The light and dark side of TARP

被引：10

作者：

Farruggio, Christian ^{[1
]}

Michalak, Tobias C. ^{[1
]}

Uhde, Andre ^{[2
]}

机构：

[1] Ruhr Univ Bochum, Dept Management & Econ, D-44780 Bochum, Germany

[2] Univ Paderborn, Dept Taxat Accounting & Finance, D-33098 Paderborn, Germany

来源：

JOURNAL OF BANKING & FINANCE | 2013年 / 37卷 / 07期

关键词：

Financial crisis; TARP; Market efficiency; Event study; EMPIRICAL POWER; STOCK RETURNS; RISK; EVENT; SPECIFICATION; SECURITIZATION; SUPERVISION; PERFORMANCE; TESTS;

D O I：

10.1016/j.jbankfin.2013.02.020

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper empirically investigates the impact of the first announcement of TARP, the announcement of revised TARP, respective capital infusions under TARP-CPP and capital repayments on changes in share-holder value and the risk exposure of supported US banks. Our analysis reveals a light and a dark side of TARP. While announcements as well as capital repayments may provoke positive wealth effects and a decrease in bank risk, equity capital injections to banks are observed to be a severe impediment to restore market confidence and financial stability. Furthermore, while TARP announcements and capital injections may increase systemic risk, no significant effect on systemic risk is found for capital repayments. (c) 2013 Elsevier B.V. All rights reserved.

引用

页码：2586 / 2604

页数：19

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