Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/184711 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Working Paper No. 111
Verlag: 
Osnabrück University, Institute of Empirical Economic Research, Osnabrück
Zusammenfassung: 
We evaluate the abnormal returns of issuing and non-issuing banks around the announcement of Seasoned Equity Offerings (SEOs) and explore how the market reaction is influenced by aggregate systemic conditions and by the systemic risk contribution and exposure of banks. While we find evidence of negative abnormal returns for issuers, non-issuing banks benefit from positive abnormal returns around the SEO announcement. We show that these positive returns are not entirely explained by the competition channel, which has been well documented for non-financial firms. In contrast, we demonstrate that they also depend on a so far undocumented system-stabilizing channel. Furthermore, under certain circumstances, the system-stabilizing channel contributes to mitigating the negative reaction to SEO announcements for the issuing banks.
Schlagwörter: 
SEOs
Banking Regulation
Banking Crises
Contagion
Systemic Risk
JEL: 
G21
G28
G32
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
474.69 kB





Publikationen in EconStor sind urheberrechtlich geschützt.