第489期岭南学术论坛－金融学系列Seminar－Are Post-Crisis Bank Regulations Effective? Evidence from Contingent Convertible (CoCo) Bonds

第489期岭南学术论坛（金融学系列Seminar）

报告题目：Are Post-Crisis Bank Regulations Effective? Evidence from Contingent Convertible (CoCo) Bonds

报 告 人：陕晨煜（上海财经大学 助理教授）

主 持 人：周彤（中山大学岭南学院 助理教授）

时      间：2018年6月1日（周五）下午14:30-16:00

地      点：岭南堂汪道涵会议室

语      言：英文

Abstract:

Contingent convertible bonds (CoCos) are the latest capital instruments advocated by regulators including the Basel Committee on Banking Supervision. CoCos are designed to reduce banks’ dependence on external support—especially government bailouts—and have been extensively issued by banks worldwide since the 2008 financial crisis. Analyzing a comprehensive dataset, we find that banks distributing more dividends out of earnings issue more CoCos. This result is more pronounced when bank shareholders have a stronger preference for dividends. CoCo issuance is not related to regulatory capital ratios for banks that have low dividend payout ratios. Moreover, banks increase dividend payout after CoCo issuance. Our findings are in sharp contrast with existing theories and policy debates on CoCo issuance, which ignore dividend payouts. The results of this study suggest that bank shareholder interest, rather than improving bank resilience or curbing negative spillovers as intended, is the primary consideration for CoCo issuance.

报告人介绍：http://newfin.shufe.edu.cn:888/Home/Jxky_Jzyg_Xkxq/?Id=shanchenyu

报告论文：/UploadFiles/xsbg/2018/5/201805180842441069.pdf

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