Brexit: (Not) another Lehman moment for banks?

Autor:	Dirk Schiereck, Sascha Kolaric, Florian Kiesel
Rok vydání:	2016
Předmět:	050208 finance Credit default swap Brexit Bankruptcy 0502 economics and business 05 social sciences Referendum Economics Market reaction Financial system 050207 economics Finance Stock (geology)
Zdroj:	Finance Research Letters. 19:291-297
ISSN:	1544-6123
DOI:	10.1016/j.frl.2016.09.003
Popis:	We analyze the stock and CDS market reactions around the UK's EU membership referendum (“Brexit”) on June 23, 2016, and the Lehman Brothers bankruptcy filing on September 15, 2008. We find that the short-run drop in stock prices to the Brexit announcement was more pronounced than to Lehman's bankruptcy, particularly for EU banks. Additionally, for EU banks, a large increase in CDS spreads can be observed. Yet, compared to the Lehman bankruptcy filing, this increase is still relatively small. For non-EU banks, we observe neither significant stock nor CDS price reactions.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::ef566cc5d5d2bcfb0659d0dfb8d84b8c https://doi.org/10.1016/j.frl.2016.09.003 Zobrazit plný text záznamu Full Text from ScienceDirect