The 1985 Ohio S&L Crisis: An Examination of S&L Stockholder Wealth Effects
作者:
Elizabeth S. Cooperman,
Glenn A. Wolfe,
James A. Verbrugge,
Winson B. Lee,
期刊:
Financial Review
(WILEY Available online 1995)
卷期:
Volume 30,
issue 1
页码: 61-82
ISSN:0732-8516
年代: 1995
DOI:10.1111/j.1540-6288.1995.tb00825.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
AbstractThis paper examines the savings and loan (S&L) equity market reaction to the 1985 Ohio S&L Crisis. In contrast to the expectation of negative abnormal returns associated with contagion, the authors find, during the crisis period, significant positive abnormal returns that are larger for a portfolio of less solvent S&Ls, and a significant decline in systematic risk. The results are consistent with an insurance subsidy hypothesis whereby news of the FSLIC's inadequacy in conjunction with the crisis signaled greater future reluctance by regulators to close large federally‐insured S&L
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