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| Author: | Kabir, M.H. Hassan, M.K. |
| Title: | The near-collapse of LTCM, US financial stock returns, and the Fed |
| Journal: | Journal of Banking and Finance
2005 : FEB, VOL. 29:2, p. 441-460 |
| Index terms: | Banking Capital markets Financial services Stock returns Crises USA |
| Language: | eng |
| Abstract: | This study examines both the contagion and the "too-big-to-fail" hypotheses in the context of the long-term capital management (LTCM) crisis in the U.S. financial services industry. The results show that those commercial and investments banks that were exposed to LTCM lost market values significantly around important events surrounding the near collapse of LTCM, but the losses experienced by investment banks are much higher than the losses faced by commercial banks. Smaller S&L institutions and bigger insurance companies were also affected by the crisis. |
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