Ajai K. Singh

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The views expressed are those of the authors and do not necessarily reflect the views of the Bank of Finland and Federal Reserve Board. China for helpful suggestions. Tables showing some additional robustness checks are available upon request from the authors. Abstract China is reforming its banking system, partially privatizing and permitting minority(More)
We find that dual-class firms experience less underpricing than single-class firms and explore several hypotheses which explain this phenomenon. Compared to single-class firms, dual-class companies have slightly higher post-IPO institutional ownership and experience fewer control events. Although dual-class firms achieve a lower underpricing cost, they(More)
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded offi cial Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not(More)
This paper studies the interconnectedness of banks in the syndicated loan market as a major source of systemic risk. We develop a set of novel measures to describe the "distance" (similarity) between two banks'syndicated loan portfolios and …nd that such distance explains how banks are interconnected in this market. As lead arrangers choose to work with(More)
We examine the effects of thin trading on the specification of event study tests. Simulations of upper and lower tail tests are reported with and without variance increases on the event date across levels of trading volume. The traditional standardized test is mis-specified for thinly traded samples. If return variance is unlikely to increase, then(More)
We examine whether banks price expected liquidity in US syndicated term loans. Using extensive data we show that loans with higher expected liquidity have significantly lower spreads at origination, controlling for other determinants of loan spreads such as borrower, loan, syndicate and macroeconomic variables. A matched sample analysis confirms our(More)
OBJECTIVE To study the prevalence of psychiatric co-morbidity in patients of chronic daily headache (CDH) and compare the efficacy of treatment between various type of headache associated with psychiatric co-morbidity. MATERIALS AND METHODS Prospective case control cohort study, 92 consecutive patients of CDH meeting eligibility criteria. The diagnosis of(More)