Dividend payouts: evidence from U.S. bank holding companies in the context of the financial crisis
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://ciencia.iscte-iul.pt/public/pub/id/9964 http://hdl.handle.net/10071/9873 |
Resumo: | We study dividend payouts of 462 U.S. bank holding companies before and during the 2007-09 financial crisis. Fama and French (2001) characteristics (size, profitability and growth opportunities) explain dividend payouts before and during the financial crisis. The agency cost hypothesis explains dividend payouts before and during (more pronouncedly) the financial crisis. The signaling hypothesis explains dividend payouts during the financial crisis. Regulatory pressure was ineffective in limiting dividend payouts by undercapitalized banks before the financial crisis. Our findings have implications for corporate finance and governance theories, and also for the regulatory reforms that are being discussed among policymakers. |
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Dividend payouts: evidence from U.S. bank holding companies in the context of the financial crisisBanksBank regulationDividendsFinancial crisisWe study dividend payouts of 462 U.S. bank holding companies before and during the 2007-09 financial crisis. Fama and French (2001) characteristics (size, profitability and growth opportunities) explain dividend payouts before and during the financial crisis. The agency cost hypothesis explains dividend payouts before and during (more pronouncedly) the financial crisis. The signaling hypothesis explains dividend payouts during the financial crisis. Regulatory pressure was ineffective in limiting dividend payouts by undercapitalized banks before the financial crisis. Our findings have implications for corporate finance and governance theories, and also for the regulatory reforms that are being discussed among policymakers.Elsevier2015-09-25T17:28:12Z2013-01-01T00:00:00Z20132015-09-25T17:08:26Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://ciencia.iscte-iul.pt/public/pub/id/9964http://hdl.handle.net/10071/9873eng0929-1199Abreu, J. F.Gulamhussen, M.info:eu-repo/semantics/embargoedAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-07-07T03:25:19Zoai:repositorio.iscte-iul.pt:10071/9873Portal AgregadorONGhttps://www.rcaap.pt/oai/openairemluisa.alvim@gmail.comopendoar:71602024-07-07T03:25:19Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Dividend payouts: evidence from U.S. bank holding companies in the context of the financial crisis |
title |
Dividend payouts: evidence from U.S. bank holding companies in the context of the financial crisis |
spellingShingle |
Dividend payouts: evidence from U.S. bank holding companies in the context of the financial crisis Abreu, J. F. Banks Bank regulation Dividends Financial crisis |
title_short |
Dividend payouts: evidence from U.S. bank holding companies in the context of the financial crisis |
title_full |
Dividend payouts: evidence from U.S. bank holding companies in the context of the financial crisis |
title_fullStr |
Dividend payouts: evidence from U.S. bank holding companies in the context of the financial crisis |
title_full_unstemmed |
Dividend payouts: evidence from U.S. bank holding companies in the context of the financial crisis |
title_sort |
Dividend payouts: evidence from U.S. bank holding companies in the context of the financial crisis |
author |
Abreu, J. F. |
author_facet |
Abreu, J. F. Gulamhussen, M. |
author_role |
author |
author2 |
Gulamhussen, M. |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Abreu, J. F. Gulamhussen, M. |
dc.subject.por.fl_str_mv |
Banks Bank regulation Dividends Financial crisis |
topic |
Banks Bank regulation Dividends Financial crisis |
description |
We study dividend payouts of 462 U.S. bank holding companies before and during the 2007-09 financial crisis. Fama and French (2001) characteristics (size, profitability and growth opportunities) explain dividend payouts before and during the financial crisis. The agency cost hypothesis explains dividend payouts before and during (more pronouncedly) the financial crisis. The signaling hypothesis explains dividend payouts during the financial crisis. Regulatory pressure was ineffective in limiting dividend payouts by undercapitalized banks before the financial crisis. Our findings have implications for corporate finance and governance theories, and also for the regulatory reforms that are being discussed among policymakers. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013-01-01T00:00:00Z 2013 2015-09-25T17:28:12Z 2015-09-25T17:08:26Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ciencia.iscte-iul.pt/public/pub/id/9964 http://hdl.handle.net/10071/9873 |
url |
https://ciencia.iscte-iul.pt/public/pub/id/9964 http://hdl.handle.net/10071/9873 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
0929-1199 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/embargoedAccess |
eu_rights_str_mv |
embargoedAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Elsevier |
publisher.none.fl_str_mv |
Elsevier |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
mluisa.alvim@gmail.com |
_version_ |
1817546463393087488 |