Too-Big-to-Fail in Banking / Finanzwirtschaft, Banken und Bankmanagement I Finance, Banks and Bank Management (PDF)
Impact of G-SIB Designation and Regulation on Relative Equity Valuations
(Sprache: Englisch)
This book provides a comprehensive summary of the latest academic research on the important topic of too-big-to-fail (TBTF) in banking. It explains TBTF from various perspectives including the range of regulatory measures proposed to counter TBTF, most...
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This book provides a comprehensive summary of the latest academic research on the important topic of too-big-to-fail (TBTF) in banking. It explains TBTF from various perspectives including the range of regulatory measures proposed to counter TBTF, most notably the globally accepted regulation of global-systemically important banks (G-SIBs) and its main tool of capital surcharges. The empirical analysis quantifies the shareholder value of the G-SIB attribution by using quarterly observations from more than 750 global banks between Q2 2008 and Q3 2015. The main finding is that G-SIBs are confronted with a substantial relative valuation discount compared to non-G-SIBs. From the end of 2011 until the end of 2015, a stable discount of 0.6x-0.8x price-to-tangible common equity (P/TCE) is statistically highly significant. The results suggest that the G-SIB designation effect, which positively impacts G-SIBs' share prices because of funding benefits from IGGs, is dominated by the regulatory G-SIB burden effect, which negatively impacts G-SIBs' share prices because of lower profitability due to capital surcharges and other regulatory requirements placed on G-SIBs. The findings re-open the debate about whether breaking up G-SIBs would unlock shareholder value and whether G-SIBs are regulated efficiently.
About the Author
Dr. Tom Filip Lesche is a venture capitalist investing into financial technology companies. Previously he was an investment banker advising financial institutions on capital markets and M&A transactions.
Autoren-Porträt von Tom Filip Lesche
Dr. Tom Filip Lesche is a venture capitalist investing into financial technology companies. Previously he was an investment banker advising financial institutions on capital markets and M&A transactions.
Bibliographische Angaben
- Autor: Tom Filip Lesche
- 2021, 1st ed. 2021, 248 Seiten, Englisch
- Verlag: Springer Fachmedien Wiesbaden
- ISBN-10: 3658341823
- ISBN-13: 9783658341824
- Erscheinungsdatum: 28.06.2021
Abhängig von Bildschirmgröße und eingestellter Schriftgröße kann die Seitenzahl auf Ihrem Lesegerät variieren.
eBook Informationen
- Dateiformat: PDF
- Größe: 6.48 MB
- Ohne Kopierschutz
- Vorlesefunktion
Sprache:
Englisch
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