Does the European Financial Stability Facility Bail Out Sovereigns or Banks? An Event Study
研究了2010年5月9日欧洲金融稳定基金宣布成立对银行股价、银行和主权信用违约互换利差的影响，发现主要受益者是银行债权人，且银行对金融安全网的或有债权价值上升。
On May 9, 2010 euro zone countries announced the creation of the European Financial Stability Facility. This paper investigates the impact of this announcement on bank share prices, bank credit default swap (CDS) spreads, and sovereign CDS spreads. The main private beneficiaries were bank creditors. Furthermore, countries with banking systems heavily exposed to southern Europe and Ireland benefited, as evidenced by lower sovereign CDS spreads. The combined gains of bank debt holders and shareholders exceed the increase in the value of their banks’ sovereign debt exposures, suggesting that banks saw their contingent claim on the financial safety net increase in value.