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dc.contributor.authorJuelsrud, Ragnar Enger
dc.contributor.authorNenov, Plamen
dc.date.accessioned2021-02-11T11:16:46Z
dc.date.available2021-02-11T11:16:46Z
dc.date.created2019-12-11T15:32:42Z
dc.date.issued2019
dc.identifier.citationThe Review of Financial Studies. 2020, 33 (9), 4139–4185en_US
dc.identifier.issn0893-9454
dc.identifier.urihttps://hdl.handle.net/11250/2727401
dc.description.abstractWe 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.en_US
dc.description.abstractDividend Payouts and Rollover Crisesen_US
dc.language.isoengen_US
dc.publisherOxford Uni. Pressen_US
dc.titleDividend Payouts and Rollover Crisesen_US
dc.typeJournal articleen_US
dc.typePeer revieweden_US
dc.description.versionacceptedVersionen_US
dc.rights.holderThe 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.”en_US
dc.source.pagenumber4139–4185en_US
dc.source.volume33en_US
dc.source.journalThe Review of financial studiesen_US
dc.source.issue9en_US
dc.identifier.doi10.1093/rfs/hhz130
dc.identifier.cristin1759423
cristin.unitcode158,3,0,0
cristin.unitnameInstitutt for samfunnsøkonomi
cristin.ispublishedtrue
cristin.fulltextpostprint
cristin.qualitycode2


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