U.S. Banks, Crises, and Bailouts: From Mexico to LTCM
研究新兴市场货币危机和救助如何影响美国银行股价，发现对危机国家有敞口的银行受货币事件负面影响、受救助正面影响，而其他银行基本不受影响；长期资本管理公司危机对银行业无显著传染效应，但参与救助的银行在救助宣布时股价下跌。
This paper investigates the impact on bank stock prices of emerging market currency crises and bailouts. The stock market distinguishes between banks with exposure to a crisis country and other banks. In general, banks with exposures to a crisis country are affected adversely by currency events and positively by bailouts. Other banks are mostly unaffected by events in countries experiencing a crisis. The paper uses the impact of the LTCM crisis on bank stock prices to put the emerging market events in perspective. The LTCM crisis had no significant contagion effects in the banking sector either, but banks that participated in the LTCM rescue experienced negative stock returns when the rescue was announced.