The Market for Bank Stocks and the Rise of Deposit Banking in New York City, 1866–1897
研究了19世纪末纽约存款快速增长的原因，提出银行股票市场通过价格信号增强储户信心，从而推动存款扩张，并利用银行价格、股息和资产负债表数据验证了这一机制。
The rapid growth of deposits in New York over the late nineteenth century is often attributed to the release of pent-up demand for transactions services. I advance a complementary explanation that emphasizes the market for bank shares. The stock market was important because it generated quotations that signaled depositors about the condition of individual banks as innovations in banking practices allowed confidence to grow. A new database of prices, dividends, and balance sheet items for traded banks and a series of dynamic panel models show that fluctuations in bank prices influenced the course of the expansion.