Bail‐in rules and the pricing of Italian bank bonds

Autor:	Fabrizio Crespi, Danilo V. Mascia, Emanuela Giacomini
Rok vydání:	2019
Předmět:	040101 forestry 050208 finance Primary market Bond 05 social sciences 04 agricultural and veterinary sciences Too big to fail Monetary economics Market discipline Market liquidity Accounting 0502 economics and business 0401 agriculture forestry and fisheries Profitability index Business General Economics Econometrics and Finance Capitalization
Zdroj:	European Financial Management. 25:1321-1347
ISSN:	1468-036X 1354-7798
DOI:	10.1111/eufm.12206
Popis:	We analyze whether the introduction of the bail‐in tool in January 2016 affected the pricing of Italian bank bonds. Using a unique dataset of 1,798 fixed‐rate bonds issued during the period 2013–2016, we find an increase of the spread at issuance of bail‐inable bonds compared to non‐bail‐inable bonds. This increase also depends on the intrinsic characteristics of each bank. Large institutions, banks with lower ratings, profitability, capitalization, and higher liquidity faced a higher cost of issuing bail‐inable bonds. Overall, our results seem to support the hypothesis of an improved market discipline for the bank bond primary market.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::d011350fa8722657a10c14a21cb7ae42 https://doi.org/10.1111/eufm.12206 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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