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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 (908.1Kb)
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https://hdl.handle.net/11250/2727401
Utgivelsesdato
2019
Metadata
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  • Scientific articles [1667]
Originalversjon
The Review of Financial Studies. 2020, 33 (9), 4139–4185   10.1093/rfs/hhz130
Sammendrag
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
 
Utgiver
Oxford Uni. Press
Tidsskrift
The Review of financial studies
Opphavsrett
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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