The Value Impact of Bank Bailouts during the Financial Crisis 2008

Katharina Schade

doi:10.5771/9783845278964

Summary

This book analyses bank rescue measures implemented after Lehman Brothers Inc. went bankrupt in autumn 2008, both theoretically and empirically in the context of Myers’ debt overhang theory (1977). After having deduced theoretically how a debt overhang situation might have arisen due to an external shock in the banking sector, the author examines the impact of different forms of government intervention on the book and market values of individual debt and equity positions as well as CDS contracts used to hedge the credit risk of the bank in the context of the aforementioned model. A distinction is made between banks initially suffering from debt overhang or not and whether the bailout measure employed resolved their debt overhang or not. The results are then tested empirically by means of an event study. While the effects on a bank’s equity value are approximated based on share price reaction, the impact on its debt position is tested by the development of CDS spreads surrounding the bailout measure.

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Bibliographic data

Copyright year: 2016
ISBN-Print: 978-3-8487-3585-3
ISBN-Online: 978-3-8452-7896-4
Publisher: Nomos, Baden-Baden
Series: Nomos Universitätsschriften - Volkswirtschaftslehre
Volume: 6
Language: English
Pages: 172
Product type: Book Titles

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

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