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Bank Capital and Dividend Externalities
Acharya, Viral V. - 2016
in the banking sector, dividend payouts can shift the relative value of stakeholders' claims across firms. Through this … dividends and inefficient recapitalization relative to the efficient policy that maximizes banking sector equity. We compare the …
Persistent link: https://www.econbiz.de/10012983304
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The shadow banking system : implications for financial regulation
Adrian, Tobias; Shin, Hyun Song - 2009
The current financial crisis has highlighted the growing importance of the “shadow banking system,” which grew out of … the securitization of assets and the integration of banking with capital market developments. This trend has been most … system, banking and capital market developments are inseparable: Funding conditions are closely tied to fluctuations in the …
Persistent link: https://www.econbiz.de/10003864595
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Aligning Incentives at Systemically Important Financial Institutions
Baily, Martin Neil - 2013
UBS recently announced it would pay part of the bonuses of 6,500 highly compensated employees with bonds that would be forfeited if the bank does not meet its capital requirements. This memo underscores the benefits of contingent deferred compensation and makes recommendations for how such...
Persistent link: https://www.econbiz.de/10013084413
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Stressed Out : Macroprudential Principles for Stress Testing
Greenlaw, David - 2013
Since the conference version of this report in February 2011, bank stress tests have been almost continuously in the news. In the United States, the Dodd-Frank Act mandates annual stress tests for key institutions. In early 2011, the Federal Reserve conducted the first test under the Act on...
Persistent link: https://www.econbiz.de/10013091615
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Crisis Resolution and Bank Liquidity
Acharya, Viral V. - 2010
crises. We present evidence consistent with these predictions. While interventions to resolve banking crises may be desirable …
Persistent link: https://www.econbiz.de/10013148772
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Dividends and Bank Capital in the Financial Crisis of 2007-2009
Acharya, Viral V.; Gujral, Irvind; Kulkarni, Nirupama; … - National Bureau of Economic Research (NBER) - 2011
equity. The dwindling pool of common equity in the banking system may have been one reason for the continued reluctance by …
Persistent link: https://www.econbiz.de/10008868166
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The Changing Nature of Financial Intermediation and the Financial Crisis of 2007–2009
Adrian, Tobias; Shin, Hyun Song - In: Annual Review of Economics 2 (2010) 1, pp. 603-618
the shadow banking system, which grew on the back of the securitization of assets and the integration of banking with … global financial system as a whole. In a market-based financial system, banking and capital market developments are …
Persistent link: https://www.econbiz.de/10009226024
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Bank Capital and Dividend Externalities
Acharya, Viral V.; Le, Hanh; Shin, Hyun Song - National Bureau of Economic Research (NBER) - 2013
In spite of mounting losses banks continued to pay dividends during the crisis. We present a model that addresses this behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks. This way, one bank's dividend payout policy...
Persistent link: https://www.econbiz.de/10010796717
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Bank Capital and Dividend Externalities
Acharya, Viral V; Le, Hanh; Shin, Hyun Song - C.E.P.R. Discussion Papers - 2014
In spite of mounting losses banks continued to pay dividends during the crisis. We present a model that addresses this behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks. This way, one bank's dividend payout policy...
Persistent link: https://www.econbiz.de/10011084101
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Bank Capital and Dividend Externalities
Acharya, Viral V; Le, Hanh; Shin, Hyun Song - C.E.P.R. Discussion Papers - 2013
While losses were accumulating during the 2007-09 financial crisis, many banks continued to maintain a relatively smooth dividend policy. We present a model that explains this behavior in a setting where there are financial externalities across banks. In particular, by paying out dividends, a...
Persistent link: https://www.econbiz.de/10011084390