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dc.contributor.authorJuelsrud, Ragnar E.
dc.contributor.authorNenov, Plamen T.
dc.date.accessioned2022-11-15T07:17:52Z
dc.date.available2022-11-15T07:17:52Z
dc.date.issued2022
dc.identifier.isbn978-82-8379-250-8
dc.identifier.issn1502-8190
dc.identifier.urihttps://hdl.handle.net/11250/3031785
dc.description.abstractWe study the dividend payouts of U.S. banks during the 2008 financial crisis. Using a difference-in-differences methodology, we shows that banks with higher share of short-term liabilities to total liabilities, which were thus more exposed to the rollover crisis that took place in 2008, increased their dividend payouts relative to less exposed banks. This relative increase in dividend payouts is concentrated in relatively cash-rich banks. The dividend payout increase was associated with a short-run increase in stock valuations. We argue that this front-loading of dividends of more exposed banks is consistent with a theory of dividend payouts, in which the payout policy has a (short-run) stabilizing role on the bank’s liquidity position by signaling information to short-term lenders about the bank’s available liquidity.en_US
dc.language.isoengen_US
dc.publisherNorges Banken_US
dc.relation.ispartofseriesWorking paper;9/2022
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectpayout policiesen_US
dc.subjectdividend signalingen_US
dc.subjectrollover crisesen_US
dc.subjectbank runsen_US
dc.subjectliquidity crisesen_US
dc.subjectJEL: G01en_US
dc.subjectJEL: G21en_US
dc.subjectJEL: G35en_US
dc.titleDividend Signaling and Bank Payouts in the Great Financial Crisisen_US
dc.typeWorking paperen_US
dc.description.versionpublishedVersionen_US
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212en_US
dc.source.pagenumber41en_US


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
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