This paper evaluates the impact of the March 2020 European Central Bank recommenda-tion that banks do not pay dividends … or buy back shares on their market values. It documents a causal negative impact on bank share prices of around 7% during … highlights the impor-tance of managing perceptions about dividend uncertainty through credible communication about the expected …

greater insider ownership leads to less equity issuances. Several tests are consistent with the view that bank insiders are … between bank equity and lending, the results stress that ownership structure can shape the resilience of banks—and hence the …

trends. When shocks hit their profits, banks tend to adjust retained earnings to smooth dividends. This generates bank equity … effects of a novel macroprudential policy rule - that I shall call Dividend Prudential Target (DPT) - aimed at complementing …

, over a decade and a half preceding the pandemic, bank dividend payouts were adjusted in line with the three motivations …Economic literature suggests that banks change their dividend payouts for three main reasons. They may be willing to … to introduction of sector-wide recommendation by regulators to suspend dividend payouts in view of prevailing large …

We develop a dynamic structural model of bank behaviour that provides a microeconomic foundation for bank capital and …

resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account …

We propose a new methodology to identify aggregate demand and supply shocks in the bank loan market. We present a model … of sticky bank-firm relationships, estimate its structural parameters in euro area credit register data, and infer … largely explained by demand shocks. Fluctuations in lending rates were instead mostly determined by bank-driven supply shocks …