Abstract
[Autom. eng. transl.] This study addresses the issue of bank opacity by analyzing the frequency of crashes (stock price crashes), which based on the model of Jin and Myers (2006) are associated with less information transparency. Our sample consists of 91,711 companies-years in the period 1982-2012 (the longest time horizon between studies on the opacity of banks). Controlling by size, degree of leverage and profitability, banks show a lower frequency of crashes than other companies. The empirical evidence based on crashes does not therefore support the idea that banks are more opaque than non-banking firms.
| Translated title of the contribution | [Autom. eng. transl.] Equity collapses and banking transparency: empirical evidence for the United States |
|---|---|
| Original language | Italian |
| Pages (from-to) | 2-11 |
| Number of pages | 10 |
| Journal | BANCARIA |
| Publication status | Published - 2014 |
Keywords
- crolli azionari