| 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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