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Pitfalls in Using Market Prices to Assess the Financial Condition of Depository Institutions

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  • Barth, James R
  • Page, Daniel E
  • Brumbaugh, R Dan, Jr

Abstract

In this article the authors examine the information that stock prices provide about the financial condition of federally insured thrift institutions. In order to assess their financial condition from the different perspectives of stockholders and the federal insurer, they calculate the value of the put option of federal deposit insurance available to thrift institutions. Their results demonstrate that the two perspectives often provide, particularly for unhealthy institutions, quite different views of the financial condition of individual institutions. Copyright 1992 by Kluwer Academic Publishers

Suggested Citation

  • Barth, James R & Page, Daniel E & Brumbaugh, R Dan, Jr, 1992. "Pitfalls in Using Market Prices to Assess the Financial Condition of Depository Institutions," The Journal of Real Estate Finance and Economics, Springer, vol. 5(2), pages 151-166, June.
    • Handle: RePEc:kap:jrefec:v:5:y:1992:i:2:p:151-66
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    Cited by:

    1. Klumpes, Paul J. M. & Shackleton, Mark B., 2000. "Valuing the strategic option to sell life insurance business: Theory and evidence," Journal of Banking & Finance, Elsevier, vol. 24(10), pages 1681-1702, October.
    2. Gueyie, Jean-Pierre & Lai, Van Son, 2003. "Bank moral hazard and the introduction of official deposit insurance in Canada," International Review of Economics & Finance, Elsevier, vol. 12(2), pages 247-273.
    3. Esty, Benjamin C., 1997. "Organizational form and risk taking in the savings and loan industry," Journal of Financial Economics, Elsevier, vol. 44(1), pages 25-55, April.
    4. Schellhorn, Carolin D. & Spellman, Lewis J., 2000. "Bank forbearance: A market-based explanation," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(4), pages 451-466.

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