| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17426 |
| DP17426 The End of Market Discipline? Investor Expectations of Implicit Government Guarantees | |
| Viral Acharya; Deniz Anginer; A. Joseph Warburton | |
| 发表日期 | 2022-07-03 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Using unsecured bonds traded in the U.S. from 1990 to 2020, we examine the sensitivity of credit spreads to changes in firm risk. In the time period preceding the implementation of the Dodd-Frank Act, we find that credit spreads were less sensitive to risk for large financial firms compared to small financial firms and compared to large non-financial firms. This lack of spread-risk sensitivity is consistent with investors expecting government guarantees on unsecured debt of large financial firms. In the post-Dodd Frank period after 2012, we do not observe differences in this sensitivity by firm size. These results are consistent with a strengthening of market discipline in the aftermath of the policy reforms implemented following the financial crisis. |
| 主题 | Financial Markets |
| 关键词 | Too big to fail Dodd-frank Bailout Implicit guarantee Moral hazard |
| URL | https://cepr.org/publications/dp17426 |
| 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/546510 |
| 推荐引用方式 GB/T 7714 | Viral Acharya,Deniz Anginer,A. Joseph Warburton. DP17426 The End of Market Discipline? Investor Expectations of Implicit Government Guarantees. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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