Bank Insolvency Risk and the Market for Large Certificates of Deposit
利用新的银行调查数据，检验大额存单市场是否对银行风险行为定价，发现破产可能性、资产收益波动性和资本充足率等指标显著影响大额存单利率，支持市场纪律假说。
In this paper, the authors employ a new source of bank survey data to determine whe ther the market for large certificates of deposit exacts a price for bank risk taking. They find strong evidence that this is in fact the case. Proxy measures of the likelihood of bank insolvency, the variab ility of bank returns on assets, and bank capitalization are all foun d to influence jumbo CD rates in a manner consistent with this hypoth esis. Area-specific variables are also found to play an important rol e in explaining observed jumbo CD rates. Copyright 1988 by Ohio State University Press.