G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9865
DP9865 Bank Capital and Dividend Externalities
Hyun Song Shin; Viral Acharya
发表日期2014-03-02
出版年2014
语种英语
摘要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 affects the equity value and risk of default of other banks. When such negative externalities are strong and bank franchise values are not too low, the private equilibrium can feature excess dividends relative to a coordinated policy that maximizes the combined equity value of banks.
主题Financial Economics
关键词Risk-shifting Externalities Franchise value Financial crises
URLhttps://cepr.org/publications/dp9865
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538699
推荐引用方式
GB/T 7714
Hyun Song Shin,Viral Acharya. DP9865 Bank Capital and Dividend Externalities. 2014.
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