| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14530 |
| DP14530 Risk-Taking, Competition and Uncertainty: Do CoCo Bonds Increase the Risk Appetite of Banks? | |
| Sweder van Wijnbergen; Mahmoud Fatouh; Ioana Neamtu | |
| 发表日期 | 2020-03-25 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We assess the impact of contingent convertible (CoCo) bonds and the wealth transfers they imply conditional on conversion on risk-taking behaviour of the issuing bank. We also test for regulatory arbitrage: do banks by issuing CoCos try to maintain risk taking incentives when regulators reduce them by insisting on higher capitalization ratios? While we test for and reject sample selection bias, we show that CoCo bonds issuance has a strong positive effect on risk-taking behaviour, and so do conversion parameters that reduce dilution of existing shareholders upon conversion. Higher volatility amplifies the impact of CoCos on risk taking. |
| 主题 | Financial Economics |
| 关键词 | Contingent convertible bonds Risk taking Bank capital structure |
| URL | https://cepr.org/publications/dp14530 |
| 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/543434 |
| 推荐引用方式 GB/T 7714 | Sweder van Wijnbergen,Mahmoud Fatouh,Ioana Neamtu. DP14530 Risk-Taking, Competition and Uncertainty: Do CoCo Bonds Increase the Risk Appetite of Banks?. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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