GURU.Markets stock price, segment price, and overall market index valuation
The company's share price ArrowMark Financial
ArrowMark Financial is a business development company (BDC), formerly known as StoneCastle. Its share price reflects its unique strategy of investing in community bank debt, creating a niche and relatively stable portfolio.
Share prices of companies in the market segment - Investors holding
ArrowMark Financial Corp. is a closed-end mutual fund that invests primarily in the debt instruments of financial institutions, particularly banks. We classify it as an "Investor Holdings" fund because it provides capital to the financial sector. The chart below shows the performance of this highly specialized investment segment.
Broad Market Index - GURU.Markets
ArrowMark Financial invests in a variety of credit assets, including bank regulatory capital and debt instruments. As a component of the GURU.Markets index, it represents a unique sector of financial investments. The chart below represents the entire market. See how this company's stock compares to the overall trend.
Change in the price of a company, segment, and market as a whole per day
BANX - Daily change in the company's share price ArrowMark Financial
The volatility of ArrowMark Financial, a fund investing in banks, is measured by change_co. It reflects sensitivity to the state of the banking sector. This metric is important for analyzing financial funds on System.GURU.Markets.
Daily change in the price of a set of shares in a market segment - Investors holding
ArrowMark Financial Corp. is a closed-end mutual fund. This chart shows the average daily volatility of the financial sector. Comparison with BANX's performance, which reflects not only the portfolio's value but also its discount/premium, helps to evaluate it as a unique instrument.
Daily change in the price of a broad market stock, index - GURU.Markets
ArrowMark Financial is an investment firm specializing in the financial sector, particularly bank debt. Its performance reflects the health and sentiment of the banking industry, which is the backbone of the entire economy and a key driver of market volatility.
Dynamics of market capitalization of the company, segment and the market as a whole over 12 months
Annual dynamics of the company's market capitalization ArrowMark Financial
ArrowMark Financial Corp.'s year-over-year performance tells the story of investing in the financial sector. This fund's 12-month market cap reflects its success in managing a portfolio comprised of debt and equity holdings of banks and other financial institutions, making it sensitive to regulatory changes and the overall economic climate.
Annual dynamics of market capitalization of the market segment - Investors holding
ArrowMark Financial, as a closed-end fund (CEF), invests in a wide range of financial assets. Its performance is determined not by its operating activities, but by its investment results. A chart comparing its performance to the market will show the effectiveness of its management strategy and how it trades at a discount/premium to NAV.
Annual dynamics of market capitalization of broad market stocks, index - GURU.Markets
The ticker symbol BANX belongs to StoneCastle Financial, not ArrowMark. As a CEF investing in bank stocks, its performance is essentially a bet on the health of the banking sector. The chart reflects both general interest rate cycles and the specific risks and opportunities of the financial industry.
Dynamics of market capitalization of the company, segment and the market as a whole for the month
Monthly dynamics of the company's market capitalization ArrowMark Financial
ArrowMark Financial (Investors holding) shows on Perf_Month_Co fluctuations related to operating cycles in the financial sector, including interest rate risk management and the overall market dynamics of mortgage-backed securities and related assets.
Monthly dynamics of market capitalization of the market segment - Investors holding
This chart shows the dynamics of the financial sector. For ArrowMark, an investment firm, it reflects overall trends. The chart illustrates how market conditions and investor risk appetite have impacted the entire asset management industry.
Monthly dynamics of market capitalization of broad market stocks, index - GURU.Markets
ArrowMark Financial Corp. is a closed-end fund that invests in regulatory capital for banks, as well as other financial assets. This unique, niche strategy allows for a comprehensive market chart to assess investor perceptions of this complex financial product and how it responds to overall sentiment in the banking sector.
Dynamics of market capitalization of the company, segment and the market as a whole for the week
Weekly dynamics of the company's market capitalization ArrowMark Financial
ArrowMark Financial Corp. (formerly StoneCastle Financial) is an investment firm specializing in community banks. Its weekly stock performance serves as a proxy for the small U.S. bank sector.
Weekly dynamics of market capitalization of the market segment - Investors holding
ArrowMark Financial is a BDC that provides loans to financial sector companies, primarily small banks. Its health is directly dependent on the health of the banking system. The chart shows how accurately the company's shares reflect sentiment and risks in the regional banking sector.
