دانلود مقاله ISI انگلیسی شماره 88190
ترجمه فارسی عنوان مقاله

بانک نجات و انتظارات نجات: فرسایش انضباط بازار در طول بحران مالی

عنوان انگلیسی
Bank rescues and bailout expectations: The erosion of market discipline during the financial crisis
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
88190 2017 53 صفحه PDF
منبع

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

Journal : Journal of Financial Economics, Volume 126, Issue 3, December 2017, Pages 635-651

پیش نمایش مقاله
پیش نمایش مقاله  بانک نجات و انتظارات نجات: فرسایش انضباط بازار در طول بحران مالی

چکیده انگلیسی

We design a novel test for changes in market discipline based on the relation between firm-specific risk, credit spreads, and equity returns. We use our method to analyze the evolution of bailout expectations during the recent financial crisis. We find that bailout expectations peaked in reaction to government interventions following the failure of Lehman Brothers, and returned to pre-crisis levels following the initiation of the Dodd-Frank Act. We do not find such changes in market discipline for nonfinancial firms. Finally, market discipline is weaker for government-sponsored enterprises (GSEs) and systemically important banks (SIBs) than for investment banks.