Understanding Bank Payouts during the Crisis of 2007–2009

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2022-05-04 DOI:10.1093/rcfs/cfac015

P. Cziraki, C. Laux, G. Loranth

引用次数: 0

Abstract

We study U.S. banks’ payout policy in 2007–2008. We benchmark these payouts against payouts before the crisis, measure stock price reactions to announcements of dividend changes, and analyze changes in the relation between payout growth and future performance. Further, we examine cross-sectional variation in banks’ payout policy to gauge the possible motives underlying banks’ payout decisions in 2007–2008. We do not find that banks that have a higher willingness to take risk or that have higher incentives to undertake asset substitution use their payout policy to engage in more wealth transfer compared to other banks.

查看原文本刊更多论文

了解2007-2009年危机期间的银行支出

我们研究了2007-2008年美国银行的支出政策。我们将这些支出与危机前的支出进行比较，衡量股价对股息变化公告的反应，并分析支出增长与未来业绩之间关系的变化。此外，我们考察了银行支出政策的横截面变化，以衡量2007-2008年银行支出决策的可能动机。我们没有发现，与其他银行相比，承担风险的意愿更高或有更高动机进行资产替代的银行会利用其支付政策进行更多的财富转移。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.