João A. C. Santos

Federal Reserve Bank of New York

Senior Vice President

33 Liberty Street

New York, NY 10045

United States

http://HTTP://WWW.NEWYORKFED.ORG/RMAGHOME/ECONOMIST/SANTOS/CONTACT.HTML

Nova School of Business and Economics

Campus de Carcavelos

Rua da Holanda, 1

Carcavelos, 2775-405

Portugal

  • Federal Reserve Bank of New York

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    • Fax: 212-720-8363

  • Nova School of Business and Economics

SCHOLARLY PAPERS

80

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39,988

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Top 1,224

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1,119

Scholarly Papers (80)

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1.

Bank Capital Regulation in Contemporary Banking Theory: A Review of the Literature

Downloads 4,069 ( 5,660)
Citation 75

Bank Capital Regulation in Contemporary Banking Theory: A Review of the Literature

BIS Working Paper No. 90
Number of pages: 63 Posted: 13 Dec 2005
João A. C. Santos
Federal Reserve Bank of New York
Downloads 4,069 (5,552)
Citation 75

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Banking regulation, capital standards, Basel Capital Accord

Bank Capital Regulation in Contemporary Banking Theory: A Review of the Literature

Posted: 29 Jan 2001
João A. C. Santos
Federal Reserve Bank of New York

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Banking regulation, capital standards, Basel Capital Accord

2.

The Valuation of Collateral in Bank Lending

Journal of Financial and Quantitative Analysis, Forthcoming
Number of pages: 50 Posted: 20 Oct 2019 Last Revised: 20 Sep 2023
Stephan Luck and João A. C. Santos
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 1,863 (19,888)
Citation 12

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collateral, collateral pricing, bank lending, macro-finance

3.

Cross Selling and Banking Efficiency

Number of pages: 19 Posted: 07 Nov 2001
Luis M. B. Cabral and João A. C. Santos
New York University (NYU) - Leonard N. Stern School of Business - Department of Economics and Federal Reserve Bank of New York
Downloads 1,755 (21,779)
Citation 5

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cross selling, commercial banking, investment banking, insurance

4.

Identifying the Effect of Managerial Control on Firm Performance

Downloads 1,440 (29,370)
Citation 12

Identifying the Effect of Managerial Control on Firm Performance

Journal of Accounting and Economics 41, 55-85, 2006.
Number of pages: 48 Posted: 08 Nov 2005
Renee B. Adams and João A. C. Santos
University of Oxford and Federal Reserve Bank of New York
Downloads 778 (69,101)
Citation 12

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Managerial control, Voting rights, Performance measurement, Trust investments

Identifying the Effect of Managerial Control on Firm Performance

Number of pages: 45 Posted: 09 Mar 2002
Renee B. Adams and João A. C. Santos
University of Oxford and Federal Reserve Bank of New York
Downloads 662 (85,308)

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Managerial control, Voting rights, Performance measurement, Trust investments

5.

Do 'Too-Big-To-Fail' Banks Take on More Risk?

Downloads 1,432 (29,605)
Citation 16

Do 'Too-Big-To-Fail' Banks Take on More Risk?

Economic Policy Review 20(2), 41-58, 2014.
Number of pages: 20 Posted: 05 Apr 2014 Last Revised: 01 Mar 2021
Gara Afonso, João A. C. Santos and James Traina
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of San Francisco
Downloads 1,158 (39,781)
Citation 16

Abstract:

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too-big-to-fail, government support

Do 'Too-Big-To-Fail' Banks Take on More Risk?

Journal of Financial Perspectives, Vol. 3, No. 2, 2015
Number of pages: 33 Posted: 07 Dec 2017
Gara Afonso, João A. C. Santos and James Traina
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of San Francisco
Downloads 274 (239,720)

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6.

Liquidity Risk, and Maturity Management over the Credit Cycle

Journal of Financial Economics (JFE), Vol. 127, 2018
Number of pages: 35 Posted: 17 Mar 2012 Last Revised: 28 Jul 2018
Atif R. Mian and João A. C. Santos
Princeton University - Department of Economics and Federal Reserve Bank of New York
Downloads 1,360 (31,920)
Citation 35

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Refinance, liquidity risk, maturity management

7.

Trends in Financial Market Concentration and their Implications for Market Stability

Economic Policy Review, Vol. 13, No. 1, March 2007
Number of pages: 19 Posted: 26 Mar 2007
Nicola Cetorelli, Beverly Hirtle, Donald P. Morgan, Stavros Peristiani and João A. C. Santos
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York--Retired and Federal Reserve Bank of New York
Downloads 1,277 (35,018)
Citation 6

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Financial stability, financial crises, market concentration, competition, substitutability

8.

The Rise of the Originate-to-Distribute Model and the Role of Banks in Financial Intermediation

Economic Policy Review, Vol. 18, No. 2, 21-34, July 2012
Number of pages: 14 Posted: 19 Sep 2012
Vitaly Bord and João A. C. Santos
Federal Reserve Board and Federal Reserve Bank of New York
Downloads 1,263 (35,598)
Citation 34

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Securitization, CLOs, shadow banking

9.

Has the CDS Market Lowered the Cost of Corporate Debt?

Downloads 1,132 (41,824)
Citation 65

Has the CDS Market Lowered the Cost of Corporate Debt?

Number of pages: 44 Posted: 21 Jun 2007 Last Revised: 22 Jun 2016
Adam B. Ashcraft and João A. C. Santos
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 1,132 (41,164)
Citation 65

Abstract:

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Credit default swaps, loan spreads, credit spreads.

