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This paper shows that banks use accounting discretion to overstate the value of distressed assets. Banks' balance sheets overvalue real estate-related assets compared to the market value of these assets, especially during the U.S. mortgage crisis. Share prices of banks with large exposure to...
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The financial crisis that began in 2007 has brought to the fore the issues of excesses in lending, leverage, and risk-taking as some of the fundamental causes of this crisis. At the same time, in dealing with the financial crisis there have been large scale interventions by governments, often...
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identified late, solutions are much more costly. Until recently, Europe has seen only a small number of outright bank failures …, which made the estimation of early warning models for bank supervision very difficult. This paper presents a unique database … of individual bank distress across the European Union from mid-1990s to 2008. Using this data set, we analyze the causes …
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