Deposit Insurance and Wealth Effects: The Value of Being “Too Big to Fail”
研究美国货币监理署宣布部分银行“太大而不能倒”并为其提供全额存款保险对银行股权价值的影响，发现被认定银行获得正财富效应，其他银行则受负向冲击，且效应大小与银行偿付能力和规模有关。
ABSTRACT This paper investigates the effect on bank equity values of the Comptroller of the Currency's announcement that some banks were “too big to fail” and that for those banks total deposit insurance would be provided. Using an event study methodology, we find positive wealth effects accruing to TBTF banks, with corresponding negative effects accruing to non‐included banks. We demonstrate that the magnitude of these effects differed with bank solvency and size. We also show that the policy to which the market reacted was that suggested by the Wall Street Journal and not that actually intended by the Comptroller.