Has the CDS Market Lowered the Cost of Corporate Debt?

Journal of Monetary Economics, Vol. 56, No. 4, 2009
Posted: 23 Sep 2009
Adam B. Ashcraft and João A. C. Santos
Federal Reserve Bank of New York and Federal Reserve Bank of New York

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Credit default swaps, loan spreads, credit spreads

10.

Allocating Bank Regulatory Powers: Lender of Last Resort, Deposit Insurance and Supervision

Downloads 1,055 (46,176)
Citation 8

Allocating Bank Regulatory Powers: Lender of Last Resort, Deposit Insurance and Supervision

AFA 2002 Atlanta Meetings, BIS Working Paper No. 102
Number of pages: 46 Posted: 13 Dec 2005
Charles M. Kahn and João A. C. Santos
University of Illinois, Urbana-Champaign and Federal Reserve Bank of New York
Downloads 1,055 (45,439)
Citation 8

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Allocating Bank Regulatory Powers: Lender of Last Resort, Deposit Insurance and Supervision

European Economic Review, Vol. 49, No. 8, pp. 2107-2136, 2005
Posted: 26 Aug 2005
Charles M. Kahn and João A. C. Santos
University of Illinois, Urbana-Champaign and Federal Reserve Bank of New York

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11.

Bank Loans, Bonds, and Information Monopolies Across the Business Cycle

Downloads 948 (53,675)
Citation 59

Bank Loans, Bonds, and Information Monopolies Across the Business Cycle

AFA 2006 Boston Meetings Paper
Number of pages: 57 Posted: 26 Mar 2005
João A. C. Santos and Andrew Winton
Federal Reserve Bank of New York and University of Minnesota - Twin Cities - Carlson School of Management
Downloads 948 (52,795)
Citation 59

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bank loans, bonds, information rents, hold-up problem

Bank Loans, Bonds, and Information Monopolies Across the Business Cycle

Journal of Finance 63(3), 1315-1359, 2008.
Posted: 22 Jun 2007 Last Revised: 15 Jan 2021
João A. C. Santos and Andrew Winton
Federal Reserve Bank of New York and University of Minnesota - Twin Cities - Carlson School of Management

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bank loans, bonds, information rents, hold-up problem

12.

Bank Corporate Loan Pricing Following the Subprime Crisis

Downloads 931 (55,066)
Citation 91

Bank Corporate Loan Pricing Following the Subprime Crisis

Number of pages: 33 Posted: 31 Jul 2009
João A. C. Santos
Federal Reserve Bank of New York
Downloads 565 (104,517)
Citation 39

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subprime losses, bank losses, loan spreads, hold-up, information monopolies

Bank Corporate Loan Pricing Following the Subprime Crisis

Review of Financial Studies 24(6) 1916–1943, 2011
Number of pages: 44 Posted: 13 Dec 2010 Last Revised: 18 Jan 2021
João A. C. Santos
Federal Reserve Bank of New York
Downloads 366 (175,360)
Citation 52

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Subprime losses, bank losses, loan spreads, hold-up, information monopolies

13.

Does Securitization of Corporate Loans Lead to Riskier Lending?

Journal of Money Credit and Banking 47(2-3), 415-444, 2015.
Number of pages: 39 Posted: 18 May 2011 Last Revised: 18 Jan 2021
Vitaly Bord and João A. C. Santos
Federal Reserve Board and Federal Reserve Bank of New York
Downloads 876 (59,855)
Citation 41

Abstract:

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Securitization, CLOs, Loan Performance, Loan Spreads

14.

Bank Capital, Borrower Power, and Loan Rates

EFA 2009 Bergen Meetings Paper, AFA 2010 Atlanta Meetings Paper, Review of Financial Studies 32(11), 4501-4541, 2019.
Number of pages: 49 Posted: 18 Feb 2009 Last Revised: 18 Jan 2021
João A. C. Santos and Andrew Winton
Federal Reserve Bank of New York and University of Minnesota - Twin Cities - Carlson School of Management
Downloads 853 (62,125)
Citation 22

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Bank loans, bank capital, loan spreads, cash flow, hold-up, information monopolies

15.

The Cost of Barriers to Entry: Evidence from the Market for Corporate Euro Bond Underwriting

BIS Working Paper No. 134, EFA 2003 Annual Conference Paper
Number of pages: 33 Posted: 20 Sep 2007
João A. C. Santos and Kostas Tsatsaronis
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 839 (63,559)
Citation 30

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market segmentation, corporate bond underwriting, euro

16.

The Decision to First Enter the Public Bond Market: The Role of Firm Reputation, Funding Choices, & Bank Relationships

Downloads 807 (66,952)
Citation 15

The Decision to First Enter the Public Bond Market: The Role of Firm Reputation, Funding Choices, & Bank Relationships

Yale ICF Working Paper No. 04-47
Number of pages: 47 Posted: 06 Dec 2004
Galina Hale and João A. C. Santos
University of California, Santa Cruz and Federal Reserve Bank of New York
Downloads 807 (65,915)
Citation 15

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bond financing, reputation, bank relationships, duration analysis

The Decision to First Enter the Public Bond Market: The Role of Firm Reputation, Funding Choices, & Bank Relationships

Journal of Banking and Finance 32(9), 1928-1940, 2008.
Posted: 23 Jan 2008 Last Revised: 15 Jan 2021
Galina Hale and João A. C. Santos
University of California, Santa Cruz and Federal Reserve Bank of New York

Abstract:

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bond financing, reputation, bank relationships, duration analysis

17.

