|
Date/ Time |
Schedule |
Topic(s) |
Presenter(s) |
Venue |
|
Monday June 27, 2016 11h00 – 12h30
|
Research paper |
Share purchase plans and bank risk |
Dr. Chris Malone |
Room B201, 279 Nguyen Tri Phuong, Dist. 10, HCMC |
Research Paper: Share purchase plans and bank risk
Author(s): Chris Malone1 and David Tripe
School of Economics and Finance, Massey University, New Zealand
Presenter: Dr. Chris Malone
Language: English
Abstract:
This study examines how capital raising initiatives by the four major banks in Australia impacted on their market values and risk. The initiatives examined are the Share Purchase Plan (SPP) issues during 2008/2009 and 2014/2015. We examine these events in the context of key stages in the global financial crisis, and the introduction of deposit insurance in Australia in October 2008. The results show the market dislikes capital raising actions in the short run, compared to regulatory initiatives, but how they are followed by a period of significantly reduced risk. It appears that the capital raisings played their part in mitigating market fears of capital inadequacy. In the analysis, we compare several alternative measures of bank risk, notably systematic risk and measures of systemic risk.
1 http://www.massey.ac.nz/massey/expertise/profile.cfm?stref=662030
Chris has a PhD in Finance from the University of Connecticut. He has instructed students in a range of classes including Corporate Finance, Investment, Institutions, International Finance and Financial Risk Management, as well as some teaching in Economics and Accounting. His research interests are focused on corporate finance and currently include studies on securities regulation and litigation and industry contagion.
Seminar materials: https://drive.google.com/open?id=0B3PYl1h7tBESQWJvZVd3Q014NVE
