Richard J. Rosen

Federal Reserve Bank of Chicago - Economic Research

230 South LaSalle Street

Chicago, IL 60604

United States

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    • Tel: 312-322-6368
    • Fax: 312-294-6262
SCHOLARLY PAPERS

29

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220

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197

Scholarly Papers (29)

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1.

Eat or Be Eaten: A Theory of Mergers and Firm Size

Downloads 3,619 ( 4,106)
Citation 28

Eat or Be Eaten: A Theory of Mergers and Firm Size

FRB of Chicago Working Paper No. WP-06-14
Posted: 12 Jul 2021 Last Revised: 11 Jul 2021
Gary B. Gorton, Matthias Kahl and Richard J. Rosen
Yale School of Management, affiliation not provided to SSRN and Federal Reserve Bank of Chicago - Economic Research

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Eat or Be Eaten: A Theory of Mergers and Firm Size

Number of pages: 85 Posted: 04 May 2005 Last Revised: 25 Feb 2009
Gary B. Gorton, Matthias Kahl and Richard J. Rosen
Yale School of Management, University of California, Los Angeles (UCLA) - Anderson School of Management and Federal Reserve Bank of Chicago - Economic Research
Downloads 3,443 (4,371)
Citation 21

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Mergers, Merger Waves

Eat or Be Eaten: A Theory of Mergers and Merger Waves

NBER Working Paper No. w11364
Number of pages: 66 Posted: 24 Jun 2005 Last Revised: 20 Jan 2022
Gary B. Gorton, Matthias Kahl and Richard J. Rosen
Yale School of Management, University of California, Los Angeles (UCLA) - Anderson School of Management and Federal Reserve Bank of Chicago - Economic Research
Downloads 176 (230,716)
Citation 1

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2.

Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements

Downloads 3,171 ( 5,169)
Citation 33

Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements

FRB Chicago Working Paper No. 2004-07
Number of pages: 43 Posted: 23 Jan 2003
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 2,227 (8,952)
Citation 50

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mergers, investor sentiment, long-run reaction, merger momentum, hot markets

Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements

Journal of Business, Vol. 79, No. 2, March 2006
Number of pages: 39 Posted: 15 Dec 2005
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 944 (33,342)

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mergers, investor sentiment, long-run reaction, merger momentum, hot markets

3.

CEO Compensation and Bank Mergers

Number of pages: 35 Posted: 28 Mar 2000
Richard T. Bliss and Richard J. Rosen
Babson College - Finance Division and Federal Reserve Bank of Chicago - Economic Research
Downloads 1,180 (24,550)
Citation 19

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4.

Does Market Size Structure Affect Competition? The Case of Small Business Lending

Number of pages: 31 Posted: 14 Oct 2001
Allen N. Berger, Richard J. Rosen and Gregory F. Udell
University of South Carolina - Darla Moore School of Business, Federal Reserve Bank of Chicago - Economic Research and Indiana University - Kelley School of Business - Department of Finance
Downloads 1,094 (27,446)
Citation 45

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Banks, small business, mergers, relationship lending, size structure, loan prices

5.

Why Do Firms Go Public? Evidence from the Banking Industry

Number of pages: 37 Posted: 23 Mar 2005
Richard J. Rosen, Scott Smart and Chad J. Zutter
Federal Reserve Bank of Chicago - Economic Research, Indiana University - Kelley School of Business - Department of Finance and University of Pittsburgh
Downloads 1,026 (30,065)
Citation 20

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Going public, initial public offering, takeover, banking

6.

The Effect of Monetary Policy on the Availability of Credit: How the Credit Channel Works

FRB of Chicago Working Paper No. 2007-13 (revised)
Number of pages: 36 Posted: 09 Dec 2007 Last Revised: 03 Apr 2011
Lamont Black and Richard J. Rosen
DePaul University - Driehaus College of Business and Federal Reserve Bank of Chicago - Economic Research
Downloads 962 (32,891)
Citation 6

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monetary policy, credit channel, bank lending channel, balance sheet channel

7.