Systemic Risk and Deposit Insurance Premiums

Downloads 769 (71,311)
Citation 21

Systemic Risk and Deposit Insurance Premiums

Economic Policy Review, Forthcoming
Number of pages: 11 Posted: 31 Oct 2009
Viral V. Acharya, Viral V. Acharya, João A. C. Santos and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Federal Reserve Bank of New York and Koc University
Downloads 482 (127,143)
Citation 8

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Systemic Risk and Deposit Insurance Premiums

Economic Policy Review, Vol. 16, No. 1, p. 89, August 2010
Number of pages: 11 Posted: 17 Sep 2010
Viral V. Acharya, Viral V. Acharya, Tanju Yorulmazer and João A. C. Santos
New York University (NYU) - Leonard N. Stern School of Business, Koc University and Federal Reserve Bank of New York
Downloads 287 (228,371)
Citation 13

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Financial Crisis, Too-Big-to-Fail, Fire Sales, FDIC, Time-Inconsistency, Too-Many-to-Fail

18.

Bank Lending Networks and the Propagation of Natural Disasters

Financial Management 51(3), 903-927, 2022.
Number of pages: 44 Posted: 14 Mar 2020 Last Revised: 19 Sep 2023
Ivan Ivanov, Marco Macchiavelli and João A. C. Santos
Federal Reserve Bank of Chicago, Isenberg School of Management and Federal Reserve Bank of New York
Downloads 680 (83,643)
Citation 22

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Natural disasters, Syndicated loans, Bank networks, Shadow banks

19.

Monetary Policy and Bank Risk-Taking: Evidence from the Corporate Loan Market

Journal of Financial Intermediation, Vol. 30, pp. 35-49, 2017
Number of pages: 50 Posted: 25 Jan 2012 Last Revised: 31 Jul 2018
Teodora Paligorova and João A. C. Santos
Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York
Downloads 661 (86,695)
Citation 66

Abstract:

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Risk-taking channel, monetary policy, loan spreads

20.

Alternative Forms of Mixing Banking with Commerce: Evidence from American History

Downloads 652 (88,241)
Citation 2

Alternative Forms of Mixing Banking with Commerce: Evidence from American History

Number of pages: 49 Posted: 28 Mar 2002
Joseph G. Haubrich and João A. C. Santos
Federal Reserve Bank of Cleveland and Federal Reserve Bank of New York
Downloads 652 (87,020)
Citation 2

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Banking, commerce, equity investments, trust departments, director interlocks

Alternative Forms of Mixing Banking with Commerce: Evidence from American History

Financial Markets, Institutions & Instruments, Vol 12, No. 2, 2003
Posted: 22 Sep 2003
Joseph G. Haubrich and João A. C. Santos
Federal Reserve Bank of Cleveland and Federal Reserve Bank of New York

Abstract:

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Banking, commerce, equity investments, trust departments, director interlocks

21.

The American Keiretsu and Universal Banks: Investing, Voting and Sitting on Nonfinancials' Corporate Boards

Downloads 640 (90,370)

The American Keiretsu and Universal Banks: Investing, Voting and Sitting on Nonfinancials' Corporate Boards

Number of pages: 51 Posted: 22 Jan 2003
João A. C. Santos and Adrienne S. Rumble
Federal Reserve Bank of New York and Federal Reserve Bank of New York - Research Group
Downloads 640 (89,138)

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The American Keiretsu and Universal Banks: Investing, Voting and Sitting on Nonfinancials' Corporate Boards

Journal of Financial Economics 80, 419-454, 2006.
Posted: 26 Aug 2005
João A. C. Santos and Adrienne S. Rumble
Federal Reserve Bank of New York and Federal Reserve Bank of New York - Research Group

Abstract:

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22.

The Costs of Corporate Debt Overhang

Number of pages: 54 Posted: 12 Oct 2020 Last Revised: 20 Jul 2021
Kristian Blickle and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 625 (93,164)
Citation 4

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Debt Overhang, Recession, Firm Growth

23.

The Transformation of Banking: Tying Loan Interest Rates to Borrowers' CDS Spreads

Downloads 598 (98,579)
Citation 3

The Transformation of Banking: Tying Loan Interest Rates to Borrowers' CDS Spreads

Journal of Corporate Finance 38, 150-165, 2016., Simon School Working Paper No. FR 13-25
Number of pages: 41 Posted: 27 Aug 2013 Last Revised: 01 Mar 2021
Ivan Ivanov, João A. C. Santos and Thu Vo
Federal Reserve Bank of Chicago, Federal Reserve Bank of New York and Amherst Securities Group LP
Downloads 511 (118,494)
Citation 3

Abstract:

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Market-based pricing, loan spreads, loan covenants, CDS spreads

Tying Loan Interest Rates to Borrowers' CDS Spreads

FEDS Working Paper No. 2014-70
Number of pages: 56 Posted: 31 May 2017 Last Revised: 02 Jun 2017
Ivan Ivanov, João A. C. Santos and Thu Vo
Federal Reserve Bank of Chicago, Federal Reserve Bank of New York and Amherst Securities Group LP
Downloads 87 (640,385)

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Market-based pricing, loan spreads, loan covenants, CDS spreads

24.

