Changing Perceptions of Maturity Mismatch in the U.S. Banking System: Evidence from Equity Markets.
We use the sensitivity of bank holding company equity returns to market interest rates as an indicator of perceived maturity mismatch. Based on data from 1990 to 2009, there is only weak evidence that market participants perceived banks to be effectively short-funded. However, looking at 1990-1996 a...
| Publicado en: | Southern Economic Journal Vol. 81; no. 1; pp. 193 - 211 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Wiley-Blackwell
Jul2014
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=97102214&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 97102214 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: Jul2014 vid: 81 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 97102214 10.4284/0038-4038-2011.332 ppf: 193 ppct: 18 formats: fmt: – @attributes: type: T – @attributes: type: P size: 7.8MB tig: atl: Changing Perceptions of Maturity Mismatch in the U.S. Banking System: Evidence from Equity Markets. aug: au: Young, Andrew T. Wiseman, Travis Hogan, Thomas L. affil: College of Business and Economics, West Virginia University, Morgantown, WV 26506-6025, USA Department of Economics and Finance, Mississippi State University, Mississippi State, MS 39762, USA Department of Economics, West Texas A&M University, Canyon, TX 79016, USA su: Banking industry Legal evidence Macroeconomics Actions & defenses (Law) Trusts & trustees Interest rates Monetary policy sug: subj: Banking industry Legal evidence Macroeconomics Actions & defenses (Law) Other Depository Credit Intermediation Commercial Banking Personal and commercial banking industry Savings Institutions Other Activities Related to Real Estate All other miscellaneous funds and financial vehicles Trust, Fiduciary, and Custody Activities Portfolio Management Trusts, Estates, and Agency Accounts Trusts & trustees Interest rates Monetary policy ab: We use the sensitivity of bank holding company equity returns to market interest rates as an indicator of perceived maturity mismatch. Based on data from 1990 to 2009, there is only weak evidence that market participants perceived banks to be effectively short-funded. However, looking at 1990-1996 and 1997-2009 subsamples separately, our results suggest that U.S. commercial banks were perceived as short-funded during the earlier time period but not the later. During this time of changing perceptions of maturity mismatch, banks were increasing their holdings of real estate loans as a share of total assets. We present evidence that, subsequent to 1996, market participants perceived real estate loans as having become effectively shorter-term. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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