Mergers Increase Default Risk

Number of pages: 33 Posted: 17 Mar 2006 Last Revised: 14 Mar 2012
Craig Furfine and Richard J. Rosen
Kellogg School of Management - Department of Finance and Federal Reserve Bank of Chicago - Economic Research
Downloads 617 (59,861)
Citation 15

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mergers, default risk, EDF

8.

Are Covered Bonds a Substitute for Mortgage-Backed Securities?

Downloads 598 ( 62,299)
Citation 5

Are Covered Bonds a Substitute for Mortgage-Backed Securities?

26th Australasian Finance and Banking Conference 2013
Number of pages: 42 Posted: 08 Aug 2013
Santiago Carbo-Valverde, Francisco Rodriguez-Fernandez and Richard J. Rosen
University of Granada, University of Granada - Department of Economic Theory and History and Federal Reserve Bank of Chicago - Economic Research
Downloads 345 (118,791)
Citation 4

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Are Covered Bonds a Substitute for Mortgage-Backed Securities?

FRB of Chicago Working Paper No. 2011-14
Number of pages: 41 Posted: 08 Dec 2011 Last Revised: 15 Mar 2012
Santiago Carbo-Valverde, Richard J. Rosen and Francisco Rodriguez-Fernandez
University of Granada, Federal Reserve Bank of Chicago - Economic Research and University of Granada - Department of Economic Theory and History
Downloads 253 (164,481)
Citation 3

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Covered bonds, mortgage-backed securities

9.

The Impact of the Originate-to-Distribute Model on Banks Before and During the Financial Crisis

Downloads 462 ( 85,800)
Citation 9

The Impact of the Originate-to-Distribute Model on Banks Before and During the Financial Crisis

FRB of Chicago Working Paper No. 2010-20
Number of pages: 48 Posted: 04 Dec 2010 Last Revised: 15 Mar 2011
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 242 (171,713)
Citation 9

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OTD model, securitization, loan sales, financial crisis, banking

The Impact of the Originate-to-Distribute Model on Banks Before and During the Financial Crisis

24th Australasian Finance and Banking Conference 2011 Paper
Number of pages: 48 Posted: 15 Mar 2011 Last Revised: 26 Aug 2011
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 220 (188,296)
Citation 10

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Mortgages, financial crisis, OTD model, securitization, loan sales

10.

Why Do Borrowers Make Mortgage Refinancing Mistakes?

Downloads 377 (108,748)
Citation 27

Why Do Borrowers Make Mortgage Refinancing Mistakes?

Forthcoming, Management Science
Number of pages: 46 Posted: 07 Jun 2014 Last Revised: 01 Jun 2015
Sumit Agarwal, Richard J. Rosen and Vincent Yao
National University of Singapore, Federal Reserve Bank of Chicago - Economic Research and Georgia State University - J. Mack Robinson College of Business
Downloads 249 (167,016)
Citation 12

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Household Finance, Mortgages, Refinance, Option Value, Financial Crisis, Rational Inattention

Why Do Borrowers Make Mortgage Refinancing Mistakes?

FRB of Chicago Working Paper No. 2013-02
Number of pages: 52 Posted: 04 May 2013
Sumit Agarwal, Richard J. Rosen and Vincent Yao
National University of Singapore, Federal Reserve Bank of Chicago - Economic Research and Georgia State University - J. Mack Robinson College of Business
Downloads 128 (300,876)
Citation 26

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Household Finance, Mortgages, Refinance, Option Value, Financial Crisis, Rational Inattention

11.

Public Debt as a Punching Bag: An Agency Model of the Mix of Public and Private Debt

Number of pages: 32 Posted: 23 Apr 1998
Richard J. Rosen and Mark Carey
Federal Reserve Bank of Chicago - Economic Research and Board of Governors of the Federal Reserve System
Downloads 371 (110,365)
Citation 4

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12.

Betcha Can't Acquire Just One: Merger Programs and Compensation

FRB Chicago Working Paper No. 2004-22
Number of pages: 38 Posted: 19 Nov 2004
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 369 (111,087)
Citation 13

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Mergers, CEO compensation, merger programs, repeat acquirers, managerial motivations

13.

