کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7409348 | 1481518 | 2017 | 46 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Wealth and risk implications of the Dodd-Frank Act on the U.S. financial intermediaries
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد، اقتصادسنجی و مالیه (عمومی)
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چکیده انگلیسی
We contribute to the current regulatory debate by examining the wealth and risk effects of the Dodd-Frank Act on U.S. financial institutions. We measure the effects of key legislative events of the Act by means of a multivariate regression model using the seemingly unrelated regression (SUR) framework. Our results indicate a mixed reaction by financial institutions during the various stages of the Act's legislative process. Further tests reveal that any positive reactions are driven by small and/or low risk institutions, while negative ones are consistent across subsets; except for investment banks. We also find market risk increases for most financial institutions that are dominated by small and/or low risk firms. The cross-section results reveal that large institutions fare better than their smaller counterparts and that large investment banks gain value at the expense of others. Overall, the Dodd-Frank Act may have redistributed value among financial institutions, while not necessarily reducing the industry's riskiness.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Stability - Volume 33, December 2017, Pages 366-379
Journal: Journal of Financial Stability - Volume 33, December 2017, Pages 366-379
نویسندگان
Kostas Andriosopoulos, Ka Kei Chan, Panagiotis Dontis-Charitos, Sotiris K. Staikouras,