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来源类型Working Paper
规范类型报告
DOI10.3386/w22689
来源IDWorking 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
URLhttps://www.nber.org/papers/w22689
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/580382
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GB/T 7714
Antonio Falato,David Scharfstein. The Stock Market and Bank Risk-Taking. 2016.
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