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Bank rescues and bailout expectations : the erosion of market discipline during the financial crisis
Hett, Florian; Schmidt, Alexander - 2013
We show that market discipline, defined as the extent to which firm specific risk characteristics are re ected in market prices, eroded during the recent financial crisis in 2008. We design a novel test of changes in market discipline based on the relation between firm specific risk...
Persistent link: https://www.econbiz.de/10010226557
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Limits on State-Funded Bailouts in the EU Bank Resolution Regime
Hadjiemmanuil, Christos - 2017
in the form of the Bank Recovery and Resolution Directive. The paper discusses the anti-bailout objective of the two …
Persistent link: https://www.econbiz.de/10012963737
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Abolishing public guarantees in the absence of market discipline
Körner, Tobias; Schnabel, Isabel - 2012
the resulting drop in bank charter values translated into higher risk-taking at German savings banks. -- Public bail-out …
Persistent link: https://www.econbiz.de/10009664941
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De Facto Bank Bailouts
Ngo, Phong T. H. - 2020
sovereign default -- a de facto bailout. Consistent with this, the likelihood a defaulting sovereign is granted an IMF loan is …
Persistent link: https://www.econbiz.de/10012838768
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Bank resolution and public backstop in an asymmetric banking union
Segura, Anatoli; Vicente, Sergio - 2018
of bail-outs. Raising public funds to conduct a bail-out entails the deadweight loss of distortionary taxation. Bank bail …
Persistent link: https://www.econbiz.de/10011978809
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The SSM at 1
Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016
On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...
Persistent link: https://www.econbiz.de/10011557140
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What Do We Know about the Impact of Government Interventions in the Banking Sector? The Assessment of Various Bailout Programs on Bank Behavior
Hryckiewicz, Aneta - 2013
mute on what the optimal bailout program should look like to mitigate the negative consequence of government intervention … the risk effect the most. The optimal bailout package should include mechanisms aimed at strengthening market monitoring …
Persistent link: https://www.econbiz.de/10013084427
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Did Connected Hedge Funds Benefit From Bank Bailouts During the Financial Crisis?
Faff, Robert W. - 2019
We examine whether connected hedge funds (i.e. those that are prime-brokerage clients of bailout banks) benefited from … bailout programs initiated in seven countries during the 2007–2009 financial crisis. We find that being connected to a bailout … smaller during the post bailout period, for example, due to the greater risk-taking and higher leverage of such funds …
Persistent link: https://www.econbiz.de/10012906178
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Bail-In vs Bail-Out : Bank Resolution and Liability Structure
Leanza, Luca - 2019
postponing default; 2) a positive probability of bail-out destroys credibility with dramatic effects on financial risk-taking, to …
Persistent link: https://www.econbiz.de/10012893415
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On the Need for a Fiscal Backstop to the Banking System
Schoenmaker, Dirk - 2016
In the aftermath of the financial crisis, governments are rightly reducing their exposure to the banking system. Bail-in arrangements should ensure that shareholders and creditors take the first losses. The next line of defence is a resolution fund, which is filled via levies on banks....
Persistent link: https://www.econbiz.de/10013006142