Bank stocks and Roosevelt’s bank holiday
利用手工收集的每日数据，研究了1933年罗斯福银行假日期间银行股和债券市场的反应，发现纽约银行股显著下跌而芝加哥银行股上涨，公司债收益率下降1.4个百分点。
Roosevelt’s Bank Holiday in March 1933 aimed to halt bank runs and implement licensing for banks. Using a new hand-collected daily database, we examine how bank stocks and bond markets responded to this sweeping regulation. We find that New York City banks saw significant negative abnormal returns, while Chicago banks experienced positive returns, highlighting regional differences in perceptions of the policy. Corporate bond yields fell by 1.4 percentage points, lowering interest rates. Our findings show how markets reacted differently across regions and asset classes to this critical intervention. • New daily OTC bank stock data show varied market reactions to Roosevelt’s Bank Holiday. • New York bank stocks experienced negative abnormal returns, while Chicago gained. • Corporate bond yields fell, signaling restored market confidence.