The Value Impact of Bank Bailouts during the Financial Crisis 2008

Katharina Schade

doi:10.5771/9783845278964

Zusammenfassung

Die Arbeit beschäftigt sich mit der Schuldenüberhangtheorie von Myers (1977) im Kontext der Bankenrettungsmaßnahmen nach der Insolvenz von Lehman Brothers Inc. im Herbst 2008. Nachdem theoretisch hergeleitet wurde, wie es nach einem externen Schock im Bankensektor zu einem Schuldenüberhang kommen konnte und welche Auswirkungen dieser auf die Buch- und Marktwerte der einzelnen Eigen- und Fremdkapitalpositionen sowie CDS-Kontrakte zur Absicherung des Ausfallrisikos der Bank hat, wird zunächst im Modellkontext abgeleitet, welche Wertänderungen sich durch verschiedene Rettungsmaßnahmen ergeben müssten. Hierbei wird unterschieden, ob die Bank zuvor unter einem Schuldenüberhang litt oder nicht und ob die Rettungsmaßnahme den Schuldenüberhang aufgelöst hat oder nicht. Die Ergebnisse werden anschließend empirisch getestet, indem mittels einer Ereignisstudie die Auswirkung auf Aktienkurse und CDS-Spreads untersucht wird.

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Bibliographische Angaben

Copyrightjahr: 2016
ISBN-Print: 978-3-8487-3585-3
ISBN-Online: 978-3-8452-7896-4
Verlag: Nomos, Baden-Baden
Reihe: Nomos Universitätsschriften - Volkswirtschaftslehre
Band: 6
Sprache: Englisch
Seiten: 172
Produkttyp: Monographie

Inhaltsverzeichnis

KapitelSeiten

Titelei/Inhaltsverzeichnis Kein Zugriff Seiten 1 - 14
1. Bestehende Literatur Kein Zugriff
2. 1. Abgrenzung zur bestehenden Literatur Kein Zugriff
  2. Kernfragen und -ergebnisse Kein Zugriff
1. Introduction Kein Zugriff
2. 1. Basic framework Kein Zugriff
  2. Accounting rules Kein Zugriff
  3. Capital structure Kein Zugriff
  4. Tobin’s q Kein Zugriff
  5. Initial values of the assets and liabilities in place Kein Zugriff
  6. Numerical example Kein Zugriff
3. 1. Impact on the book and market values Kein Zugriff
  2. Numerical example Kein Zugriff
4. 1. Derivation of the debt overhang situation Kein Zugriff
  2. Impact on the book and market values Kein Zugriff
  3. Numerical example Kein Zugriff
5. 1. Liquidation proceeds Kein Zugriff
  2. Numerical example Kein Zugriff
6. Conclusion Kein Zugriff
7. Appendix Kein Zugriff
1. Introduction Kein Zugriff
2. 1. Basic framework Kein Zugriff
  2. Numerical example Kein Zugriff
  3. Government interventions to resolve debt overhang? Kein Zugriff
3. 1. Case 1 - The debt overhang is resolved Kein Zugriff
  2. Case 2 - The debt overhang is not resolved Kein Zugriff
  3. Case 3 - No debt overhang Kein Zugriff
  4. Numerical example Kein Zugriff
4. 1. Case 1 - The debt overhang is resolved Kein Zugriff
  2. Case 2 - The debt overhang is not resolved Kein Zugriff
  3. Case 3 - No debt overhang Kein Zugriff
  4. Numerical example Kein Zugriff
5. 1. Case 1 - The debt overhang is resolved Kein Zugriff
  2. Case 2 - The debt overhang is not resolved Kein Zugriff
  3. Case 3 - No debt overhang Kein Zugriff
  4. Numerical example Kein Zugriff
6. 1. Case 1 - The debt overhang is resolved Kein Zugriff
  2. Case 2 - The debt overhang is not resolved Kein Zugriff
  3. Case 3 - No debt overhang Kein Zugriff
  4. Numerical example Kein Zugriff
7. Conclusion Kein Zugriff
8. Appendix Kein Zugriff
1. Introduction Kein Zugriff
2. 1. Methodology Kein Zugriff
  2. Sample selection Kein Zugriff
3. 1. Hypotheses Kein Zugriff
  2. Results Kein Zugriff
4. Conclusion Kein Zugriff
5. Appendix Kein Zugriff
Bibliography Kein Zugriff Seiten 167 - 172

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