Bank Capital and Dividend Externalities
研究了银行股利支付如何通过影响其他银行的股权价值和违约风险，产生外部性，导致私人均衡中股利过高、资本重组不足，并对比了2007-09年危机中的银行行为。
Dividend payouts affect the relative value of claims within a firm. When firms have contingent claims on each other, as in the banking sector, dividend payouts can shift the relative value of stakeholders' claims across firms. Through this channel, one bank's capital policy affects the equity value and risk of default of other banks. In a model where such externalities are strong, bank capital takes on the attribute of a public good, where the private equilibrium features excessive dividends and inefficient recapitalization relative to the efficient policy that maximizes banking sector equity. We compare the implications of the model with observed bank behavior during the crisis of 2007-09.