U.S. Banks’ Exposures to Climate Transition Risks

FRB of New York Staff Report No. 1058, Rev. January 2024
Number of pages: 81 Posted: 06 Apr 2023 Last Revised: 05 Feb 2024
Hyeyoon Jung, João A. C. Santos and Lee Seltzer
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 574 (103,894)
Citation 14

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banks’ climate risk exposures, climate transition risks, NGFS scenarios

25.

Is the Secondary Loan Market Valuable for Borrowers?

Downloads 541 (111,902)
Citation 1

Is the Secondary Loan Market Valuable for Borrowers?

Number of pages: 31 Posted: 05 Nov 2007
Peter J. Nigro and João A. C. Santos
Bryant University - Department of Finance and Federal Reserve Bank of New York
Downloads 413 (152,951)
Citation 1

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loan spreads, bid-ask spreads, liquidity, secondary loan market

Is the Secondary Loan Market Valuable to Borrowers?

Quarterly Review of Economics and Finance, Vol. 49, pp. 1410-1428, 2009
Number of pages: 31 Posted: 10 Feb 2010
Peter J. Nigro and João A. C. Santos
Bryant University - Department of Finance and Federal Reserve Bank of New York
Downloads 128 (482,989)

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Loan spreads, bid-ask spreads, liquidity, secondary loan market

26.

Does Banks' Corporate Control Benefit Firms? Evidence from US Banks' Control Over Firms' Voting Rights

AFA 2007 Chicago Meetings Paper, EFA 2007 Ljubljana Meetings Paper, Journal of Financial Services Research 51, 283-311, 2017
Number of pages: 45 Posted: 20 Mar 2006 Last Revised: 20 Sep 2023
João A. C. Santos and Kristin E. Wilson
Federal Reserve Bank of New York and affiliation not provided to SSRN
Downloads 509 (120,637)
Citation 23

Abstract:

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Corporate control, trust business, voting rights, agency costs of debt

27.

Why Firm Access to the Bond Market Differs Over the Business Cycle: A Theory and Some Evidence

Downloads 504 (122,035)
Citation 9

Why Firm Access to the Bond Market Differs Over the Business Cycle: A Theory and Some Evidence

Number of pages: 59 Posted: 10 Dec 2003
João A. C. Santos
Federal Reserve Bank of New York
Downloads 504 (120,496)
Citation 9

Abstract:

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Business cycles, bond financing, bond spreads, credit ratings

Why Firm Access to the Bond Market Differs Over the Business Cycle: A Theory and Some Evidence

Journal of Banking and Finance, Vol. 30, No. 10, pp. 2715-2736, 2006
Posted: 28 Oct 2005 Last Revised: 20 Jan 2008
João A. C. Santos
Federal Reserve Bank of New York

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Business cycles, bond financing, bond spreads, credit ratings

28.

Do Banks Price Their Informational Monopoly?

Downloads 498 (123,847)
Citation 36

Do Banks Price Their Informational Monopoly?

EFA 2007 Ljubljana Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 48 Posted: 25 Mar 2008 Last Revised: 29 Mar 2008
Galina Hale and João A. C. Santos
University of California, Santa Cruz and Federal Reserve Bank of New York
Downloads 498 (122,274)
Citation 36

Abstract:

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Informational rents, loan spreads, bond IPOs, bond spreads, bank relationships

Do Banks Price Their Informational Monopoly?

Journal of Financial Economics (JFE), Vol. 93, 2009
Posted: 26 Sep 2009
Galina Hale and João A. C. Santos
University of California, Santa Cruz and Federal Reserve Bank of New York

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informational rents, loan spreads, Bond IPOs, bond spreads, bank relationships

29.

Liquidity, Payment and Endogenous Financial Fragility

EFA 2005 Moscow Meetings Paper
Number of pages: 36 Posted: 06 Mar 2005 Last Revised: 04 May 2010
Charles M. Kahn and João A. C. Santos
University of Illinois, Urbana-Champaign and Federal Reserve Bank of New York
Downloads 487 (127,199)
Citation 8

Abstract:

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Systemic risk, liquidity, payment services, bank regulation

30.

Switching from Single to Multiple Bank Lending Relationships: Determinants and Implications

Downloads 487 (127,199)
Citation 38

Switching from Single to Multiple Bank Lending Relationships: Determinants and Implications

BIS Working Paper No. 83
Number of pages: 40 Posted: 13 Dec 2005
Maria Luísa Alcoforado Farinha and João A. C. Santos
Bank of Portugal and Federal Reserve Bank of New York
Downloads 487 (125,617)
Citation 38

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Switching from Single to Multiple Bank Lending Relationships: Determinants and Implications

Journal of Financial Intermediation 11, 124-151, 2002
Posted: 29 May 2002 Last Revised: 01 Mar 2021
Maria Luísa Alcoforado Farinha and João A. C. Santos
Bank of Portugal and Federal Reserve Bank of New York

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Relationship lending, single relationships, multiple relationships

31.

Has the U.S. Bond Market Lost its Edge to the Eurobond Market?

Downloads 483 (128,428)
Citation 2

Has the U.S. Bond Market Lost its Edge to the Eurobond Market?

Number of pages: 49 Posted: 21 Mar 2008
Stavros Peristiani and João A. C. Santos
Federal Reserve Bank of New York--Retired and Federal Reserve Bank of New York
Downloads 372 (172,200)
Citation 2

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Bonds, gross spreads, credit spreads, Eurobond market, U.S. bond market

Has the U.S. Bond Market Lost its Edge to the Eurobond Market?

