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Too-Big-to-Fail in Banking : Impact of G-SIB Designation and Regulation on Relative Equity Valuations, Paperback / softback Book

Too-Big-to-Fail in Banking : Impact of G-SIB Designation and Regulation on Relative Equity Valuations Paperback / softback

Part of the Finanzwirtschaft, Banken und Bankmanagement I Finance, Banks and Bank Management series

Paperback / softback

Out of stock

Description

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.

Information

  • Out of stock

  • Format:Paperback / softback
  • Pages:248 pages, 36 Illustrations, black and white; XIX, 248 p. 36 illus.
  • Publisher:Springer-Verlag Berlin and Heidelberg GmbH & Co. K
  • Publication Date:
  • Category:
  • ISBN:9783658341817

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Information

  • Out of stock

  • Format:Paperback / softback
  • Pages:248 pages, 36 Illustrations, black and white; XIX, 248 p. 36 illus.
  • Publisher:Springer-Verlag Berlin and Heidelberg GmbH & Co. K
  • Publication Date:
  • Category:
  • ISBN:9783658341817