caa a22 4500 465802591 CHVBK 20180323112056.0 cr unu---uuuuu 170327e19901001xx s 000 0 eng 10.1007/BF00365424 doi (NATIONALLICENCE)springer-10.1007/BF00365424 Bank-Equity returns and changes in the discount rate [Elektronische Daten] [Jeffery Born, James Moser] The ex ante value of discount window operations is modelled as an option providing financial institutions with a right to purchase reserves at potentially below market rates of interest. The value of this option varies according to terms specified by the Federal Reserve. Changes in the value of this option are linked to the equity returns of participating banks. An empirical method is proposed to separate the signal impacts of a discountrate change from the firm-specific impacts of changes in the hypothesized option value. Evidence consistent with changes in the value of the option is reported. Kluwer Academic Publishers, 1990 Born Jeffery Finance Group, Northeastern University, Hayden Hall, 02115, Boston, MA, USA aut Moser James Department of Research, Federal Reserve Bank of Chicago, 230 S. LaSalle, 60690, Chicago, IL, USA aut Journal of Financial Services Research Kluwer Academic Publishers 4/3(1990-10-01), 223-241 0920-8550 4:3<223 1990 4 10693 https://doi.org/10.1007/BF00365424 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF00365424 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Born Jeffery Finance Group, Northeastern University, Hayden Hall, 02115, Boston, MA, USA aut NATIONALLICENCE 700 1- Moser James Department of Research, Federal Reserve Bank of Chicago, 230 S. LaSalle, 60690, Chicago, IL, USA aut NATIONALLICENCE 773 0- Journal of Financial Services Research Kluwer Academic Publishers 4/3(1990-10-01), 223-241 0920-8550 4:3<223 1990 4 10693 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer