Too-big-to-fail in banking : impact of G-SIB designation and regulation on relative equity valuations / Tom Filip Lesche.
Lesche, Tom Filip, author.
2021
K1066 .L43 2021
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Title
Too-big-to-fail in banking : impact of G-SIB designation and regulation on relative equity valuations / Tom Filip Lesche.
Author
Lesche, Tom Filip, author.
ISBN
9783658341824 (electronic bk.)
3658341823 (electronic bk.)
3658341815
9783658341817
DOI
https://doi.org/10.1007/978-3-658-34182-4
Published
Wiesbaden, Germany : Springer Gabler, [2021]
Copyright
©2021
Language
English
Description
1 online resource; illustrations.
Item Number
10.1007/978-3-658-34182-4 doi
Call Number
K1066 .L43 2021
Dewey Decimal Classification
346/.082
Summary
"This book provides a comprehensive summary of the latest academic research on the important topic of too-big-to-fail (TBTF) in banking. It explains TBTF from various perspectives including the range of regulatory measures proposed to counter TBTF, most notably the globally accepted regulation of global-systemically important banks (G-SIBs) and its main tool of capital surcharges. The empirical analysis quantifies the shareholder value of the G-SIB attribution by using quarterly observations from more than 750 global banks between Q2 2008 and Q3 2015. The main finding is that G-SIBs are confronted with a substantial relative valuation discount compared to non-G-SIBs. From the end of 2011 until the end of 2015, a stable discount of 0.6x .8x price-to-tangible common equity (P/TCE) is statistically highly significant. The results suggest that the G-SIB designation effect, which positively impacts G-SIBs share prices because of funding benefits from IGGs, is dominated by the regulatory G-SIB burden effect, which negatively impacts G-SIB share prices because of lower profitability due to capital surcharges and other regulatory requirements placed on G-SIBs. The findings re-open the debate about whether breaking up G-SIBs would unlock shareholder value and whether G-SIBs are regulated efficiently. About the Author Dr. Tom Filip Lesche is a venture capitalist investing into financial technology companies. Previously he was an investment banker advising financial institutions on capital markets and M & A transactions"-- Provided by the publisher.
Bibliography, etc. Note
Includes bibliographical references.
Access Note
Access limited to authorized users.
Source of Description
Online resource; title from PDF title page (SpringerLink, viewed July 14, 2021).
Series
Finance, banks and bank management, 2524-6429
Available in Other Form
Too-big-to-fail in banking.
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Introduction and overview
A primer for economics of banking
Part I. Too-big-to-fail in banking review
Introduction to too-big-to-fail in banking
TBTF causal chain : explicit and implicit government guarantees
Public cost and benets of TBTF
TBTF policy recommendations
TBTF policy initiatives
Conclusion
Part II. Quantifying the shareholder value of too-big-to-fail in banking
Related research
Hypothesis development
Empirical methodology and data
Results and discussion
Conclusion.

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