WEALTH EFFECT OF PUBLIC FUND INJECTIONS TO AILING BANKS: DO DEFERRED TAX ASSETS AND AUDITING FIRMS MATTER?

Autor:	Ayami Kobayashi, Nobuyoshi Yamori
Rok vydání:	2007
Předmět:	Finance Economics and Econometrics Government Public fund Moral hazard business.industry Financial system Audit Too big to fail Wealth effect Financial crisis Deferred tax Economics business
Zdroj:	The Japanese Economic Review. 58:466-483
ISSN:	1468-5876 1352-4739
DOI:	10.1111/j.1468-5876.2007.00384.x
Popis:	This paper examines the wealth effect on other banks by the public fund injection into Resona Bank. This paper finds that the injection initially conveyed the auditing firms’ strict stance towards deferred tax assets. More importantly, the procedure that the government employed was regarded by market participants as a too-big-to-fail policy. Therefore, although the Resona injection was effective in obviating a financial crisis, the policy was inevitably accompanied with the moral hazard problem. JEL Classification Numbers: G21.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::d4cebd231a4c3f5e7eee9cd2d731aaaa https://doi.org/10.1111/j.1468-5876.2007.00384.x Zobrazit plný text záznamu Full text from SpringerLink Plný text