| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17062 |
| DP17062 Risk-Taking, Competition and Uncertainty: Do Contingent Convertible (CoCo) Bonds Increase the Risk Appetite of Banks? | |
| Sweder van Wijnbergen; Mahmoud Fatou | |
| 发表日期 | 2022-02-23 |
| 出版年 | 2022 |
| 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 the risk-taking behaviour of the issuing bank. We also test for regulatory arbitrage: do banks by issuing CoCo bonds try to maintain risk-taking incentives when regulators reduce them through 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 CoCo bonds on risk-taking. |
| 主题 | Financial Economics |
| 关键词 | Contingent convertible bonds Risk-taking Bank capital structure Selection bias |
| URL | https://cepr.org/publications/dp17062 |
| 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/546024 |
| 推荐引用方式 GB/T 7714 | Sweder van Wijnbergen,Mahmoud Fatou. DP17062 Risk-Taking, Competition and Uncertainty: Do Contingent Convertible (CoCo) Bonds Increase the Risk Appetite of Banks?. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
