Financial Sector Reform After the Crisis: Has Anything Happened?
通过分析欧美银行股票和CDS对四项重大监管改革的反应，发现市场确实对结构性改革有反应，改革降低了救助预期但影响了银行盈利能力。
We analyze the reaction of stock returns and CDS spreads of banks from Europe and the United States to four major regulatory reforms in the aftermath of the subprime crisis, employing an event study analysis. In contrast to the public perception that nothing has happened, we find that financial markets indeed reacted to the structural reforms enacted at the national level. All reforms succeeded in reducing bail-out expectations, especially for systemic banks. However, banks profitability was also affected, showing up in lower equity returns. The strongest effects were found for the Dodd-Frank Act (especially the Volcker rule), whereas market reactions to the German restructuring law were small.