Economics Commons^™

Distress During The Great Depression: The Illiquidity-Insolvency Debate Revisited, Gary Richardson

Gary Richardson

During the contraction from 1929 to 1933, the Federal Reserve System tracked changes in the status of all banks operating in the United States and determined the cause of each bank suspension. This essay analyzes chronological patterns in aggregate series constructed from that data. The analysis demonstrates both illiquidity and insolvency were substantial sources of bank distress. Periods of heightened distress were correlated with periods of increased illiquidity. Contagion via correspondent networks and bank runs propagated the initial banking panics. As the depression deepened and asset values declined, insolvency loomed as the principal threat to depository institutions.

Front Matter, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Editor's Introduction: Finding Balance, Paul C. Godfrey

Journal of Microfinance / ESR Review

No abstract provided.

Innovation Spurs Growth, Jasmine Mohanty, Jasmine; Panda, Debadutta K. Panda

Journal of Microfinance / ESR Review

Product innovations are different and specific to MFIs, but all focus on one feature: they are all geared toward providing a wider range of financial products and intermediation options. These innovations are the launching pad and competitive advantage for MFIs, but most people are confused about these innovations.

Closing The Gender Gap, Dwight Haase

Journal of Microfinance / ESR Review

No abstract provided.

Partner Profiles, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Mission Drift Understand It, Avoid It, James Copestake

Journal of Microfinance / ESR Review

No abstract provided.

Accessing Commercial Capital Markets, Isaac H. Smith, Michael A. Broderick, Richard G. Winsor

Journal of Microfinance / ESR Review

No abstract provided.

From Ngo To Mfi: A Guidebook For Successful Transformations, Geetha Rao Ramani

Journal of Microfinance / ESR Review

Ledgerwood and White's Transforming Microfinance Institutions: Providing Full Financial Services to the Poor was published by World Bank Publications in August 2006.

Trade-Offs Between Social And Financial Performance, Gary Woller

Journal of Microfinance / ESR Review

True or False: Trade-offs occur between social performance and financial performance in microfinance. Conventional wisdom says true. Extending formal financial services to poor and hard-to-reach clientele necessarily entails higher costs and lower per unit returns and is, subsequently, harder to scale up. The trade-off inherent in this relationship creates incentives for microfinance institutions (MFIs) to move up-market and away from their traditional poor clientele—a phenomenon known as mission drift.

Center News, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

End Matter, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Vol. 09 No. 2 Esr Review, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Deposit Insurance And Moral Hazard: Capital, Risk, Malfeasance, And Mismanagement. A Comment On ‘Deposit Insurance And Moral Hazard: Evidence From Texas Banking During The 1920s, Gary Richardson

Gary Richardson

A Journal of Economic History article by Linda Hooks and Kenneth Robinson, “Deposit Insurance and Moral Hazard: Evidence from Texas Banking During the 1920s,” contains a contradiction (Hooks and Robinson 2002). Pondering the contradiction in the paper reveals insights that the authors may have overlooked. Hooks and Robinson’s article examines the experience of the banking industry in Texas during the 1920s. Texas operated a deposit-insurance system from January 1, 1910 until February 11, 1927. Deposit insurance was mandatory for all state banks, which were given the choice of two plans in which to participate. The preponderance participated in the depositors …

Check Is In The Mail: Correspondent Clearing And The Banking Panics Of The Great Depression, Gary Richardson

Gary Richardson

Weaknesses within the check-clearing system played a hitherto unrecognized role in the banking crises of the Great Depression. Correspondent check-clearing networks were vulnerable to counter-party cascades. Accounting conventions that overstated reserves available to corresponding institutions may have exacerbated the situation. The initial banking panic began when a correspondent network centered in Nashville collapsed, forcing over 100 institutions to suspend operations. As the contraction continued, additional correspondent systems imploded. The vulnerability of correspondent networks is one reason that banks that cleared via correspondents failed at higher rates than other institutions during the Great Depression.

