How Legislation Affects Value: The Failure of Credit Card Cap Legislation
研究1991年11月美国信用卡利率上限法案对银行股票价值的影响，发现高信用卡敞口的银行在法案看似将通过时遭受显著负异常回报，法案失败后未能完全恢复损失。
Marcia Millon Cornett is a Professor of Finance and Jim Musumeci is an Associate Professor of Finance at Southern Illinois UniversityCarbondale. We examine the credit card cap bill of November 1991. This legislation took only six business days to be formulated, pass in the Senate, and then die unenacted. We find that banks with high credit card exposure experienced significant negative abnormal returns during the period in which the bill looked certain to be enacted. When it became evident that the bill would fail, the banks did not recoup the full value lost.