| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22355 |
| 来源ID | Working Paper 22355 |
| Equity is Cheap for Large Financial Institutions: The International Evidence | |
| Priyank Gandhi; Hanno Lustig; Alberto Plazzi | |
| 发表日期 | 2016-06-20 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | In most countries, equity is a cheap source of funding for a country’s largest financial institutions. On average, the stocks of the top 10% financial companies in a country account for over a quarter of total market capitalization, but these stocks earn returns that are significantly lower than stocks of non-financial firms of the same size and with the same risk exposures. In a bailout-augmented asset pricing model with rare disasters, country characteristics that inform the likelihood of a bailout should predict stock returns. We find greater financial pricing anomalies for the largest banks in developed countries with a highly concentrated and large banking sector and fiscally strong governments, but smaller anomalies in countries with strong corporate governance, government integrity, and property rights as well as high bankruptcy costs. The pricing discrepancy widens in anticipation of large stock market and GDP declines, as the bailout-augmented asset pricing model would predict. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w22355 |
| 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/580029 |
| 推荐引用方式 GB/T 7714 | Priyank Gandhi,Hanno Lustig,Alberto Plazzi. Equity is Cheap for Large Financial Institutions: The International Evidence. 2016. |
| 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 | ||
| w22355.pdf（596KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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