Firms and their distressed banks: lessons from the Norwegian banking crisis

• 成果类型: Article
• 署名作者: Ongena, S; Smith, DC; Michalsen, D
• 署名单位: Federal Reserve System - USA; BI Norwegian Business School
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(02)00232-5
• 发表日期: 2003
• 页码: 81-112
• 关键词: bank relationship; BANK DISTRESS; Norwegian banking crisis

摘要

We use the near-collapse of the Norwegian banking system during the period 1988-1991 to measure the impact of bank distress announcements on the stock prices of firms maintaining a relationship with a distressed bank. Although banks experienced large and permanent downward revisions in their equity value during the event period, firms maintaining relationships with these banks faced only small and temporary changes, on average, in stock price. Firms with access to unused liquid bank funds and firms that issued equity just prior to the crisis experience relatively high abnormal returns. Overall, the aggregate impact of bank distress appears small. (C) 2002 Elsevier Science B.V. All rights reserved.