دانلود مقاله ISI انگلیسی شماره 104396
ترجمه فارسی عنوان مقاله

شگفت زده شده یا نه؟ سرمایه گذاران واکنش به ارزیابی جامع قبل از شروع اتحادیه بانکی

عنوان انگلیسی
Surprised or not surprised? The investors reaction to the comprehensive assessment preceding the launch of the banking union
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
104396 2017 11 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Banking & Finance, Volume 74, January 2017, Pages 122-132

پیش نمایش مقاله
پیش نمایش مقاله  شگفت زده شده یا نه؟ سرمایه گذاران واکنش به ارزیابی جامع قبل از شروع اتحادیه بانکی

چکیده انگلیسی

Did the Comprehensive Assessment (CA), preceding the Single Supervisory Mechanism (SSM) launch in Europe, achieve its aims of producing new valuable information for the market? We show that the CA achieved the goal of increasing transparency: investors were able to detect weak banks at the announcement of the procedure (23rd October 2013), but gained full information on the amount of the capital shortfall only at the disclosure of the results (26th October 2014). Furthermore, at the official launch of the SSM (4th November 2014), banks under direct European Central Bank (ECB) supervision registered a more negative market reaction with respect to banks maintaining their national supervisors. Using a regression model including possible confounders and allowing for treatment effect heterogeneity, this negative reaction is confirmed. These findings suggest that, at least in the short run, investors penalized banks subject to direct ECB supervision, probably because of the fear of regulatory inconsistencies.