做一家负责任的银行有回报吗?来自 COVID-19 大流行病的证据

IF 6.1 2区 经济学 Q1 BUSINESS, FINANCE
Alper Kara , Steven Ongena , Yilmaz Yildiz
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引用次数: 0

摘要

我们研究了在 COVID-19 大流行的第一波中,银行在支持客户、社区和政府方面的最初反应是否被投资者视为价值提升。通过对美国和欧洲最大的商业银行样本进行独特的责任银行衡量,我们发现责任银行行为与股市表现之间存在负相关关系,尤其是在大流行病的第一波。我们还发现,风险较高的银行如果采取负责任的行为,则受到的负面影响更大。总体而言,我们的研究结果表明,银行在危机期间的负责任行为会降低股东价值,或者充其量与股东价值无关。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does being a responsible bank pay off? Evidence from the COVID-19 pandemic

We investigate whether banks’ initial responses during the first wave of the COVID-19 pandemic in supporting their customers, communities, and governments were perceived as value-enhancing by investors. Using a unique responsible banking measure for a sample of the largest US and European commercial banks, we find a negative relationship between responsible bank behavior and stock market performance, particularly in the first wave of the pandemic. We also find that riskier banks were affected more negatively if they behaved responsibly. Overall, our findings show that banks’ responsible behavior during a crisis reduces, or at best is not relevant to, shareholder value.

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来源期刊
CiteScore
7.70
自引率
9.30%
发文量
78
审稿时长
34 days
期刊介绍: The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.
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