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Time to Buy or Just Buying Time? The Market Reaction to Bank Rescue Packages
King, Michael R. - 2009
This paper reviews the market reaction to bank rescue packages announced in six countries between October 2008 and … shareholders as seen in the movement of bank stock prices. Government interventions benefited creditors at the expense of … shareholders, with bank CDS spreads narrowing around the announcements in all cases. Despite a brief positive reaction, bank stock …
Persistent link: https://www.econbiz.de/10013155928
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Do stress tests matter? : evidence from the 2014 and 2016 stress tests
Georgescu, Oana-Maria; Groß, Marco; Kapp, Daniel; Kok … - 2017
results enhanced price discrimination as the impact on bank CDS spreads and equity prices tended to be stronger for the weaker …
Persistent link: https://www.econbiz.de/10011648333
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The unfolding turmoil of 2007 - 2008 : lessons and responses
Cohen, Benjamin H.; Remolona, Eli M. - 2008
While the unfolding financial turmoil has involved new elements, more fundamental elements have remained the same. New elements include structured credit, the originate-to-distribute business model and the tri-party repurchase agreement. The recurrence of crises reflects a basic procyclicality...
Persistent link: https://www.econbiz.de/10003855412
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Transparency through financial claims with fingerprints : a free market mechanism for preventing mortgage securitization induced financial crises
Gründl, Helmut; Post, Thomas - 2009
Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of 20072009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market participants at each stage of the securitization process to...
Persistent link: https://www.econbiz.de/10003815243
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Changing Market Perceptions of Who is ‘Too Big to Fail’ During the Financial Crisis of 2007-2008
Jacobs, Thomas A. - 2010
.S. government's crisis actions as well as two international bank bailouts in a series of event studies employing both debt and …
Persistent link: https://www.econbiz.de/10013139452
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Market Perceptions of US and European Policy Actions Around the Subprime Crisis
Grammatikos, Theoharry - 2013
This paper explores the impacts of key policy actions by US and European authorities on stock returns of systemically important banks in Europe and US around the subprime crisis. We find that the US policy announcements had a stronger impact on the European and US banking industry than the...
Persistent link: https://www.econbiz.de/10013090422
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An Assessment of Financial Sector Rescue Programmes
Settlements, Bank for International - 2014
and distortions. Finally, we briefly review the recent evolution of bank lending to the private sector. We draw policy …
Persistent link: https://www.econbiz.de/10013070843
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Credit Information Sharing and Stock Price Crash Risk : The Role of Information Asymmetry and Bank Regulations
Teeranutranont, Chanon - 2018
This paper attempts to investigate the impact of credit information sharing on bank-specific stock price crash risk …
Persistent link: https://www.econbiz.de/10012926760
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Credit Default Swaps and the Credit Crisis
Stulz, René M. - 2010
Many observers have argued that credit default swaps contributed significantly to the credit crisis. Of particular concern to these observers are that credit default swaps trade in the largely unregulated over-the-counter market as bilateral contracts involving counter-party risk and that they...
Persistent link: https://www.econbiz.de/10013150917
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Was the Crisis Due to a Shift from Stakeholder to Shareholder Finance? Surveying the Debate
Ferri, Giovanni - 2015
We discuss the literature on the shift from stakeholder to shareholder finance behind the Great Financial Crisis (GFC). Traditional banks generally maximized stakeholder value (STV). But before the GFC also many of them started maximizing shareholder value (SHV). Moving from STV to SHV often...
Persistent link: https://www.econbiz.de/10013024417