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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Firms and their distressed banks: lessons from the Norwegian banking crisis |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Journal of Financial Economics |
| Publisher | Elsevier |
| Geographical Reach | international |
| ISSN | 0304-405X |
| Volume | 67 |
| Number | 1 |
| Page Range | 81 - 112 |
| Date | 2003 |
| Abstract Text | We use the near-collapse of the Norwegian banking system during the period 1988–1991 to measure the impact of bank distress announcements on the stock prices of firms maintaining a relationship with a distressed bank. Although banks experienced large and permanent downward revisions in their equity value during the event period, firms maintaining relationships with these banks faced only small and temporary changes, on average, in stock price. Firms with access to unused liquid bank funds and firms that issued equity just prior to the crisis experience relatively high abnormal returns. Overall, the aggregate impact of bank distress appears small. |
| Free access at | Official URL |
| Related URLs | |
| Digital Object Identifier | 10.1016/S0304-405X(02)00232-5 |
| Other Identification Number | merlin-id:11791 |
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