| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16896 |
| 来源ID | Working Paper 16896 |
| Dividends and Bank Capital in the Financial Crisis of 2007-2009 | |
| Viral V. Acharya; Irvind Gujral; Nirupama Kulkarni; Hyun Song Shin | |
| 发表日期 | 2011-03-17 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The headline numbers appear to show that even as banks and financial intermediaries suffered large credit losses in the financial crisis of 2007-09, they raised substantial amounts of new capital, both from private investors and through government-funded capital injections. However, on closer inspection the composition of bank capital shifted radically from one based on common equity to that based on debt-like hybrid claims such as preferred equity and subordinated debt. The erosion of common equity was exacerbated by large scale payments of dividends, in spite of widely anticipated credit losses. Dividend payments represent a transfer from creditors (and potentially taxpayers) to equity holders in violation of the priority of debt over equity. The dwindling pool of common equity in the banking system may have been one reason for the continued reluctance by banks to lend over this period. We draw conclusions on how capital regulation may be reformed in light of our findings. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w16896 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574571 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Irvind Gujral,Nirupama Kulkarni,et al. Dividends and Bank Capital in the Financial Crisis of 2007-2009. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16896.pdf（967KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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