| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22689 |
| 来源ID | Working Paper 22689 |
| The Stock Market and Bank Risk-Taking | |
| Antonio Falato; David Scharfstein | |
| 发表日期 | 2016-10-10 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase in risk is greater than for a control group of banks that intended but failed to transition from private to public ownership, a result that is robust to using a plausibly exogenous instrument for failed transitions. The increase in risk is also greater than for a control group of banks that were acquired but did not change their listing status. We establish that pressure to maximize short-term stock prices helps to explain these findings by showing that the increase in risk is larger for newly public banks that are more focused on short-term stock prices and performance. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w22689 |
| 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/580382 |
| 推荐引用方式 GB/T 7714 | Antonio Falato,David Scharfstein. The Stock Market and Bank Risk-Taking. 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 | ||
| w22689.pdf（711KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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