International Review of Finance, 10(2), 149-183, 2010.
Number of pages: 38 Posted: 10 Feb 2010 Last Revised: 20 Sep 2023
Stavros Peristiani and João A. C. Santos
Federal Reserve Bank of New York--Retired and Federal Reserve Bank of New York
Downloads 111 (540,305)

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Bonds, gross spreads, credit spreads, Eurobond market, U.S. bond market

32.

Banking and Commerce: A Liquidity Approach

Downloads 431 (145,499)

Banking and Commerce: A Liquidity Approach

BIS Working Paper No. 78
Number of pages: 34 Posted: 13 Dec 2005
Joseph G. Haubrich and João A. C. Santos
Federal Reserve Bank of Cleveland and Federal Reserve Bank of New York
Downloads 431 (145,516)

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Banking, commerce, liquidity, synnergies, economies of scope

Banking and Commerce: A Liquidity Approach

Posted: 11 Jan 2005
Joseph G. Haubrich and João A. C. Santos
Federal Reserve Bank of Cleveland and Federal Reserve Bank of New York

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banking, commerce, liquidity

33.

Banks' Incentives and the Quality of Internal Risk Models

Downloads 415 (153,658)
Citation 86

Banks' Incentives and the Quality of Internal Risk Models

Review of Financial Studies} 31(6), 2080-2112, 2018.
Number of pages: 42 Posted: 31 Dec 2014 Last Revised: 01 Mar 2021
Matthew C. Plosser and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 211 (310,873)
Citation 64

Abstract:

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banks, incentives, default models, capital regulation, Basel II

Banks' Incentives and the Quality of Internal Risk Models

Number of pages: 41 Posted: 11 Dec 2014
Matthew C. Plosser and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 204 (321,199)
Citation 22

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banks, regulation, capital, internal ratings, Basel II

34.

Allocating Lending of Last Resort and Supervision in the Euro Area

Number of pages: 25 Posted: 24 May 2002
Charles M. Kahn and João A. C. Santos
University of Illinois, Urbana-Champaign and Federal Reserve Bank of New York
Downloads 407 (157,124)
Citation 5

Abstract:

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35.

The Importance of Bank Seniority for Relationship Lending

Downloads 395 (162,520)
Citation 7

The Importance of Bank Seniority for Relationship Lending

BIS Working Paper No. 58
Number of pages: 37 Posted: 13 Dec 2005
Stanley D. Longhofer and João A. C. Santos
Wichita State University - W. Frank Barton School of Business and Federal Reserve Bank of New York
Downloads 395 (160,934)
Citation 7

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The Importance of Bank Seniority for Relationship Lending

Posted: 29 Mar 2000
Stanley D. Longhofer and João A. C. Santos
Wichita State University - W. Frank Barton School of Business and Federal Reserve Bank of New York

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36.

A Theory of Collateral for the Lender of Last Resort

Review of Finance, 25(4), 973-996, 2021.
Number of pages: 38 Posted: 28 Nov 2016 Last Revised: 20 Sep 2023
Dong Beom Choi, João A. C. Santos and Tanju Yorulmazer
Seoul National University - Business School, Federal Reserve Bank of New York and Koc University
Downloads 380 (169,710)
Citation 6

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Central Bank, Liquidity, Macroprudential policy, Externality, Interbank Market, Lending Facilities

37.

Loan Ownership and Liquidity in the Secondary Loan Market

Journal of Financial Services Research 63, 249–272, 2023.
Number of pages: 53 Posted: 14 Apr 2017 Last Revised: 19 Sep 2023
João A. C. Santos and Pei Shao
Federal Reserve Bank of New York and Dhillon School of Business, University of Lethbridge
Downloads 343 (190,005)
Citation 1

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Loan Syndicate, Investor Diversity, Informed Investors, Loan Market Liquidity

38.

Commercial Banks in the Securities Business: A Review

Downloads 336 (194,274)
Citation 12

Commercial Banks in the Securities Business: A Review

BIS Working Paper No. 56
Number of pages: 37 Posted: 13 Dec 2005
João A. C. Santos
Federal Reserve Bank of New York
Downloads 336 (192,549)
Citation 12

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Commercial Banks in the Securities Business: A Review

Posted: 18 Jul 2000
João A. C. Santos
Federal Reserve Bank of New York

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39.

The Side Effects of Shadow Banking on Liquidity Provision

Number of pages: 57 Posted: 28 Oct 2019
Teodora Paligorova and João A. C. Santos
Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York
Downloads 335 (194,920)
Citation 4

Abstract:

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shadow banks, term loan and credit line deals

40.

The Paradox of Priority

Downloads 331 (197,521)
Citation 4

The Paradox of Priority

Number of pages: 21 Posted: 15 Jan 2001
Stanley D. Longhofer and João A. C. Santos
Wichita State University - W. Frank Barton School of Business and Federal Reserve Bank of New York
Downloads 331 (195,802)
Citation 4

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The Paradox of Priority

Financial Managment, Vol 32, No. 1, pp. 69-81, 2003
Posted: 17 Feb 2003
Stanley D. Longhofer and João A. C. Santos
Wichita State University - W. Frank Barton School of Business and Federal Reserve Bank of New York

Abstract:

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41.

The Survival of Start-Ups: Do Their Funding Choices and Bank Relationships at Birth Matter?

Number of pages: 43 Posted: 13 Dec 2006
Maria Luísa Alcoforado Farinha and João A. C. Santos
Bank of Portugal and Federal Reserve Bank of New York
Downloads 325 (201,428)

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Start-ups, funding sources, lending relationships, bank equity stakes in firms

42.