Bubble, Bubble, Toil, and Trouble

Economic Perspectives, Vol. 31, No. 1, 2007
Number of pages: 20 Posted: 09 Feb 2007
Cabray Haines and Richard J. Rosen
Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago - Economic Research
Downloads 327 (126,836)

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housing, bubble, home prices, real estate, Housing Demand, Housing Supply and Markets

14.

Do Regulators Search for the Quiet Life? The Relationship Between Regulators and the Regulated in Banking

FRB Chicago Working Paper 2001-05
Number of pages: 34 Posted: 23 Jan 2001
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 297 (140,259)
Citation 7

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15.

Banking Market Conditions and Deposit Interest Rates

Number of pages: 39 Posted: 05 Jan 2004
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 282 (148,021)
Citation 10

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Banks, Size Structure, Deposits, Interest Rates, Antitrust Policy

16.

The Sensitivity of Life Insurance Firms to Interest Rate Changes

Economic Perspectives, Vol. 37, No. 2, 2013
Number of pages: 32 Posted: 28 Jan 2014
Kyal Berends, Robert McMenamin, Thanases Plestis and Richard J. Rosen
Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago - Economic Research, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago - Economic Research
Downloads 275 (151,776)
Citation 1

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Insurance, Insurance Companies, life insurance, interest rates

17.

Measuring Interest Rate Risk in the Life Insurance Sector: The U.S. And the U.K

FRB of Chicago Working Paper No. WP-2016-2
Number of pages: 37 Posted: 04 May 2016 Last Revised: 07 May 2016
Daniel A. Hartley, Anna L. Paulson and Richard J. Rosen
Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago - Economic Research
Downloads 255 (163,835)
Citation 1

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Insurance companies, Interest rate risk, Life insurance, Low interest rates

18.

Is Three a Crowd? Competition Among Regulators in Banking

Downloads 235 (177,286)

Is Three a Crowd? Competition Among Regulators in Banking

Number of pages: 37 Posted: 24 Jan 2003
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 235 (176,802)
Citation 12

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bank regulation, regulatory competition, race for the bottom

Is Three a Crowd? Competition Among Regulators in Banking

Posted: 24 Jan 2003
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research

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bank regulation, regulatory competition, race for the bottom

19.

Banks and Derivatives

Downloads 222 (187,031)

Banks and Derivatives

NBER Working Paper No. w5100
Number of pages: 49 Posted: 13 Jul 2000 Last Revised: 10 Dec 2021
Gary B. Gorton and Richard J. Rosen
Yale School of Management and Federal Reserve Bank of Chicago - Economic Research
Downloads 222 (186,647)
Citation 1

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Banks and Derivatives

Rodney L. White Center for Financial Research Working Paper No. 6-95
Posted: 22 Aug 1998
Gary B. Gorton and Richard J. Rosen
Yale School of Management and Federal Reserve Bank of Chicago - Economic Research

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20.

Too Much Right can Make a Wrong: Setting the Stage for the Financial Crisis

FRB of Chicago Working Paper No. 2009-18
Number of pages: 38 Posted: 05 Dec 2009
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 182 (224,097)
Citation 3

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Financial crisis, investor behavior, overconfidence

21.

Competition in Mortgage Markets: The Effect of Lender Type on Loan Characteristics

Economic Perspectives, Vol. 35, No. 1, 2011
Number of pages: 20 Posted: 11 Feb 2011
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 140 (278,184)
Citation 3

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Mortgages, Housing Boom, Mortgage Origination, Mortgage Characteristics, Banks, Other Depository Institutions, Micro Finance Institutions, Mortgages, Real Estate Services

22.

The Role of Lenders in the Home Price Boom

FRB of Chicago Working Paper No. 2008-16
Number of pages: 37 Posted: 07 Dec 2008
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research
Downloads 103 (346,911)
Citation 1

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real estate, home prices, bubble

23.

