverse relationship between risk-taking and levels of institutional shareholdings.

Savings and loan associations

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A note on the determinants of unexpected exchange rate movements

Article Abstract:

The significance of surprises in fundamentals in accounting for sudden exchange rate fluctuations is examined by using a survey dataset comprised of matched exchange rate and interest rate forecasts from market participants. This dataset is applied to decompose unanticipated exchange rate movements into interest rate news, changing risk perceptions and changes in future exchange rate expectations. Findings show that interest rate news is relatively unimportant.

Prices and rates, Foreign exchange, Foreign exchange rates, Interest rates

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Return generating process and the determinants of term premiums

Article Abstract:

A two-factor model of asset pricing is derived and adopted to explain the expected and unexpected bond returns. Unlike previous research, the model uses long-term maturities that exceed five years. Evidence of term-premiums that temporally change and factor loadings is shown. Likewise, bond returns are responsive to interest rate changes. The former becomes more volatile as interest rate levels vary more frequently.

Econometrics & Model Building, Research, Economic aspects, Econometrics, Bonds, Bonds (Securities), Treasury securities, Business models

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