| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16670 |
| DP16670 A q-theory of banks | |
| Juliane Begenau; Saki Bigio; Matias Vieyra; Jeremy Majerovitz | |
| 发表日期 | 2021-10-27 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market equity values diverge, especially during crises; (2) Tobin's Q predicts future bank profitability; (3) neither book nor market leverage constraints are binding for most banks; (4) bank leverage and Tobin's Q are mean reverting but highly persistent. We examine a counterfactual experiment where different accounting rules produce a novel policy tradeoff. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Banks Leverage dynamics Market vs. book values Delayed accounting |
| URL | https://cepr.org/publications/dp16670 |
| 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/545609 |
| 推荐引用方式 GB/T 7714 | Juliane Begenau,Saki Bigio,Matias Vieyra,et al. DP16670 A q-theory of banks. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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