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A Q-theory of banks
Beganau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2021 - Last updated: September 24, 2021
We document five facts about banks: (1) market and book leverage diverged during the 2008 crisis, (2) Tobin's Q predicts future profitability, (3) neither book nor market leverage appears constrained, (4) banks maintain a market-leverage target that is reached slowly, and (5) precrisis, leverage...
Persistent link: https://www.econbiz.de/10012627919
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A Q-theory of banks
Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2021
We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its … core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and … market equity values diverge, especially during crises; (2) Tobin's Q predicts future bank profitability; (3) neither book …
Persistent link: https://www.econbiz.de/10012649212
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A Q-theory of banks
Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2020
Persistent link: https://www.econbiz.de/10012395334
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Financial risk capacity
Bigio, Saki; Avernas, Adrien d' - 2019
Persistent link: https://www.econbiz.de/10012172571
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A q-theory of banks
Begenau, Juliane; Bigio, Saki; Vieyra, Matias; … - 2021
Persistent link: https://www.econbiz.de/10012695714