Intra-industry Effects of a Regulatory Shift: Capital Market Evidence from Penn Square
In this paper, the authors use stock market data to examine the intraindustry effects of the July 5, 1982, closure of the Penn Square Bank. A sample of fifty-four bank stocks is divided into four portfolios: industry, money center, Texas, and upstream. The latter group consists of banks that had purchased loans directly from Penn Square. The authors' objective is to determine whether FDIC Chairman Isaac's decision to close, rather than merge, Penn Square had an industry-wide contagion effect or a firm-specific information effect. The authors conclude that the stock market reaction to the Penn Square closure represents a rational investor response to new bank-specific information. Copyright 1989 by MIT Press.
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Volume (Year): 24 (1989)
Issue (Month): 1 (February)
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