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Valuation and Systemic Risk Consequences of Bank Opacity
16 references·0 citing·47 second hop
Valuation and Systemic Risk Consequences of Bank Opacity (2011)Valuation and Systemic Risk Consequences …Diversification at financial institutions and systemic crises (2009)Diversification at financial …A framework for assessing the systemic risk of major financial institutions (2009)A framework for assessing the…Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans (2007)Information Asymmetry and Fin…Market evidence on the opaqueness of banking firms’ assets (2003)Market evidence on the opaque…Consequences of Bank Distress During the Great Depression (2003)Consequences of Bank Distress…Rating Banks: Risk and Uncertainty in an Opaque Industry (2002)Rating Banks: Risk and Uncert…Is Information Risk a Determinant of Asset Returns? (2002)Is Information Risk a Determi…Information and the Cost of Capital (2002)Information and the Cost of C…The information content of stock markets: why do emerging markets have synchronous stock price movements? (2000)The information content of st…Evidence of Bank Market Discipline in Subordinated Debenture Yields: 1983- 1991 (1996)Evidence of Bank Market Disci…Management entrenchment (1989)Management entrenchmentBond Covenants and Delegated Monitoring (1988)Bond Covenants and Delegated …Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression (1983)Non-Monetary Effects of the F…Information Asymmetries, Financial Structure, and Financial Intermediation (1977)Information Asymmetries, Fina…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Expectations and the neutrality of money (1972)Credit Rationing in Markets with Imperfect Information (1981)Bank Runs, Deposit Insurance, and Liquidity (1983)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle (1998)Separation of Ownership and Control (1983)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)A Survey of Corporate Governance (1997)Corporate Governance and Equity Prices (2003)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)Moral Hazard and Observability (1979)Financial Intermediation and Delegated Monitoring (1984)How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans (2007)Lending Relationships and Loan Contract Terms (2008)The Employment Effects of Credit Market Disruptions: Firm-level Evidence from the 2008–9 Financial Crisis * (2013)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)VALUING CORPORATE SECURITIES: SOME EFFECTS OF BOND INDENTURE PROVISIONS (1976)Deposit Insurance, Risk, and Market Power in Banking (1988)The consolidation of the financial services industry: Causes, consequences, and implications for the future (1999)Does bank capital affect lending behavior? (2004)The Nature of the Firm (1937)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Pricing of Options and Corporate Liabilities (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)An Integrative Model Of Organizational Trust (1995)A Contribution to the Theory of Economic Growth (1956)Increasing Returns and Long-Run Growth (1986)Law, Finance, and Economic Growth in China (2003)The Theory of Economic Development (2003)Finance and Growth: Theory and Evidence (2004)Chapter 12 Finance and Growth: Theory and Evidence (2005)Continuous Auctions and Insider Trading (1985)The Cross-Section of Expected Stock Returns (1992)Illiquidity and stock returns: cross-section and time-series effects (2002)Information and the Cost of Capital (2004)Asset pricing with liquidity risk (2005)Risk, Uncertainty and Profit (1921)How does capital affect bank performance during financial crises? (2013)What's different about banks? (1985)The Economic Consequences of Legal Origins (2007)Liquidity risk management and credit supply in the financial crisis (2011)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2000The information content of stock markets: why do emerging markets have synchronous stock price movements?3,332 cited
  • 1983Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression2,173 cited
  • 1989Management entrenchment2,155 cited
  • 2002Is Information Risk a Determinant of Asset Returns?1,862 cited
  • 2007Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans1,572 cited
  • 2002Rating Banks: Risk and Uncertainty in an Opaque Industry1,244 cited
  • 1977Information Asymmetries, Financial Structure, and Financial Intermediation703 cited
  • 1996Evidence of Bank Market Discipline in Subordinated Debenture Yields: 1983- 1991691 cited
  • 2009A framework for assessing the systemic risk of major financial institutions638 cited
  • 2009Diversification at financial institutions and systemic crises586 cited
  • 2002Information and the Cost of Capital477 cited
  • 2003Consequences of Bank Distress During the Great Depression443 cited
  • 1988Bond Covenants and Delegated Monitoring

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432 cited
  • 2003Market evidence on the opaqueness of banking firms’ assets389 cited
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