# Joint research from Professors Cecilia Parlatore and Anthony Saunders as well as joint research from Professors Alexi Savov, Philipp Schnabl, and Olivier Wang are featured: "A Hat-Trick of Genuinely Interesting Papers Relevant to the Banking Mess."

1 School News April 20, 2023 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025699.jpg?itok=5SpaxEbn)>

Excerpt from [Financial Times](https://www.ft.com/content/5b1c9f41-63a8-4592-a03f-5a77285908dc) -- "Anyway, another huge factor in SVB was the massive size of the uninsured depositor base, coupled with its unhedged bond portfolio. Historically, interest rate risks was seen to have a natural hedge in deposits. When rates rise and the value of assets fall, the low-cost deposit funding becomes more valuable.

"But as a paper by Itamar Drechsler, Alexi Savov, Philipp Schnabl and Olivier Wang points out, the 'deposit franchise is only valuable if depositors remain in the bank.'"

[Read More](https://www.ft.com/content/5b1c9f41-63a8-4592-a03f-5a77285908dc)