haku: @author Garfinkel, J. a. / yhteensä: 2
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| Tekijä: | Billett, M. T. Garfinkel, J. A. O'Neal, E. S. |
| Otsikko: | The cost of market versus regulatory discipline in banking |
| Lehti: | Journal of Financial Economics
1998 : JUN, VOL. 48:3, p. 333-358 |
| Asiasana: | MARKETS BANKING REGULATIONS COSTS |
| Kieli: | eng |
| Tiivistelmä: | In the paper, there is evidence presented that insured deposit financing shields banks from the full costs of market discipline. Moody's downgrades, indicators of increasing risk, are associated with negative abnormal equity returns that are increasing in the bank's reliance on insured deposits. In addition, banks raise their use of insured deposits following increases in risk. These findings of this paper cast doubt on the ability of capital market participants to effectively discipline bank behaviour within the current regulatory environment. More generally, the findings highlight the potential for regulation to undermine market discipline in regulated industries. |
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