Weekly dynamics of market capitalization of stocks of the broad market, index - GURU.Markets
ArrowMark Financial is a BDC that provides loans to other financial companies. Its health is directly dependent on the health of the banking system. The chart shows how accurately the company's shares reflect sentiment and risks in the regional banking sector and the market as a whole.
Market capitalization of the company, segment and market as a whole
BANX - Market capitalization of the company ArrowMark Financial
ArrowMark Financial's market capitalization, formerly StoneCastle, reflects its unique strategy of investing in community bank stocks and debt. Its chart shows how investors view its expertise in this specific sector. It's essentially a fund that invests in the health of America's small-town banking system.
BANX - Share of the company's market capitalization ArrowMark Financial within the market segment - Investors holding
ArrowMark Financial is a company that invests in the debt securities of banking and financial institutions. Its market share is small, but it occupies a unique niche. The chart shows how this specialized investor identifies opportunities in a sector that is the backbone of the economy.
Market capitalization of the market segment - Investors holding
Here's a chart showing the market capitalization of the financial sector. ArrowMark Financial (formerly StoneCastle) is a unique player that invests in the stocks and debt securities of community banks. Its performance against the market is essentially a bet on the health of the entire small bank sector, which is the backbone of the American economy.
Market capitalization of all companies included in a broad market index - GURU.Markets
ArrowMark Financial is a closed-end fund that invests in regulatory capital for banks and credit instruments. Its capitalization reflects its unique niche strategy. The chart below shows the economic weight of funds that provide capital to banks themselves.
Book value capitalization of the company, segment and market as a whole
BANX - Book value capitalization of the company ArrowMark Financial
ArrowMark Financial's foundation is its investment portfolio, which has historically focused on small bank debt securities but is now diversifying. Book value is the key metric for this closed-end fund. The chart represents the evolution of its investment strategy, reflected in the composition and value of its assets.
BANX - Share of the company's book capitalization ArrowMark Financial within the market segment - Investors holding
ArrowMark Financial (formerly StoneCastle Financial) invests in banks. The chart indirectly reflects the scale of the physical assets (branches) of the banks in which it invests. Its own tangible assets are offices and IT infrastructure.
Market segment balance sheet capitalization - Investors holding
ArrowMark Financial, as a fund, has minimal physical assets. Its business is lightweight. The chart below shows the capital intensity of the financial sector, clearly demonstrating its value in an investment portfolio.
Book value of all companies included in the broad market index - GURU.Markets
ArrowMark Financial (formerly StoneCastle Financial) invests in bank debt and equity instruments. Its assets are stakes in other financial institutions. Its stake in BCap_All represents its financial weight as a specialized investor providing capital to the banking sector itself.
The ratio of market capitalization to book capitalization of a company, segment, and the market as a whole
Market capitalization to book capitalization ratio - ArrowMark Financial
ArrowMark Financial is a closed-end fund investing in credit assets. Its market price often trades at a discount to its net book value (NAV), reflecting investor sentiment toward the credit markets.
Market to book capitalization ratio in a market segment - Investors holding
ArrowMark Financial is a business development company (BDC). This metric compares its market price to its net asset value per share. It shows whether the company trades at a premium or discount to its loan portfolio, reflecting investor confidence.
Market to book capitalization ratio for the market as a whole
ArrowMark Financial Corp. is an investment firm that invests in regulatory capital of banks. This is a very niche financial strategy. This chart helps understand how the market values โโunique business models in the financial sector that are not widely visible.
Debts of the company, segment and market as a whole
BANX - Company debts ArrowMark Financial
ArrowMark Financial (BANX) is a closed-end mutual fund that utilizes debt to implement its investment strategy. The fund raises capital to invest in bank regulatory capital and other financial instruments. The level of leverage directly impacts the potential return and risk for the fund's investors, as reflected in this chart.
Market segment debts - Investors holding
ArrowMark Financial Corp. (formerly StoneCastle Financial) is an investment company that provides capital to banks. Essentially, it invests in the financial sector. This chart shows how the company manages its balance sheet and whether it uses debt financing to scale its investments in the banking sector.
Market debt in general
Debt to book value of the company, segment and market as a whole
The company's debt to book capitalization ratio ArrowMark Financial
ArrowMark Financial (formerly StoneCastle Financial) invests in bank debt securities. Essentially, it's a fund that provides loans to other financial institutions. This chart shows whether the fund itself leverages its investment power. This is a key metric for evaluating its strategy and the risk-return profile for investors.
