| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24706 |
| 来源ID | Working Paper 24706 |
| Government Guarantees and the Valuation of American Banks | |
| Andrew G. Atkeson; Adrien d'; Avernas; Andrea L. Eisfeldt; Pierre-Olivier Weill | |
| 发表日期 | 2018-06-18 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Banks' ratio of the market value to book value of their equity was close to 1 until the 1990s, then more than doubled during the 1996-2007 period, and fell again to values close to 1 after the 2008 financial crisis. Sarin and Summers (2016) and Chousakos and Gorton (2017) argue that the drop in banks' market-to-book ratio since the crisis is due to a loss in bank franchise value or profitability. In this paper we argue that banks' market-to-book ratio is the sum of two components: franchise value and the value of government guarantees. We empirically decompose the ratio between these two components and find that a large portion of the variation in this ratio over time is due to changes in the value of government guarantees. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w24706 |
| 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/582379 |
| 推荐引用方式 GB/T 7714 | Andrew G. Atkeson,Adrien d',Avernas,et al. Government Guarantees and the Valuation of American Banks. 2018. |
| 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 | ||
| w24706.pdf（629KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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