Evidence from the Bond Market on Banks' 'Too-Big-To-Fail' Subsidy

Economic Policy Review 20(2), 29-39, 2014.
Number of pages: 24 Posted: 04 Apr 2014 Last Revised: 01 Mar 2021
João A. C. Santos
Federal Reserve Bank of New York
Downloads 320 (204,839)
Citation 3

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bond spreads, too-big-to-fail

43.

Bank Monitoring

Number of pages: 36 Posted: 02 Dec 2015 Last Revised: 12 Feb 2016
Matthew C. Plosser and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 316 (207,624)
Citation 1

Abstract:

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banks, monitoring, syndicated loans

44.

Home Country Bias: Does Domestic Experience Help Investors Enter Foreign Markets?

Downloads 311 (211,267)
Citation 1

Home Country Bias: Does Domestic Experience Help Investors Enter Foreign Markets?

Journal of Banking and Finance, Vol. 35, No. 9, 2011
Number of pages: 30 Posted: 04 Feb 2009 Last Revised: 20 Sep 2023
Margarida Abreu, Victor Mendes and João A. C. Santos
ISEG-UTL, CMVM - Comissao do Mercado de Valores Mobiliarios and Federal Reserve Bank of New York
Downloads 211 (310,873)
Citation 1

Abstract:

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learning, home country bias, duration analysis

Home Country Bias: Does Domestic Experience Help Investors Enter Foreign Markets?

Journal of Banking and Finance, Forthcoming
Number of pages: 33 Posted: 13 Dec 2010
Margarida Abreu, Victor Mendes and João A. C. Santos
ISEG-UTL, CMVM - Comissao do Mercado de Valores Mobiliarios and Federal Reserve Bank of New York
Downloads 100 (584,522)

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Learning, home country bias, duration analysis

45.

Banks' Liquidity and the Cost of Liquidity to Corporations

Journal of Money, Credit, and Banking, Vol 46, Issue 1, pp. 13-45, 2014
Number of pages: 41 Posted: 13 Sep 2011 Last Revised: 01 Aug 2018
Vitaly Bord and João A. C. Santos
Federal Reserve Board and Federal Reserve Bank of New York
Downloads 298 (221,182)
Citation 10

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Bank Liquidity, Credit Commitments, All-in-Undrawn Spreads, Commitment Fees

46.

Nonbank Investors and Loan Renegotiations

Number of pages: 57 Posted: 04 Jan 2017 Last Revised: 30 Aug 2018
Teodora Paligorova and João A. C. Santos
Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York
Downloads 296 (222,779)
Citation 5

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Corporate loans, CLOs, renegotiations, investor diversity

47.

Insurance Companies and the Growth of Corporate Loans' Securitization

FRB of New York Staff Report No. 975, Rev. March 2025
Number of pages: 103 Posted: 09 Aug 2021 Last Revised: 12 Mar 2025
Fulvia Fringuellotti and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 292 (225,997)
Citation 5

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insurance companies, CLOs, regulatory arbitrage, corporate loans, securitization

48.

The Importance of Deposit Insurance Credibility

Journal of Banking and Finance, No. 154, 2023
Number of pages: 37 Posted: 28 Sep 2020 Last Revised: 19 Sep 2023
Diana Bonfim and João A. C. Santos
Banco de Portugal and Federal Reserve Bank of New York
Downloads 290 (227,636)
Citation 1

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bank deposits, deposit insurance, bank runs, market discipline

49.

Do Markets 'Discipline' All Banks Equally?

Downloads 289 (228,460)

Do Markets 'Discipline' All Banks Equally?

Number of pages: 25 Posted: 10 Aug 2004 Last Revised: 16 Sep 2009
João A. C. Santos
Federal Reserve Bank of New York
Downloads 289 (226,730)

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Market discipline, bond financing, bond spreads, credit ratings

Do Markets 'Discipline' All Banks Equally?

Journal of Financial Economic Policy, Vol. 1, No. 1, pp. 107-123, 2009
Posted: 30 Sep 2009
João A. C. Santos
Federal Reserve Bank of New York

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Market discipline, bond financing, bond spreads, credit ratings

50.

The Cost of Bank Regulatory Capital

Downloads 115 (251,580)
Citation 4

The Cost of Bank Regulatory Capital

FRB of New York Staff Report No. 853
Number of pages: 59 Posted: 20 Jun 2018
Matthew C. Plosser and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 115 (525,791)
Citation 4

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Basel accords, capital regulation, cost of capital, loan spreads

51.

Optimal Supervisory Policies and Depositor-Preference Laws

BIS Working Paper No. 131, EFA 2001 Barcelona Meetings
Number of pages: 42 Posted: 13 Dec 2005
Henri Pagès and João A. C. Santos
Banque de France and Federal Reserve Bank of New York
Downloads 255 (259,623)
Citation 6

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Deposit insurance, depositor preference, supervision

52.

CLO Trading and Collateral Manager Bank Affiliation

Journal of Financial Intermediation, Vol. 39, 2019
Number of pages: 52 Posted: 11 May 2017 Last Revised: 19 Sep 2023
Stavros Peristiani and João A. C. Santos
Federal Reserve Bank of New York--Retired and Federal Reserve Bank of New York
Downloads 243 (272,343)
Citation 10

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CLOs, trading, distressed loans

53.

Why Do Banks Target ROE?

