题名

Income Smoothing Versus Market Discipline

DOI

10.6292/AFPF.2011.04.02

作者

Yasuo Nishiyama

关键词

Income smoothing ； Banks ； Risk aversion ； CD rate ； Market discipline

期刊名称

Advances in Financial Planning and Forecasting

卷期/出版年月

4期（2011 / 03 / 01）

页次

25 - 58

内容语文

英文
英文摘要

The main purpose of this paper is to analyze the behavior of income smoothing of large banks. The paper shows that banks engage in real income smoothing by lowering today's CD rates when a higher future loan default rate is expected to occur. This theoretical prediction is tested and supported empirically. More importantly, the results of this paper cast doubt on the ongoing argument for ”market discipline” advocated by bank analysts and regulators. Additional empirical results in this paper indicate that market assessments of banks' risk-taking reflected in CD yields (i.e., market discipline) appear to be not helpful for off-site bank surveillance.
主题分类 社會科學 > 經濟學
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被引用次数
  1. 阮文壽(2017)。六自由度史都沃特平台之力與位移強健控制系統於奈米定位之研究。中原大學機械工程學系學位論文。2017。1-146。 
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