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  • 1
    Electronic Resource
    Electronic Resource
    Thrift Asset-Class Returns and the Efficient Diversification of Thrift Institution Portfolios (1994)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 22 (1994), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We estimate quarterly return series from March 1984 through December 1989 for 10 classes of thrift assets using the statistical cost-accounting methodology of Hester and Zoellner (1966). We then use these return series to estimate mean-variance efficient frontiers for all thrifts, for thrifts that were well capitalized two years earlier and for thrifts that were insolvent two years earlier. Our results show that neither the asset restrictions existing before nor those in effect after passage of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 would have prevented thrifts from reaching most of the portfolios along the efficient frontier. The actual portfolio chosen by well-capitalized thrifts is close to the estimated efficient frontier, while the actual portfolio chosen by insolvent thrifts is located far from the frontier in the high-risk end of investment space. These findings, coupled with the high proportion of nontraditional assets in the actual portfolio chosen by insolvent thrifts, support the hypothesis that moral hazard induced thrifts to take on investments that were excessively risky from the deposit insurer's point of view.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00627
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    Inflation, Taxes, and the Demand For Housing (1982)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 10 (1982), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Inflation affects homeownership and housing adversely through the “real-payment tilt” of the conventional mortgage. Expectations of additional housing price appreciation, however, may induce households to invest in housing. This paper uses household data to estimate the demand for homeownership and housing, and it takes explicit notice of expectations of housing price appreciation. The results indicate for each 1% increase in the inflation rate that the conditional probability of purchase falls by 3%. Interest rate effects outweigh appreciation and tax effects. Given the decision to purchase, housing appreciation expectations do not have large effects on the amount purchased.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00256
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  • 3
    Electronic Resource
    Electronic Resource
    Asymmetric-information and principal-agent problems as sources of value in FSLIC-Assisted acquisitions of insolvent thrifts (1994)
    Springer
    Journal of financial services research 8 (1994), S. 5-28 
    Details
    ISSN: 1573-0735
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This study uses a two-factor market-model to estimate excess returns around 43 announcements of FSLIC-assisted thrift mergers and 66 announcements of unassisted thrift mergers. These estimated excess returns are then used to test hypotheses about asymetric-information and principal-agent problem in the thrift resolution process as sources of value in these mergers. The results show that acquirers in assisted transactions earned positive and statistically significant excess returns of approximately 2 percent, whereas acquirers in unassisted transactions earned excess returns that are not significantly different from zero; however, the excess returns in the assisted mergers are quantitatively small. For the 43 assisted mergers, estimated excess returns imply aggregate wealth transfers of only $13 million as compared with $2.3 billion in FSLIC assistance that were granted in these transactions. These findings suggest that the FSLIC-assisted transactions were reasonably well structured and that the assistance granted did not result in large wealth transfers to acquirers of insolvent institutions. Finally, the study provides evidence that informational asymmetries and principal-agent problems in the thrift resolution process were significant sources of excess returns for the acquirers receiving FSLIC assistance.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01052936
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  • 4
    Electronic Resource
    Electronic Resource
    Moral Hazard, portfolio allocation, and asset returns for thrift institutions (1992)
    Springer
    Journal of financial services research 5 (1992), S. 315-339 
    Details
    ISSN: 1573-0735
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article examines the earnings performance of nontraditional assets allowed to thrifts since the early 1980s. It uses the statistical cost accounting methodology developed by Hester and Zoellner to estimate average returns on thrift portfolio investments for the years ending June 30, 1987 and June 30, 1988. Results show that average returns on land loans, service corporation investment, real estate investment, and commercial loans were significantly lower than returns on more traditional assets. The results are far more pronounced at capital deficient institutions, lending support to the hypothesis that they used nontraditional investments as a means of exploiting the deposit insurance system. Returns on nontraditional assets are significantly affected by geographic factors, even for well capitalized institutions. The article concludes with an evaluation of the reimposition of portfolio restrictions on thrifts by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00114070
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  • 5
    Electronic Resource
    Electronic Resource
    Book critiques (1981)
    Springer
    Environmental biology of fishes 6 (1981), S. 253-255 
    Details
    ISSN: 1573-5133
    Source: Springer Online Journal Archives 1860-2000
    Topics: Biology
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00002789
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  • 6
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    Unknown
    Book critiques (1981)
    Springer
    Details
    Publication Date: 1981-05-01
    Print ISSN: 0378-1909
    Electronic ISSN: 1573-5133
    Topics: Biology
    Published by Springer
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