The stock market impact of government interventions on financial services industry groups: Evidence from the 2007-2009 crisis

被引：14

作者：

Pennathur, Anita ^{[1
]}

Smith, Deborah ^{[3
]}

Subrahmanyam, Vijaya ^{[2
]}

机构：

[1] Florida Atlantic Univ, Boca Raton, FL 33431 USA

[2] Mercer Univ, Sch Business & Econ, Dept Finance, 3001 Mercer Univ Dr, Atlanta, GA 30341 USA

[3] Cleveland State Univ, Finance, Cleveland, OH 44115 USA

来源：

JOURNAL OF ECONOMICS AND BUSINESS | 2014年 / 71卷

关键词：

Financial crisis; Banking; REITs; Systematic risk; Regulation; Financial services;

D O I：

10.1016/j.jeconbus.2013.08.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the market reaction and shift in risk from nine prominent government interventions in response to the crisis between February 2007 and July 2009 on four types of institutions: banks, savings and loan associations (S&Ls), insurance companies, and real estate investment trusts (REITs). Overall, with the exception of the Troubled Assets Repurchase Program (TARP), the interventions were wealth-decreasing and risk-increasing events for financial institutions. Leveraged firms and firms with higher trading volumes earn significantly lower abnormal returns. For both during- and post-crisis periods, larger firms experience increases in systematic risk; non-U.S. firms experience lower changes in systematic risk. (C) 2013 Elsevier Inc. All rights reserved.

引用

页码：22 / 44

页数：23