The Life Insurance Industry and Systemic Risk: A Bond Market Perspective

Downloads 102 (349,177)

The Life Insurance Industry and Systemic Risk: A Bond Market Perspective

FRB of Chicago Working Paper No. WP-2016-4
Number of pages: 37 Posted: 05 May 2016
Anna L. Paulson and Richard J. Rosen
Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago - Economic Research
Downloads 102 (351,707)
Citation 1

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Insurance, Bond, Over-the-Counter (OTC), Trading

The Life Insurance Industry and Systemic Risk: A Bond Market Perspective

Annual Review of Financial Economics, Vol. 8, pp. 155-174, 2016
Posted: 18 Nov 2016
Anna L. Paulson and Richard J. Rosen
Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago - Economic Research

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24.

Are Covered Bonds a Substitute for Mortgaged-Back Securities?

Midwest Finance Association 2013 Annual Meeting Paper
Number of pages: 41 Posted: 14 Sep 2012
Santiago Carbo-Valverde, Richard J. Rosen and Francisco Rodriguez-Fernandez
University of Granada, Federal Reserve Bank of Chicago - Economic Research and University of Granada - Department of Economic Theory and History
Downloads 97 (360,698)
Citation 1

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Covered bonds, MBS, issuance, banks

25.

Corporate Control, Portfolio Choice, and the Decline of Banking

Downloads 83 (396,897)
Citation 3

Corporate Control, Portfolio Choice, and the Decline of Banking

NBER Working Paper No. w4247
Number of pages: 52 Posted: 29 Dec 2006 Last Revised: 09 Feb 2022
Gary B. Gorton and Richard J. Rosen
Yale School of Management and Federal Reserve Bank of Chicago - Economic Research
Downloads 83 (400,834)
Citation 3

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Corporate Control, Portfolio Choice, and the Decline of Banking

JOURNAL OF FINANCE, Vol 50 No 5, December 1995
Posted: 22 Jul 1998
Gary B. Gorton and Richard J. Rosen
Yale School of Management and Federal Reserve Bank of Chicago - Economic Research

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26.

Uncertainty, Welfare Cost, and the &Apos;Adaptability&Apos; of U.S. Corporate Taxes

NBER Working Paper No. w1239
Number of pages: 25 Posted: 05 Jul 2004 Last Revised: 23 May 2021
Don Fullerton, Andrew B. Lyon and Richard J. Rosen
University of Illinois at Urbana-Champaign - Department of Finance, PricewaterhouseCoopers LLP and Federal Reserve Bank of Chicago - Economic Research
Downloads 25 (646,905)

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27.

Macroprudential Policy: Results from a Tabletop Exercise

FRB of Cleveland Working Paper No. 19-11, May 2019
Number of pages: 31 Posted: 17 Jul 2019
Denise J. Duffy, Joseph G. Haubrich, Anna Kovner, Alex Musatov, Edward S. Prescott, Richard J. Rosen, Thomas D. Tallarini, Alexandros Vardoulakis, Emily Yang and Andrei Zlate
Federal Reserve Banks - Federal Reserve Bank of Cleveland, Federal Reserve Bank of Cleveland, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Dallas, Federal Reserve Banks - Federal Reserve Bank of Cleveland, Federal Reserve Bank of Chicago - Economic Research, Federal Reserve Banks - Federal Reserve Bank of Minneapolis, Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York and Board of Governors of the Federal Reserve System
Downloads 3 (830,233)

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financial stability, macroprudential policy, monetary policy

28.

Climate Change and Financial Stability

FEDS Notes No. 2021-03-19-3
Posted: 22 Mar 2021 Last Revised: 17 Jun 2021
Celso Brunetti, Benjamin Dennis, Dylan Gates, Diana Hancock, David Ignell, Elizabeth K. Kiser, Gurubala Kotta, Anna Kovner, Richard J. Rosen and Nicholas Kean Tabor
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York, Federal Reserve Bank of Chicago - Economic Research and Board of Governors of the Federal Reserve System

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29.

What Goes Up Must Come Down? Asymmetries and Persistence in Bank Deposit Rates

Posted: 08 Mar 2003
Richard J. Rosen
Federal Reserve Bank of Chicago - Economic Research

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Banks, interest rates, bank deposits