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Dividend Payouts and Rollover Crises

Juelsrud, Ragnar Enger; Nenov, Plamen
Journal article, Peer reviewed
Accepted version
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Available from 2021-11-05 (Locked)
URI
https://hdl.handle.net/11250/2727401
Date
2019
Metadata
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  • Publikasjoner fra CRIStin - BI [649]
Original version
The Review of Financial Studies. 2020, 33 (9), 4139–4185   10.1093/rfs/hhz130
Abstract
We study dividend payouts when banks face coordination-based rollover crises. Banks in the model can use dividends to both risk shift and signal their available liquidity to short-term lenders, thus, influencing the lenders’ actions. In the unique equilibrium both channels induce banks to pay higher dividends than in the absence of a rollover crisis. In our model banks exert an informational externality on other banks via the inferences and actions of lenders. Optimal dividend regulation that corrects this externality and promote financial stability includes a binding cap on dividends. We also discuss testable implications of our theory.
 
Dividend Payouts and Rollover Crises
 
Publisher
Oxford Uni. Press
Journal
The Review of financial studies
Copyright
The authors retain rights to “upload their accepted manuscript PDF ("a post-print*") to institutional and/or centrally organized repositories, but must stipulate that public availability be delayed until 24 months after first online publication in the journal.”

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