| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15858 |
| DP15858 Investing in Crises | |
| Matthew Baron; Luc Laeven; Julien Penasse; Yevhenii Usenko | |
| 发表日期 | 2021-02-28 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We investigate asset returns around banking crises in 44 advanced and emerging economies from 1960 to 2018. In contrast to the view that buying assets during banking crises is a profitable long-run strategy, we find returns of equity and other asset classes generally underperform after banking crises. While prices are depressed during crises and partially recover after acute stress ends, consistent with theories of fire sales and intermediary-based asset pricing, we argue that investors do not fully anticipate the consequences of debt overhang, which result in lower long-run dividends. Our results on bank stock underperformance suggest that government-funded bank recapitalizations can often lead to substantial taxpayer losses. |
| 主题 | Financial Economics |
| 关键词 | Investments Financial crises Returns Fire sales |
| URL | https://cepr.org/publications/dp15858 |
| 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/544851 |
| 推荐引用方式 GB/T 7714 | Matthew Baron,Luc Laeven,Julien Penasse,et al. DP15858 Investing in Crises. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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