Market segment debt to market segment book capitalization - Investors holding
ArrowMark Financial Corp., formerly StoneCastle Financial, invests in debt securities of banking institutions. This chart shows debt trends in the sector. It allows one to evaluate how this specialized fund manages its capital and risks when providing financing to the financial sector, and how its model compares to other investors.
Debt to book value of all companies in the market
ArrowMark Financial Corp. (formerly StoneCastle Financial) is an investment firm that provides capital to banks. Its activities are closely tied to the health of the financial sector. This chart of the economy's overall debt load provides insight into the environment in which its banking clients operate. Increasing debt loads can mean both increased business for banks and increased risks, which are important for evaluating ArrowMark's investments.
P/E of the company, segment and market as a whole
P/E - ArrowMark Financial
ArrowMark Financial Corp. (formerly StoneCastle Financial) is an investment firm specializing in the banking sector. This chart shows how investors rate its expertise and portfolio of financial institution investments. This rating is based on the health of the banking sector and the attractiveness of its dividend.
P/E of the market segment - Investors holding
This industry chart for closed-end funds is a benchmark for ArrowMark Financial. It shows how investors value these structures on average. Comparisons with this chart help understand how the market views ArrowMark's unique strategy, focused on investing in regulatory capital for banks, compared to funds investing in more traditional assets.
P/E of the market as a whole
ArrowMark Financial, formerly StoneCastle, is a company that invests in bank stocks and debt securities. Its fortunes are inextricably linked to the health of the banking sector. This chart of overall financial industry sentiment is a direct reflection of ArrowMark's investment portfolio.
Future P/E of the company, segment and market as a whole
Future (projected) P/E of the company ArrowMark Financial
ArrowMark Financial Corp. is a business development company (BDC) that invests in debt securities issued by small and mid-sized banks. This chart reflects expectations for the health of the banking sector. The assessment is based on the financial strength of the issuing banks and the overall regulatory and economic environment for financial institutions.
Future (projected) P/E of the market segment - Investors holding
ArrowMark Financial Corp. is a business development company (BDC) that invests in debt securities issued by financial companies. This chart compares the company's forecasts with sector expectations. It illustrates how investors view its unique niche and expertise in assessing financial sector risks.
Future (projected) P/E of the market as a whole
ArrowMark Financial Corp. is a company that invests in regulatory capital for banks. This chart of overall market expectations for BANX is important in the context of the banking sector. Their unique strategy is dependent on regulatory capital requirements for banks and the overall health of the financial system, making their business sensitive to regulatory and economic changes.
Profit of the company, segment and market as a whole
Company profit ArrowMark Financial
ArrowMark Financial Corp. is a closed-end fund that invests in regulatory equity for banks and debt instruments. This chart shows the financial performance of its unique strategy focused on the financial sector.
Profit of companies in the market segment - Investors holding
ArrowMark Financial, formerly StoneCastle Financial, invests in debt and equity securities of financial institutions, primarily banks. This chart shows the performance of the investment holdings sector. For BANX, this reflects the health of the banking sector. Their unique strategy allows investors to gain exposure to the financial performance of smaller banks.
Overall market profit
ArrowMark Financial is a business development company (BDC) that invests in the debt instruments of financial institutions, primarily banks. Its unique strategy is to provide loans to banks themselves. Success depends on the health of the banking sector. This total return chart reflects the state of the economy, which directly impacts banks.
Future (predicted) profit of the company, segment and market as a whole
Future (projected) profit of the company ArrowMark Financial
ArrowMark Financial is a closed-end fund (CEF) that invests in debt instruments, primarily issued by community banks. Its return forecast is dependent on the health of this segment of the banking system and interest rates. This unique strategy allows for exposure to the banking sector through debt instruments.
Future (predicted) profit of companies in the market segment - Investors holding
ArrowMark Financial Corp. is a business development company (BDC) that invests in the debt securities of small banks. Its success depends on the health of the banking sector. The outlook for this niche sector reflects analysts' expectations for the future of small financial institutions and their ability to generate stable profits.
