English
Ciência-IUL
Publicações
Descrição Detalhada da Publicação
Título Revista
Journal of Corporate Finance
Ano (publicação definitiva)
2013
Língua
Inglês
País
Países Baixos (Holanda)
Mais Informação
Web of Science®
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Abstract/Resumo
We study dividend payouts of 462 U.S. bank holding companies before and during the 2007-09 financial crisis. Fama and French (2001) characteristics (size, profitability and growth opportunities) explain dividend payouts before and during the financial crisis. The agency cost hypothesis explains dividend payouts before and during (more pronouncedly) the financial crisis. The signaling hypothesis explains dividend payouts during the financial crisis. Regulatory pressure was ineffective in limiting dividend payouts by undercapitalized banks before the financial crisis. Our findings have implications for corporate finance and governance theories, and also for the regulatory reforms that are being discussed among policymakers.
Agradecimentos/Acknowledgements
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Palavras-chave
Banks; Bank regulation; Dividends; Financial crisis
Classificação Fields of Science and Technology
- Economia e Gestão - Ciências Sociais
