The authors investigate the impact of the recent financial crisis on dividend payout policies in the United States. The results are as follows. The authors find that： （l） Firms must have good financial profiles to ...The authors investigate the impact of the recent financial crisis on dividend payout policies in the United States. The results are as follows. The authors find that： （l） Firms must have good financial profiles to support a policy of increasing dividend payouts during a financial crisis; （2） Overall firms increasing dividend payouts are also engaged in stock repurchases; （3） Firms choosing to increase cash dividend payouts seem to have low opportunity costs, that is, they do not have as many exercisable stock options that they may need in the face of possible future redemptions; and （4） During a financial crisis, the aforementioned trade-off between exercisable stock options and increased dividend payouts would peak, as the stock price slides to where it could be expected to V-bound and then became moderate when stock price recovered. The abovementioned findings are consistent with the ＂silver- lining＂ hypothesis which the authors proffer to suggest that the storm of economic bad times often creates circumstances that influence dividend payout strategies for firms traded on exchanges in the United States, and different dividend payout strategies may be strategically elected to reveal to the market participants a silver-lining in the cloud of bad times.展开更多
Entropy balancing is introduced to assess the deposit insurance design characteristics in this paper. Applying an extensive duration data including 141 countries from 1960 to 2015, the authors employ the entropy balan...Entropy balancing is introduced to assess the deposit insurance design characteristics in this paper. Applying an extensive duration data including 141 countries from 1960 to 2015, the authors employ the entropy balancing method to simulate the data structure under the implicit deposit insurance system. Then the paper adopts an endogenous treatment effects model and a Heckman two-step selection model to examine payouts choice of the deposit insurance. It is found that entropy balancing can calibrate unit weights and reweight treatment and control groups by a maximum entropy scheme.Thus, a possibly given conditions will be satisfied and information concerning sample moments will be integrated. The results show clearly that different payouts choice and the corresponding coverage setting can effectively reduce the moral hazards that may result from the introduction of a deposit insurance scheme. When the Payouts is Per Depositor Account or Per Depositor, the banks’ moral hazard is higher. However, the payment method of Per Depositor Per Institution can effectively restrain the banks’ risk-taking activities.展开更多
文摘The authors investigate the impact of the recent financial crisis on dividend payout policies in the United States. The results are as follows. The authors find that： （l） Firms must have good financial profiles to support a policy of increasing dividend payouts during a financial crisis; （2） Overall firms increasing dividend payouts are also engaged in stock repurchases; （3） Firms choosing to increase cash dividend payouts seem to have low opportunity costs, that is, they do not have as many exercisable stock options that they may need in the face of possible future redemptions; and （4） During a financial crisis, the aforementioned trade-off between exercisable stock options and increased dividend payouts would peak, as the stock price slides to where it could be expected to V-bound and then became moderate when stock price recovered. The abovementioned findings are consistent with the ＂silver- lining＂ hypothesis which the authors proffer to suggest that the storm of economic bad times often creates circumstances that influence dividend payout strategies for firms traded on exchanges in the United States, and different dividend payout strategies may be strategically elected to reveal to the market participants a silver-lining in the cloud of bad times.
基金supported by the National Natural Science Foundation of China under Grant Nos.71373017and 70973007
文摘Entropy balancing is introduced to assess the deposit insurance design characteristics in this paper. Applying an extensive duration data including 141 countries from 1960 to 2015, the authors employ the entropy balancing method to simulate the data structure under the implicit deposit insurance system. Then the paper adopts an endogenous treatment effects model and a Heckman two-step selection model to examine payouts choice of the deposit insurance. It is found that entropy balancing can calibrate unit weights and reweight treatment and control groups by a maximum entropy scheme.Thus, a possibly given conditions will be satisfied and information concerning sample moments will be integrated. The results show clearly that different payouts choice and the corresponding coverage setting can effectively reduce the moral hazards that may result from the introduction of a deposit insurance scheme. When the Payouts is Per Depositor Account or Per Depositor, the banks’ moral hazard is higher. However, the payment method of Per Depositor Per Institution can effectively restrain the banks’ risk-taking activities.