Future (predicted) profit of the market as a whole
ArrowMark Financial (formerly StoneCastle Financial) invests in the debt and equity instruments of financial institutions, primarily banks. Its success depends on the health of the banking sector. This chart, reflecting profit forecasts, illustrates the overall economic environment that determines the profitability and sustainability of banks.
P/S of the company, segment and market as a whole
P/S - ArrowMark Financial
ArrowMark Financial, formerly StoneCastle Financial, is a fund that invests in small bank debt securities. This chart shows how investors value its interest income. This valuation reflects both the attractiveness of investing in the niche community banking sector and the risks associated with interest rates and regulation.
P/S market segment - Investors holding
ArrowMark Financial, formerly StoneCastle, is an investment firm focused on the banking sector, providing capital and credit solutions to US banks. This chart shows the average revenue estimate for investment holdings, helping to understand how the market views ArrowMark's unique, niche strategy.
P/S of the market as a whole
ArrowMark Financial Corp. is a closed-end fund that invests in a wide range of credit instruments, including bank regulatory capital and debt instruments. Its performance depends on the success of a complex investment strategy. This chart shows an overall revenue estimate that can be used to analyze the prospects of specialized financial companies.
Future P/S of the company, segment and market as a whole
Future (projected) P/S of the company ArrowMark Financial
ArrowMark Financial is a business development company (BDC) that invests in debt securities issued by community banks. This chart shows how the market values โโa company's future interest income. It is an indicator of the health and capital needs of the banking sector.
Future (projected) P/S of the market segment - Investors holding
ArrowMark Financial Corp. is a business development company (BDC) that invests in debt securities, often associated with the banking sector. This chart shows how investors view its unique investment strategy and its expertise in a niche financial services segment.
Future (projected) P/S of the market as a whole
ArrowMark Financial (formerly StoneCastle Financial) is a closed-end fund investing in community bank securities. Their success depends on the health of the small-town banking sector. This chart of overall economic expectations is important. Stable economic growth creates a favorable environment for small banks, improving their profitability and asset quality, which is good for BANX.
Sales of the company, segment and market as a whole
Company sales ArrowMark Financial
ArrowMark Financial Corp. is a business development company (BDC) that provides financing to financial services companies, particularly banks. This chart shows interest income from its specialized loan portfolio. Revenue growth depends on the health of the banking sector and demand for regulatory capital.
Sales of companies in the market segment - Investors holding
ArrowMark Financial is a business development company (BDC) with a unique strategy. They invest in debt instruments from the US financial sector, including community bank loans and regulatory equity-linked securities. Their revenue structure consists of interest income from these specialized financial investments.
Overall market sales
ArrowMark Financial is a business development company (BDC) that invests in the debt instruments of financial institutions, primarily banks. It provides capital to banks, which in turn provide loans to the economy. This total revenue chart reflects the state of the financial sector, in which BANX plays the role of a specialized investor.
Future sales volume of the company, segment and market as a whole
Future (projected) sales of the company ArrowMark Financial
ArrowMark Financial is an exchange-traded fund (CEF) that invests in debt and equity securities related to the banking sector, particularly regulatory capital. This chart reflects analyst expectations for the health of the banking system and the returns of these specific instruments.
Future (projected) sales of companies in the market segment - Investors holding
ArrowMark Financial, formerly StoneCastle, invests in debt and equity securities issued by community banks. This chart shows forecasts for the entire local and regional banking sector. It reflects the health of this important part of the financial system, which determines the return and security of the fund's investments.
Future (projected) sales of the market as a whole
ArrowMark Financial Corp., an investment firm, sees this chart as a reflection of the health of the financial sector. Rising forecasts for overall economic revenue enhance the stability of banks and other financial institutions. ArrowMark invests in their debt and equity securities, seeking attractive returns.
Marginality of the company, segment and market as a whole
Company marginality ArrowMark Financial
ArrowMark Financial Corp. is a business development company (BDC) that invests in debt securities, primarily related to the banking sector. Its profitability depends on the quality of these investments and the overall health of the financial system. This chart shows how effectively the company manages its portfolio to generate income.
Market segment marginality - Investors holding
ArrowMark Financial, formerly StoneCastle Financial, is an investment firm providing capital to community banks. This metric reflects the effectiveness of its unique niche strategy. This strong score demonstrates its deep understanding of the banking sector and the demand for its capital.