Strategic Alliances By Financial Services Firms, Hua Wang

Doctoral Dissertations

The importance of strategic alliances in the financial services industry is increasing; however, research focusing on strategic alliances is limited. In this dissertation, I intend to enhance the existing literature by examining the effect of strategic alliances on the value of financial services firms and the level of cooperation between partner firms involved in strategic alliances. The specific objectives of the dissertation are to examine the market reaction to strategic alliance announcements, to examine the preand post-announcement long-run abnormal stock performance and operating performance for the participants of strategic alliances, and to examine joint ventures and mergers and acquisitions after …

The Casual Link Between Stock Returns And Trading Volume: Some Evidence From An Emerging Market, Abdul Rashid

Business Review

This paper investigates the dynamic association between daily stock index returns and percentage trading volume changes. To proceed with this, linear and nonlinear Granger causality tests are applied to the Karachi Stock Exchange (KSE) data. The analysis covers the span of about 5 years with 1266 daily observations. The same methodology is employed for two non-overlapping sub-periods to examine the robustness of the results. Unidirectional linear Granger causality from stock returns to trading volume is observed for the entire sample period and for both the sub-periods as well. The null hypothesis of linear Granger noncausality from percentage volume changes to …

Two Essays On Ipo Earnings Management, Yong Sun

Theses and Dissertations in Business Administration

This dissertation includes two essays that study initial public offerings (IPO) earnings management. The first essay examines the underwriter's certification and monitoring roles in IPO earnings management; the second essay explores the relation between IPO earnings management and post-IPO institutional ownership.

In the first essay, we investigate the certification role played by underwriters. We hypothesize that there is a negative relation between IPO earnings management and underwriter reputation and that there is a positive relation between underwriter reputation and firm operating performance. In addition, underwriters continue providing monitoring to the firms they take public. Using a sample of IPOs, we …

Pay And Performance: Among 100 Best U.S. Companies To Work For, Omair Mahmood Faisal

Undergraduate Theses and Capstone Projects

In the 21st century, world is becoming a global village and with increased competition businesses are always looking for regions with the lowest possible production costs. Appropriate compensation of U.S. employees working for major U.S. corporations is a hotly debated topic in political circles. This research focuses on the top 100 companies designated as “the best companies to work for” by Fortune Magazine for the year 2006. Performance of these companies, as measured by their return on equity, return on assets, revenue growth and earnings growth along with their profit margin is used to determine the impact on them as …

Editor's Introduction: Technology And Development, Paul C. Godfrey

Journal of Microfinance / ESR Review

No abstract provided.

Front Matter, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Empowering The Next Billion, John E. Davies

Journal of Microfinance / ESR Review

When i travel to India, China, and other growing nations, I am visibly struck by the living conditions I hear about, statistically, there is an estimated 4 billion people who live in poverty around the world. It's visible. It's tangible. But I am also hit, with equal impact, by the relentless and imaginative entrepreneurship I witness in these very same places by people who, from my frame of reference, have scarce resources.

Improving Microfinance Through Telecommunications, Peter Bladin

Journal of Microfinance / ESR Review

No abstract provided.

E-Business And Economic Self-Reliance, Stephen W. Liddle

Journal of Microfinance / ESR Review

I am often asked to speak on the subject of e-business—its ramifications for modern organizations and its impact on our students who will soon be entering the workforce. E-business is the use of information technology and electronic communication networks to exchange business information and conduct transactions in electronic, paperless form. From online retail operations to Web-enabled self-service technical support, organizations around the world are transforming in significant and far-reaching ways.

Banking The Unbanked, Janine Firpo

Journal of Microfinance / ESR Review

No abstract provided.

Double Bottom Line Growth, Patrick Crompton

Journal of Microfinance / ESR Review

No abstract provided.

Pebble In A Pond, Stephen R. Barley

Journal of Microfinance / ESR Review

Paul C. Godfrey, associate academic director of BYU’s Economic Self-Reliance Center, sat down with Stephen R. Barley, the Charles M. Pigott Professor of Management Science and Engineering at Stanford University, to discuss problems and needs associated with implementing technology in developing countries. Barley is co-director of the Center for Work, Technology, and Organization at Stanford’s School of Engineering, and the co-director of the Stanford/General Motors Collaborative Research Laboratory. He has written extensively on the impact of new technologies on work, the organization of technical work, and organizational culture. Barley was a member of the Board of Senior Scholars of the …

Center News, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Partner Profiles, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Reason: Christianity To Capitalism, Assunta M. Forgione

Journal of Microfinance / ESR Review

No abstract provided.