Banking Research
Our banking research supports the Federal Reserve System's supervision and regulation work. It includes empirical research that advances our understanding of the risks faced by banks and other financial institutions.
Below is a list of selected publications of our Quantitative Supervision team.
Selected Publications
“The Impact of Minority Representation at Mortgage Lenders” (Scott Frame, Ruidi Huang, Erica Xuewei Jiang, Yeonjoon Lee, Will Shuo Liu, Erik Mayer, and Adi Sunderam), 2025, Journal of Finance.
"Catch the Thief! Fraud in the U.S. Banking Industry" (Filippo Curti and Atanas Mihov), The Review of Corporate Financial Studies, accepted.
"Haste Makes Waste: Banking Organization Growth and Operational Risk" (Scott Frame, Ping McLemore, and Atanas Mihov), 2025, The Review of Corporate Finance Studies, accepted.
"Operational Loss Recoveries and the Macroeconomic Environment: Evidence from the U.S. Banking Sector" (Scott Frame, Nika Lazaryan, Ping McLemore, and Atanas Mihov), 2024, Journal of Banking & Finance, 165, p. 107220.
"Workforce Policies and Operational Risk: Evidence from U.S. Banking Organizations" (Filippo Curti, Larry Fauver, and Atanas Mihov), 2023, Journal of Financial and Quantitative Analysis, 58(7), pp. 3085-3120.
"Structural VAR and Financial Networks: A Minimum Distance Approach to Spatial Modeling" (Daniela Scida), 2023, Journal of Applied Econometrics, 38(1), pp. 49-68.
"Are the Largest Banking Organizations Operationally More Risky?" (Filippo Curti, W. Scott Frame, and Atanas Mihov), 2022, Journal of Money, Credit, and Banking, 54(5), pp. 1223-1259.
"Operational Risk is More Systemic than You Think: Evidence from U.S. Bank Holding Companies" (Filippo Curti, Allen Berger, Atanas Mihov, and John Sedunov), 2022, Journal of Banking & Finance, 143, p. 106619.
"Asset Prices and Portfolios with Externalities" (Steven Baker, Burton Hollifield, and Emilio Osambela), 2022, Review of Finance, 26(6), pp. 1433-1468.
"Active Technological Proximity and Mutual Fund Performance" (Ping McLemore, Richard Sias, Chi Wan, and Zafer Yuksel), 2022, Journal of Financial and Quantitative Analysis, 57, pp. 1862-1884.
"Do Sunk Costs Affect Prices in the Housing Market?" (Dimuthu Ratnadiwakara and Vijay Yerramilli), 2022, Management Science, 68(12), pp. 9061-9081.
"The Financialization of Storable Commodities" (Steven Baker), 2021, Management Science, 67(1), pp. 471-499.
“Does Securitization Weaken Screening Incentives?” (Jung-Eun Kim and D. Choi), 2021, Journal of Financial and Quantitative Analysis, 56(8), pp. 2934-2962.
“Clogged Intermediation: Were Home Buyers Crowded Out?” (Jung-Eun Kim, D. Choi and H. Choi), 2021, Journal of Money, Credit and Banking, 54(4), pp. 1065-1098.
"Modeling Persistent Interest Rates with Double-Autoregressive Processes," (Anne Lundgaard Hansen), 2021, Journal of Banking & Finance, p. 133.
“Creditor Control Rights and Resource Allocation within Firms” (Nuri Ersahin, Hanh Le, and Rustom Irani), 2021, Journal of Financial Economics, 139(1), pp. 186-208.
“U.S. Banking Sector Operational Losses and the Macroeconomic Environment” (Azamat Abdymomunov, Filippo Curti, and Atanas Mihov), 2020, Journal Money Credit and Banking, 52(1), pp. 115-144.
"Preventing Controversial Catastrophes" (Steven Baker, Burton Hollifield, and Emilio Osambela), 2020, Review of Asset Pricing Studies, 10(1), pp. 1-60.
“Distressed Stocks in Distressed Times” (Assaf Eisdorfer and Efdal Ulas Misirli), 2020, Management Science, 66(6), pp. 2452-2473.
"A Comparison of Community Bank Failures and FDIC Losses in the 1986-92 and 2007-13 Banking Crises" (Eliana Balla, Edward S. Prescott, Laurel C. Mazur, and John R. Walter), 2019, Journal of Banking and Finance 106, pp. 1-15.
"Earnings, Risk-taking, and Capital Accumulation in Community and Regional Banks" (Eliana Balla and Morgan J. Rose), 2019, Journal of Banking and Finance, 103, pp. 36-50.
"Do Mutual Funds Have Decreasing Returns to Scale? Evidence from Fund Mergers" (Ping McLemore), 2019, Journal of Financial and Quantitative Analysis, 54, pp. 1683-1711.
"Fraud Recovery and the Quality of Country Governance" (Filippo Curti and Atanas Mihov), 2018, Journal of Banking & Finance, 87, pp. 446-461.
“Bank Capital and Dividend Externalities” (Viral V. Acharya, Hanh Le, and Hyun S. Shin), 2017, Review of Financial Studies, 30(3), pp. 988-1018.
"Disagreement, Speculation, and Aggregate Investment" (Steven Baker, Burton Hollifield, and Emilio Osambela), 2016, Journal of Financial Economics, 119.1, pp. 210-225.
“Stress Testing Interest Rate Risk Exposure” (Azamat Abdymomunov and Jeff Gerlach), 2014, Journal of Banking and Finance, 49, pp. 287–301.
"Tail Dependence and Indicators of Systemic Risk for Large US Depositories" (Eliana Balla, Ibrahim Ergen, and Marco Migueis), 2014, Journal of Financial Stability, 15, pp. 195-209.