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An Empirical Investigation into the Failure of First RepublicBank: Is There a Contagion Effect?

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  • Dickinson, Amy
  • Peterson, David R
  • Christiansen, William A

Abstract

This study examines the presence of contagion effects associated with the failure of First RepublicBank. Banks are segregated on the basis of whether their stock price reactions are likely due to industry-based information effects or contagion effects. Also considered are announcements during the same period of time associated with third world loans. Results fail to substantiate the presence of contagion effects. Copyright 1991 by MIT Press.

Suggested Citation

  • Dickinson, Amy & Peterson, David R & Christiansen, William A, 1991. "An Empirical Investigation into the Failure of First RepublicBank: Is There a Contagion Effect?," The Financial Review, Eastern Finance Association, vol. 26(3), pages 303-318, August.
    • Handle: RePEc:bla:finrev:v:26:y:1991:i:3:p:303-18
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    Cited by:

    1. Stephen M. Avila & Kevin L. Eastman & Richard B. Corbett & John C. Bratton1, 2000. "Stock Market Reactions and Information Transfer Due to Financial Instability in the Life Insurance Industry," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 3(2), pages 155-170, September.
    2. Larry D. Wall, 2010. "Too-big-to-fail after FDICIA," Economic Review, Federal Reserve Bank of Atlanta, vol. 95(1).
    3. Angelos Kanas, 2005. "Pure contagion effects in international banking: The case of BCCIÂ’s failure," Journal of Applied Economics, Universidad del CEMA, vol. 8, pages 101-123, May.
    4. Lucy Chernykh & Sergey Mityakov, 2022. "Behavior of Corporate Depositors During a Bank Panic," Management Science, INFORMS, vol. 68(12), pages 9129-9151, December.
    5. Kox, Henk L.M. & Leeuwen, George van, 2012. "Dynamic market selection in EU business services," MPRA Paper 41016, University Library of Munich, Germany.
    6. John M. Halstead & Shantaram Hegde & Linda Schmid Klein, 2004. "Orange County Bankruptcy: Financial Contagion in the Municipal Bond and Bank Equity Markets," The Financial Review, Eastern Finance Association, vol. 39(2), pages 293-315, May.
    7. Aharony, Joseph & Swary, Itzhak, 1996. "Additional evidence on the information-based contagion effects of bank failures," Journal of Banking & Finance, Elsevier, vol. 20(1), pages 57-69, January.
    8. Jared F. Egginton & James I. Hilliard & Andre P. Liebenberg & Ivonne A. Liebenberg, 2010. "What Effect Did AIG's Bailout, and the Preceding Events, Have on Its Competitors?," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 13(2), pages 225-249, September.
    9. Michiel Bijlsma & Jeroen Klomp & Sijmen Duineveld, 2010. "Systemic risk in the financial sector; a review and synthesis," CPB Document 210.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    10. Peter A. Brous & Keith Leggett, 1996. "Wealth Effects Of Enforcement Actions Against Financially Distressed Banks," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 19(4), pages 561-577, December.
    11. Christian Eckert, 2020. "Risk and risk management of spillover effects: Evidence from the literature," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 23(1), pages 75-104, March.
    12. Michiel Bijlsma & Wim Suyker, 2008. "The credit crisis and the Dutch economy... in eight frequently asked questions," CPB Memorandum 210.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    13. Jayanti, S. V. & Whyte, Ann Marie & Quang Do, A., 1996. "Bank failures and contagion effects: Evidence from Britain and Canada," Journal of Economics and Business, Elsevier, vol. 48(2), pages 103-116, May.
    14. Brailsford, T.J. & Lin, Shu Ling & Penm, Jack H.W., 2006. "Conditional risk, return and contagion in the banking sector in asia," Research in International Business and Finance, Elsevier, vol. 20(3), pages 322-339, September.

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