The value relevance of “too-big-to-fail” guarantees: Evidence from the 2008-2009 banking crisis

Purpose - This paper aims to analyze the impact of conjectural "too-big-to-fail" (TBTF) guarantees on big and small US financial institutions' stock prices during the 2008-2009 banking crisis. Design/methodology/approach - The paper analyzes shocks to stock market investors' expe...

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Veröffentlicht in:	The journal of risk finance 2015-01, Vol.16 (5), p.498-518
Hauptverfasser:	Varmaz, Armin, Fieberg, Christian, Prokop, Jörg
Format:	Artikel
Sprache:	eng
Schlagworte:	Abnormal returns Bailout Bailouts Bank failures Banking Banking industry Bankruptcy Banks Capital markets Competition Externalities Financial institutions Government aid Governments Investments Investors Markets Policies Raw materials Risk factors Securities markets Stock exchanges
Online-Zugang:	Volltext
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