The relevance of banks to the European stock market:
Banks have always played an ambivalent role in financial markets. On the one hand, they provide essential services for the market; on the other hand, problems in the banking sector can send shock waves through the entire economy. Given this prominent role, it is not surprising that Pereira and Rua (...
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Amberg-Weiden
Ostbayerische Technische Hochschule (OTH)
Mai 2022
|
| Schriftenreihe: | Weidener Diskussionspapiere
Nr. 84 |
| Schlagwörter: | |
| Zusammenfassung: | Banks have always played an ambivalent role in financial markets. On the one hand, they provide essential services for the market; on the other hand, problems in the banking sector can send shock waves through the entire economy. Given this prominent role, it is not surprising that Pereira and Rua (2018) found that the health of the banking sector exerts an influence on stock returns in the US. Understanding the relationship between banks and their impact on the asset prices of non-financials is essential to evaluate the risk emanating from an unhealthy banking sector and should be considered in new regulatory requirements. The aim of this study is to determine if the health of European banks is of such importance for the European stock market so that spillover effects are visible. Our results show that none of our banking-health variables have explanatory power on the cross-section of European stock returns. These findings contrast those for the US. The reasons may be manifold, from an unimportant liquidity provisioning channel over reduced room for actions due to regulatory requirements up to a moral hazard situation in Europe, where investors strongly rely on the governmental bailouts of distressed banks |
| Umfang: | 41 Seiten Diagramme |
| ISBN: | 9783937804880 |
Internformat
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| 490 | 1 | |a Weidener Diskussionspapiere |v Nr. 84 | |
| 520 | |a Banks have always played an ambivalent role in financial markets. On the one hand, they provide essential services for the market; on the other hand, problems in the banking sector can send shock waves through the entire economy. Given this prominent role, it is not surprising that Pereira and Rua (2018) found that the health of the banking sector exerts an influence on stock returns in the US. Understanding the relationship between banks and their impact on the asset prices of non-financials is essential to evaluate the risk emanating from an unhealthy banking sector and should be considered in new regulatory requirements. The aim of this study is to determine if the health of European banks is of such importance for the European stock market so that spillover effects are visible. Our results show that none of our banking-health variables have explanatory power on the cross-section of European stock returns. These findings contrast those for the US. The reasons may be manifold, from an unimportant liquidity provisioning channel over reduced room for actions due to regulatory requirements up to a moral hazard situation in Europe, where investors strongly rely on the governmental bailouts of distressed banks | ||
| 650 | 4 | |a asset pricing | |
| 650 | 4 | |a banking | |
| 650 | 4 | |a spillover | |
| 650 | 4 | |a errors-in-variables | |
| 650 | 4 | |a individual stocks | |
| 650 | 4 | |a distance-to-default | |
| 700 | 1 | |a Rottmann, Horst |d 1964- |e Verfasser |0 (DE-588)113738951 |4 aut | |
| 830 | 0 | |a Weidener Diskussionspapiere |v Nr. 84 |w (DE-604)BV021834485 |9 84 | |
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Datensatz im Suchindex
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| discipline | Allgemeines |
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| id | DE-604.BV048277816 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:40:36Z |
| institution | BVB |
| isbn | 9783937804880 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033657993 |
| oclc_num | 1334052180 |
| open_access_boolean | |
| owner | DE-1050 DE-M347 |
| owner_facet | DE-1050 DE-M347 |
| physical | 41 Seiten Diagramme |
| publishDate | 2022 |
| publishDateSearch | 2022 |
| publishDateSort | 2022 |
| publisher | Ostbayerische Technische Hochschule (OTH) |
| record_format | marc |
| series | Weidener Diskussionspapiere |
| series2 | Weidener Diskussionspapiere |
| spelling | Kick, Andreas Verfasser aut The relevance of banks to the European stock market Andreas Kick, Horst Rottmann Amberg-Weiden Ostbayerische Technische Hochschule (OTH) Mai 2022 41 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Weidener Diskussionspapiere Nr. 84 Banks have always played an ambivalent role in financial markets. On the one hand, they provide essential services for the market; on the other hand, problems in the banking sector can send shock waves through the entire economy. Given this prominent role, it is not surprising that Pereira and Rua (2018) found that the health of the banking sector exerts an influence on stock returns in the US. Understanding the relationship between banks and their impact on the asset prices of non-financials is essential to evaluate the risk emanating from an unhealthy banking sector and should be considered in new regulatory requirements. The aim of this study is to determine if the health of European banks is of such importance for the European stock market so that spillover effects are visible. Our results show that none of our banking-health variables have explanatory power on the cross-section of European stock returns. These findings contrast those for the US. The reasons may be manifold, from an unimportant liquidity provisioning channel over reduced room for actions due to regulatory requirements up to a moral hazard situation in Europe, where investors strongly rely on the governmental bailouts of distressed banks asset pricing banking spillover errors-in-variables individual stocks distance-to-default Rottmann, Horst 1964- Verfasser (DE-588)113738951 aut Weidener Diskussionspapiere Nr. 84 (DE-604)BV021834485 84 |
| spellingShingle | Kick, Andreas Rottmann, Horst 1964- The relevance of banks to the European stock market Weidener Diskussionspapiere asset pricing banking spillover errors-in-variables individual stocks distance-to-default |
| title | The relevance of banks to the European stock market |
| title_auth | The relevance of banks to the European stock market |
| title_exact_search | The relevance of banks to the European stock market |
| title_full | The relevance of banks to the European stock market Andreas Kick, Horst Rottmann |
| title_fullStr | The relevance of banks to the European stock market Andreas Kick, Horst Rottmann |
| title_full_unstemmed | The relevance of banks to the European stock market Andreas Kick, Horst Rottmann |
| title_short | The relevance of banks to the European stock market |
| title_sort | the relevance of banks to the european stock market |
| topic | asset pricing banking spillover errors-in-variables individual stocks distance-to-default |
| topic_facet | asset pricing banking spillover errors-in-variables individual stocks distance-to-default |
| volume_link | (DE-604)BV021834485 |
| work_keys_str_mv | AT kickandreas therelevanceofbankstotheeuropeanstockmarket AT rottmannhorst therelevanceofbankstotheeuropeanstockmarket |