FRB of New York Staff Report No. 855, Journal of Financial Stability 54, 1-19, 2021.
Number of pages: 40 Posted: 20 Jun 2018 Last Revised: 19 Sep 2023
George Pennacchi and João A. C. Santos
University of Illinois at Urbana-Champaign - Department of Finance and Federal Reserve Bank of New York
Downloads 227 (291,134)
Citation 4

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banks, ROE, EPS

54.

Performance and Asset Management Effects of Bank Acquisitions

FRB of Cleveland Working Paper No. 96-19
Number of pages: 35 Posted: 10 Mar 1997 Last Revised: 18 Nov 2007
Ben R. Craig and João A. C. Santos
Federal Reserve Bank of Cleveland and Federal Reserve Bank of New York
Downloads 202 (325,383)
Citation 3

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55.

Syndicated Loan Market and Banks' Distant Lending

Number of pages: 58 Posted: 22 Dec 2021
Jack N. Glaser and João A. C. Santos
University of Chicago and Federal Reserve Bank of New York
Downloads 190 (344,385)
Citation 1

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Loan syndicates, lead banks, participant banks, distant lending

56.

Monetary Policy, Investor Flows, and Loan Fund Fragility

FRB of New York Staff Report No. 1008, Rev. April 2025. Previous title: “Monetary Policy and the Run Risk of Loan Funds”
Number of pages: 78 Posted: 07 Mar 2022 Last Revised: 15 Apr 2025
Nicola Cetorelli, Gabriele La Spada and João A. C. Santos
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 189 (346,038)
Citation 2

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mutual funds, monetary policy, leverage lending

57.

Banks' Exposure to Rollover Risk and the Maturity of Corporate Loans

Review of Finance, 20(6), 1-27, 2016.
Number of pages: 40 Posted: 03 Mar 2014 Last Revised: 20 Sep 2023
Teodora Paligorova and João A. C. Santos
Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York
Downloads 189 (346,038)
Citation 5

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wholesale funding, loan maturity, bond financing

58.

Combining Deposit Taking with Credit Line Provision and the Risk of Concurrent Runs by Depositors and Firms

Number of pages: 47 Posted: 12 Dec 2012
João A. C. Santos
Federal Reserve Bank of New York
Downloads 189 (346,038)
Citation 3

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bank deposits withdrawals, credit lines draw downs, liquidity risk

59.

Do Banks Propagate Debt Market Shocks?

Journal of Financial Economic Policy} 6(3), 270-310, 2014.
Number of pages: 45 Posted: 13 Oct 2009 Last Revised: 01 Mar 2021
Galina Hale and João A. C. Santos
University of California, Santa Cruz and Federal Reserve Bank of New York
Downloads 174 (372,774)
Citation 6

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Bank subdebt, bond spreads, lending channel, loan spreads

60.

Unintended Consequences of "Mandatory" Flood Insurance

FRB of New York Staff Report No. 1012
Number of pages: 55 Posted: 18 Apr 2022
Kristian Blickle and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 156 (409,852)
Citation 6

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insurance, unintended consequences, regulation, FEMA maps, flooding, mortgage lending, access to credit

61.

The Role of Liquidity Standards in Optimal Lending of Last Resort Policies

Journal of Financial Economics (JFE), Vol. 132, 2019
Number of pages: 38 Posted: 07 Jan 2014 Last Revised: 20 Sep 2023
João A. C. Santos and Javier Suarez
Federal Reserve Bank of New York and Centre for Monetary and Financial Studies (CEMFI)
Downloads 155 (412,002)
Citation 1

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Liquidity standards, lender of last resort, constructive ambiguity

62.

Macroprudential Policy and the Revolving Door of Risk: Lessons from Leveraged Lending Guidance

Journal of Financial Intermediation 34, 17-31, 2018.
Number of pages: 42 Posted: 01 Jun 2017 Last Revised: 01 Mar 2021
Sooji Kim, Matthew C. Plosser and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 149 (425,703)
Citation 21

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macroprudential regulation, leveraged loans, banks, enforcement, supervision, shadow banking

63.

What Makes Large Bank Failures So Messy and What to Do About It?

Economic Policy Review, 20(2), 229-244, 2014.
Number of pages: 41 Posted: 10 Apr 2014 Last Revised: 20 Sep 2023
James McAndrews, Donald P. Morgan, João A. C. Santos and Tanju Yorulmazer
Wharton Financial Institutions Center, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Koc University
Downloads 143 (442,617)
Citation 1

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64.

Do Mortgage Lenders Respond to Flood Risk?

FRB of New York Staff Report No. 1101, https://doi.org/10.59576/sr.1101
Number of pages: 43 Posted: 07 May 2024
Kristian Blickle, Evan Perry and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 132 (469,517)

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flood risk, flood maps, bank lending, climate change, natural disasters, HMDA, FEMA, credit constraints

65.

Bank Syndicates and Liquidity Provision

Downloads 123 (496,352)
Citation 3

Bank Syndicates and Liquidity Provision

Number of pages: 71 Posted: 07 May 2020 Last Revised: 29 Jul 2020
João A. C. Santos and S. Viswanathan
Federal Reserve Bank of New York and Duke University - Fuqua School of Business
Downloads 82 (664,148)
Citation 1

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Loan Syndicates, Loan Commitments, Credit Lines, Pricing, Liquidity

Bank Syndicates and Liquidity Provision

NBER Working Paper No. w27701
Number of pages: 71 Posted: 17 Aug 2020 Last Revised: 11 Mar 2023
João A. C. Santos and S. Viswanathan
Federal Reserve Bank of New York and Duke University - Fuqua School of Business
Downloads 41 (950,889)
Citation 2

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66.

