NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?

Craig B. Merrill, Taylor D. Nadauld, René M. Stulz, Shane Sherlund

NBER Working Paper No. 18270
Issued in August 2012

---- Acknowledgements -----

Merrill and Nadauld are at the Marriott School of Management, Brigham Young University, Sherlund is at the Federal Reserve Board, and Stulz is at the Fisher College of Business, Ohio State University, ECGI, and NBER. We thank seminar participants at Brigham Young University for helpful comments. The analysis and conclusions contained in this paper are those of the authors and do not necessarily reflect the views of the Board of Governors of the Federal Reserve System, its members, its staff, or the National Bureau of Economic Research.

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