By Allin F. Cottrell, Michael S. Lawlor, John H. Wood
One of the foremost monetary industry occasions of the Eighties used to be the precipitous upward thrust of depository establishment disasters together with banks, mark downs and personal loan institutions, and credits unions. no longer because the Thirties has there been an analogous interval of turmoil in those industries. The occasions of the Eighties have encouraged a renewed curiosity within the motives and value of monetary establishment failure and a number of other questions that had seldom been requested within the post-World battle II economics literature have resurfaced
- Why do monetary associations fail?
- What are the prices in their failure?
- How do they range from different enterprises and industries?
- What are the consequences for monetary marketplace law?
The explanations and prices of Depository establishment Failures severely surveys and extends earlier analyses of those questions.
Audience: students and researchers within the parts of cash and banking, monetary associations, and fiscal markets, in addition to regulators and policymakers.
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Sample text
Specifications that include both the behavioral and the structural variables provide results that generally are consistent with the separate behavior-only and structure-only specifications. The overall explanatory power of the model rises when the full specification is employed, however, as evidenced by the increases in the log-likelihood, adjusted R2, and pseudo R2 statistics. The pseudo R2 statistics indicate that the structure-only and behavior-only specifications explain about a third of the variation in the failure variable, whereas the combined specification explains almost half of this variation.
Structural characteristics measured as of year-end 1982 show sharp contrasts in the failing and surviving groups. Failing thrifts reported significandy lower tangible net worth ratios and net interest margins, but significandy higher ratios of risk-weighted-asset ratios and levels of assets. State-charter and, to a lesser extent, federal-charter stock thrifts are significandy over-represented in the group of failing thrifts, which is supportive of the hypothesis that moral hazard incentives were affected byorganizational form.
To see if the general findings of this study are driven by Southwestern institutions, the FIML model is reestimated using a sample that excludes thrifts located in the Ninth FHLB District. This reduces the sample size to 1,904 thrifts, of which 364 are classified as failures. The last four columns of Table 1 provide the mean values for this restricted sample and, separately, for the failing and surviving thrifts in the restricted sample, as well as t-tests for differences in the mean values of the failing and surviving groups.