An Empirical Test of the Incentive Effects of Deposit Insurance: The Case of Junk Bonds at Savings and Loan Associations
分析金融市场对储蓄贷款协会投资垃圾债券的反应，发现垃圾债券持有量与股权回报波动性和大额存单利率正相关，且资本不足的机构风险承担增加会提升存款保险价值并推高股票收益。
This paper analyzes how financial markets reacted to S&L diversification into junk bonds. The authors report that junk bond holdings are positively correlated with both the volatility of S&L equity returns and the interest rates paid on large CDs. Next, they examine the impact of junk bonds on equity returns. For poorly capitalized S&Ls, greater risk taking increases the value of deposit insurance and should lead to higher stock returns. However, a well-capitalized institution that increases junk bond holdings should not experience stock price gains. The authors find that this is the case for the sample of S&Ls they studied. Copyright 1994 by Ohio State University Press.