Research Staff and Resources

Contact Information
202-452-5267
daniel.m.covitz@frb.gov

Fields of Interest
Corporate Finance
Financial Markets
Banking and Financial Institutions

Education
Ph.D., Economics, University of California at Berkeley, 1997
B.A., Economics, Swarthmore College, 1990

Professional Experience
Board of Governors of the Federal Reserve System, 1997-present
Senior Economist, U.S. Council of Economic Advisers, 2005-2006

Selected Publications

• The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market (with Nellie Liang and Gustavo A. Suarez), Finance and Economics Discussion Series 2009-36. Washington: Board of Governors of the Federal Reserve System, 2009.
• ''Liquidity or Credit Risk? The Determinants of Very Short-Term Corporate Yield Spreads'' (with Chris Downing), Journal of Finance, vol. 62 (October 2007), pp. 2303-2328.
• Are Longer Bankruptcies Really More Costly? (with Song Han and Beth Anne Wilson), Finance and Economics Discussion Series 2006-27. Washington: Board of Governors of the Federal Reserve System, 2006.
• An Empirical Analysis of Bond Recovery Rates: Exploring a Structural View of Default (with Song Han), Finance and Economics Discussion Series 2005-10. Washington: Board of Governors of the Federal Reserve System, 2005.
• Do Nonfinancial Firms Use Interest Rate Derivatives to Hedge? (with Steven Sharpe), Finance and Economics Discussion Series 2005-39. Washington: Board of Governors of the Federal Reserve System, 2005.
• ''Do Banks Strategically Time Public Bond Issuance To Trigger Disclosure, Due Diligence, And Investor Scrutiny?'' (with Paul Harrison), Journal of Financial Intermediation, vol. 13 (2004), pp. 299-323.
• Testing Conflicts of Interest at Bond Rating Agencies with Market Anticipation: Evidence that Reputation Incentives Dominate. (with Paul Harrison), Finance and Economics Discussion Series 2003-68. Washington: Board of Governors of the Federal Reserve System, 2003.
• Market Discipline in Banking Reconsidered: The Roles of Deposit Insurance Reform, Funding Manager Decisions and Bond Market Liquidity (with Diana Hancock, Myron L. Kwast, , and others), Finance and Economics Discussion Series 2002-46. Washington: Board of Governors of the Federal Reserve System, 2002.
• ''Why are Bank Profits so Persistent? The Roles of Product Market Competition, Informational Opacity, and Regional/Macroeconomic Shocks'' (with Allen N. Berger, Seth D. Bonime, and Diana Hancock), Journal of Banking and Finance, vol. 24 (July 2000), pp. 1203-35.
• The Timing of Debt Issuance and Rating Migration: Theory and Evidence (with Paul Harrison), Finance and Economics Discussion Series 2000-10. Washington: Board of Governors of the Federal Reserve System, 2000.