| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15615 |
| DP15615 Low price-to-book ratios and bank dividend payout policies | |
| Leonardo Gambacorta; Tommaso Oliviero; Hyun Song Shin | |
| 发表日期 | 2020-12-29 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Banks with a low price-to-book ratio have a greater propensity to pay out dividends. This propensity is especially marked for banks with a price-to-book ratio below a threshold of 0.7. As a sector, banks also tend to have higher dividend payout ratios than non-financial firms. We demonstrate these features using data for 271 advanced economy banks in 30 jurisdictions. Dividend payouts as a proportion of profits rise in a non-linear way as the price-to-book ratio falls below 0.7. In a hypothetical exercise with fixed balance sheet ratios, we find that a complete suspension of bank dividends in 2020 during the Covid-19 pandemic would have added, under different stress scenario, an additional US$ 0.8–1.1 trillion of bank lending capacity in our sample, equivalent to 1.1–1.6% of total GDP. |
| 主题 | Financial Economics |
| 关键词 | Dividend payout policy Banks Low interest rates Covid-19 crisis |
| URL | https://cepr.org/publications/dp15615 |
| 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/544628 |
| 推荐引用方式 GB/T 7714 | Leonardo Gambacorta,Tommaso Oliviero,Hyun Song Shin. DP15615 Low price-to-book ratios and bank dividend payout policies. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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