Time to Buy or Just Buying Time? The Market Reaction to Bank Rescue Packages
Time to Buy or Just Buying Time? The Market Reaction to Bank Rescue Packages
复制标题
是时候购买还是只是购买时间？
DOI：
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发表时间：
2009
期刊：
影响因子：
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通讯作者：
Michael R. King
中科院分区：
文献类型：
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作者：
Michael R. King
本文回顾了2008年10月至2009年1月期间六个国家宣布的银行救助计划的市场反应。该研究区分了CDS利差变化对债权人的影响和银行股价变动对股东的影响。政府干预使债权人受益，但损害了股东的利益，在所有情况下，银行CDS利差都在公告前后收窄。尽管出现了短暂的积极反应，但除美国以外，所有国家的银行股价格继续表现不佳，美国政府支持的有利条件使银行股表现优于其他国家。
This paper reviews the market reaction to bank rescue packages announced in six countries between October 2008 and January 2009. The study distinguishes the impact on creditors as seen in the change of CDS spreads from the impact on shareholders as seen in the movement of bank stock prices. Government interventions benefited creditors at the expense of shareholders, with bank CDS spreads narrowing around the announcements in all cases. Despite a brief positive reaction, bank stock prices continued to underperform in all countries except the United States where the favourable terms of the government support allowed bank stocks to outperform.