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SUMMARY:The Market for Bank Stocks and the Rise of Deposit Banking in New 
 York City\, 1866-1897 - Professor Peter Rousseau\, Vanderbilt University
DTSTART:20110613T160000Z
DTEND:20110613T180000Z
UID:TALK30428@talks.cam.ac.uk
CONTACT:D'Maris Coffman
DESCRIPTION:The rapid growth of deposits in New York City over the three d
 ecades following the Civil War is often attributed to the release of pent-
 up demand for the services that transactions accounts could provide. I adv
 ance a complementary explanation that considers the role of an increasingl
 y efficient market for bank shares. The stock market was important because
  it generated price and dividend quotations that signaled depositors about
  the soundness of individual banks\, thereby directing the expansion. At t
 he same time\, innovations within the city’s banks created conditions un
 der which stock prices became more informative\, reducing asymmetries betw
 een banks and depositors to a point where confidence in banks could grow. 
 Using a new database of stock prices\, dividends\, and balance sheet items
  for traded New York City banks from 1866 to 1897\, a series of dynamic pa
 nel data models show that stock prices did indeed affect the distribution 
 of the growing deposit base.
LOCATION:Barbara White Room\, Newnham College
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