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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w27935 |
来源ID | Working Paper 27935 |
A Q-Theory of Banks | |
Juliane Begenau; Saki Bigio; Jeremy Majerovitz; Matias Vieyra | |
发表日期 | 2020-10-12 |
出版年 | 2020 |
语种 | 英语 |
摘要 | We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market equity values diverge, especially during crises; (2) Tobin's Q predicts future bank profitability; (3) neither book nor market leverage constraints are binding for most banks; (4) bank leverage and Tobin's Q are mean reverting but highly persistent. We examine a counterfactual experiment where different accounting rules produce a novel policy tradeoff. |
主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
URL | https://www.nber.org/papers/w27935 |
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/585609 |
推荐引用方式 GB/T 7714 | Juliane Begenau,Saki Bigio,Jeremy Majerovitz,et al. A Q-Theory of Banks. 2020. |
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 | ||
w27935.pdf(1366KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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