Insurance, Weather, and Financial Stability

Downloads 110 (540,174)

Insurance, Weather, and Financial Stability

FRB of New York Staff Report No. 1107, https://doi.org/10.59576/sr.1107
Number of pages: 52 Posted: 03 Jun 2024 Last Revised: 20 May 2025
Charles M. Kahn, Ahyan Panjwani and João A. C. Santos
University of Illinois, Urbana-Champaign, Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York
Downloads 75 (700,148)

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insurance, bank lending, financial stability, natural disasters

Insurance, Weather, and Financial Stability

FEDS Working Paper No. 2024-67
Number of pages: 52 Posted: 29 Aug 2024
Charles M. Kahn, Ahyan Panjwani and João A. C. Santos
University of Illinois, Urbana-Champaign, Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York
Downloads 35 (1,013,112)

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Climate risk, Insurance, Bank lending, Financial Stability

67.

The Introduction of Market-Based Pricing in Corporate Lending

Journal of Financial Perspectives, Vol. 2, No. 1, 2014
Number of pages: 10 Posted: 01 Dec 2017
Ivan Ivanov, João A. C. Santos and Thu Vo
U.S. Securities and Exchange Commission - Division of Economic and Risk Analysis, Federal Reserve Bank of New York and Independent
Downloads 89 (623,924)

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68.

Evidence from the Bond Market on Banks' 'Too Big to Fail' Subsidy

Number of pages: 22 Posted: 03 Mar 2014 Last Revised: 01 Apr 2014
João A. C. Santos
Federal Reserve Bank of New York
Downloads 84 (646,386)
Citation 26

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Banks, bond spreads, too-big-to-fail

69.

Ratings-based Regulation and Systematic Risk Incentives

Review of Financial Studies 32(4) 1374-1415, 2019.
Number of pages: 51 Posted: 16 Oct 2023
Giuliano Iannotta, George Pennacchi and João A. C. Santos
Università Cattolica, University of Illinois at Urbana-Champaign - Department of Finance and Federal Reserve Bank of New York
Downloads 64 (752,176)
Citation 5

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Regulation, credit ratings, systematic risk

70.

Optimal Supervisory Policies and Depositor-Preferences Laws

Banque de France Working Paper No. 91
Number of pages: 42 Posted: 18 Apr 2011
Henri Pagès and João A. C. Santos
Banque de France and Federal Reserve Bank of New York
Downloads 51 (842,450)
Citation 86

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Deposit Insurance, Depositor Preference, Supervision

71.

Review of New York Fed Studies on the Effects of Post-Crisis Banking Reforms

Economic Policy Review, Vol. 24, No. 2, pp. 1-20
Number of pages: 20 Posted: 13 Sep 2023
Richard K. Crump and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 37 (967,096)

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72.

Lender of Last Resort and Markets' Growing Preference for Green Securities

Number of pages: 65
João A. C. Santos and Diana Hancock
Federal Reserve Bank of New York and Board of Governors of the Federal Reserve System
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LoLR, SMCCF, climate transition risk, corporate bond risk, liquidity

73.

Flood Risk Outside Flood Zones — A Look at Mortgage Lending in Risky Areas

Liberty Street Economics
Posted: 26 Sep 2024
Kristian Blickle, Evan Perry and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York

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floods, climate change, mortgages

74.

Potential Flood Map Inaccuracies in the Fed’s Second District

Liberty Street Economics
Posted: 15 Nov 2023
Kristian Blickle, Katherine Engelman, Theo Linnemann and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York, Independent, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York

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Q54

75.

Flood Risk and Firm Location Decisions in the Fed's Second District

Liberty Street Economics
Posted: 14 Nov 2023
Oliver Hannaoui, Hyeyoon Jung, João A. C. Santos and Lee Seltzer
Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

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climate risk, flood risk, firm location

76.

How Do Banks Lend in Inaccurate Flood Zones in the Fed’s Second District?

Liberty Street Economics
Posted: 14 Nov 2023
Kristian Blickle, Katherine Engelman, Theo Linnemann and João A. C. Santos
Federal Reserve Banks - Federal Reserve Bank of New York, Independent, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York

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FEMA, flood, flood insurance, global warming

77.

How Exposed Are U.S. Banks’ Loan Portfolios to Climate Transition Risks?

Liberty Street Economics
Posted: 12 Jul 2023
Hyeyoon Jung, João A. C. Santos and Lee Seltzer
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

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banks' climate risk exposures, climate transition risks, Network for Greening the Financial System (NGFS) scenarios

78.

Debt and Equity as Optimal Contracts

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Debt and Equity as Optimal Contracts

Posted: 23 Aug 1998
João A. C. Santos
Federal Reserve Bank of New York

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Debt and Equity as Optimal Contracts

Posted: 18 Jul 2000
João A. C. Santos
Federal Reserve Bank of New York

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79.

Bank Capital and Equity Investment Regulations

Downloads 0 (1,345,589)

Bank Capital and Equity Investment Regulations

WP 95-15
Posted: 13 Jul 1998
João A. C. Santos
Federal Reserve Bank of New York

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Bank Capital and Equity Investment Regulations

Posted: 18 Jul 2000
João A. C. Santos
Federal Reserve Bank of New York

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80.

Securities Activities in Banking Conglomerates: Should Their Location Be Regulated?

Cato Journal, Vol. 18, No. 1, 1998
Posted: 15 Jul 1997 Last Revised: 05 Oct 2009
João A. C. Santos
Federal Reserve Bank of New York

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