Market marginality as a whole
ArrowMark Financial is a closed-end fund that invests in financial assets. Its performance depends on the state of credit markets and the success of its chosen strategy. While this overall corporate return chart influences the investment environment, specific factors such as interest rate dynamics are more important to the fund.
Employees in the company, segment and market as a whole
Number of employees in the company ArrowMark Financial
ArrowMark Financial is a business development company (BDC) that invests in regulatory capital for smaller banks. Its unique strategy is to provide capital to banks that helps them grow and meet regulatory requirements. This chart shows its small but highly specialized team.
Share of the company's employees ArrowMark Financial within the market segment - Investors holding
ArrowMark Financial Corp. is a business development company (BDC) that invests in debt instruments of financial institutions, primarily banks. Its narrow focus requires deep expertise in the banking sector. This chart demonstrates that its strength lies in a small team of professionals with unique insights.
Number of employees in the market segment - Investors holding
ArrowMark Financial, formerly StoneCastle, is a company that provides capital to community banks. This chart shows the team investing in the backbone of the US financial systemโsmall and mid-size banksโhelping them grow and serve their local communities, thereby supporting the entire economy.
Number of employees in the market as a whole
ArrowMark Financial Corp., operating in the financial sector, is closely tied to the overall economic situation. This chart, illustrating employment trends, is an important indicator of market health for them. Job growth signals stability in the corporate sector and enhances the reliability of the financial assets the company invests in, whether stocks or debt instruments.
Market capitalization per employee (in thousands of dollars) of the company, segment, and market as a whole
Market capitalization per employee (in thousands of dollars) of the company ArrowMark Financial (BANX)
ArrowMark Financial Corp is an investment firm specializing in the banking sector. This chart illustrates the financial holding company model. High capitalization per employee is the norm. A small team of experts makes investment decisions in bank stocks and debt instruments, managing significant capital.
Market capitalization per employee (in thousands of dollars) in the market segment - Investors holding
ArrowMark Financial Corp. is an investment firm specializing in banking and financial technology investments. Success depends on the team's expertise in this specific sector. This chart shows how the market evaluates the quality of its investment portfolio and the team's performance per employee.
Market capitalization per employee (in thousands of dollars) for the overall market
ArrowMark Financial Corp., formerly StoneCastle Financial, is an investment firm providing capital to community banks. In this unique niche, this metric reflects its expertise. It demonstrates that a small team can effectively invest in the banking sector, supporting local financial institutions.
Profit per employee (in thousands of dollars) for the company, segment, and market as a whole
Profit per employee (in thousands of dollars) of the company ArrowMark Financial (BANX)
ArrowMark Financial (BANX) is a BDC (or similar entity) specializing in bank debt investments. This chart shows how their small team of investment professionals manages this niche portfolio. Profits generate capital, which drives their high performance.
Profit per employee (in thousands of dollars) in the market segment - Investors holding
ArrowMark Financial (BANX) (formerly StoneCastle Financial) is an investment firm specializing in the banking sector, primarily in subordinated debt and equity of local banks. This chart represents an industry benchmark. It reflects how effectively their team of experts analyzes and invests in small banks, capitalizing on this niche market segment.
Profit per employee (in thousands of dollars) for the market as a whole
ArrowMark Financial (BANX) is a BDC (business development company) that invests in the debt securities of other financial institutions, primarily community banks. This is a very niche financial engineering practice, and they have few employees. This chart shows the high financial return per employee managing this portfolio.
Sales to employees of the company, segment and market as a whole
Sales per company employee ArrowMark Financial (BANX)
ArrowMark Financial Corp. is a closed-end fund investing in financial institution debt securities. This chart demonstrates the effectiveness of its niche investment strategy. Its high revenue per employee is the result of a small team of experts analyzing and investing in a complex sector, generating income from their portfolio.
Sales per employee in the market segment - Investors holding
ArrowMark Financial (BANX) is a BDC specializing in investments in debt securities, often associated with the banking sector. It's a niche financial business. This chart shows how effective their elite team (financial experts) is at generating interest income per employee compared to traditional banks.
Sales per employee for the market as a whole
ArrowMark Financial (BANX) is a BDC that invests in a wide range of credit assets. Their business is wealth management. This chart shows the income (interest) generated by their small team of investment professionals managing this portfolio, which largely consists of regulatory capital for banks.
Short shares by company, segment and market as a whole
Shares shorted by company ArrowMark Financial (BANX)
ArrowMark Financial (BANX) (formerly StoneCastle Financial) is an investment firm specializing in regional bank debt and equity. This chart measures bearish bets. A rise in BANX shorts is a bet on a crisis in the regional bank sector, caused by problems with commercial real estate or pressure on their margins.
Shares shorted by market segment - Investors holding
ArrowMark (BANX) โ the ticker symbol for StoneCastle Financial, an investment firm that invests in community banks. This chart shows the overall sentiment in the regional banking sector. It summarizes bearish bets, reflecting investor concerns about risks in commercial real estate or margin compression across the industry.
Shares shorted by the overall market
ArrowMark (BANX) is a fund that invests in bank debt instruments. It's a leveraged bet on the health of the financial system. When this general fear indicator rises, it reflects panicky fears of a recession. Investors fear that a recession will trigger a banking crisis, which would have a catastrophic impact on the BANX portfolio.
RSI 14 indicator for a company, segment, and market as a whole
The company's RSI 14 indicator ArrowMark Financial (BANX)
ArrowMark Financial (BANX) is a BDC/fund that invests in debt and equities, primarily in the financial sector, including community banks. This chart measures how investors view this complex portfolio. It shows when stocks are overbought due to optimism or oversold due to fears in the banking sector.
RSI 14 Market Segment - Investors holding
ArrowMark Financial (BANX) is a BDC that specializes in investing in the debt and equity of community banks and other financial institutions. This unique niche serves as a "bank for banks." This chart reflects the overall sentiment in the investment holdings sector, helping assess the market's view of the industry.
RSI 14 for the overall market
ArrowMark (BANX) is a fund that invests in risky corporate loans. This chart is an indicator of defaults. In euphoria, companies thrive. In panic and recession, companies go bankrupt, and the value of assets (loans) in the BANX portfolio plummets, threatening its survival.
Analyst consensus forecast for the company's share price, the segment, and the market as a whole
Analyst consensus stock price forecast BANX (ArrowMark Financial)
ArrowMark Financial (BANX) is a closed-end mutual fund (CEF) investing in regulatory capital for banks and credit assets. This chart shows the average analyst forecast. It reflects their opinion on the fund's future share price, which depends on the portfolio yield and the discount to NAV.
The difference between the consensus estimate and the actual stock price BANX (ArrowMark Financial)
ArrowMark Financial (BANX) is a company that invests in debt and equity instruments, primarily related to the US community banking sector. This chart shows the difference between the market valuation and the analyst consensus estimate. It reveals whether experts believe in the stability and profitability of small US banks.
Analyst consensus forecast for stock prices by market segment - Investors holding
ArrowMark Financial (BANX) is a closed-end fund (CEF) that invests in financial institution debt, including subordinated bank debt. This chart shows general expectations for the investment holdings sector. It reflects whether experts believe the banking sector is stable overall.
Analysts' consensus forecast for the overall market share price
ArrowMark Financial (BANX) is a BDC (business development company) with a unique strategy: they invest in the debt and equity of small, neighborhood banks. This chart shows overall market sentiment. For BANX, a "bank for banks," it's important to understand how these expectations (rates, regulations) impact the health of the entire regional banking sector. (344)
AKIMA index of the company, segment and market as a whole
AKiMA Company Index ArrowMark Financial
ArrowMark Financial (BANX) is a closed-end fund (CEF) with a unique strategy. They invest in niche debt instruments, specifically regulatory capital (bonds issued by banks to comply with regulations) and private credit. This chart is a summary indicator of their niche strategy, reflecting their ability to extract returns from this complex and little-understood part of the financial market.
AKIMA Market Segment Index - Investors holding
ArrowMark Financial (BANX) is a closed-end fund that invests in bank regulatory capital, seeking to profit from changes in banking regulations. It's a very niche strategy. This chart shows the average index for the holding investor sector. It allows you to assess how BANX's unique strategy compares to the sector average.
The AKIM Index for the overall market
ArrowMark Financial is a closed-end fund investing in banking assets to reduce banks' regulatory capital requirements. This chart, which reflects the market average, is a backdrop. It helps assess how BANX, a niche financial instrument dependent on banking regulation, compares to overall macroeconomic fluctuations.