Am Dienstag, den 24.01.2017 findet ein Vortrag im Rahmen des Finance and Insurance Seminars statt.
Das Seminar beginnt um 16:15 h, J 253, Universitätsstr. 14-16.

Frau Prof. Dr. Valeriya Dinger
Universität Osnabrück

Thema:
Systemic Effects of Bank Equity Issues: Competition, Stabilization and Contagion

Abstract
We evaluate the abnormal returns of issuing non-issuing banks around the announcement of Seasoned Equity Offerings (SEOs) and explore how the market reaction is influenced by aggregate systemic conditions and by the systemic risk contribution and exposure of banks. While we find evidence of negative abnormal returns for issuers, non-issuing banks benefit from positive abnormal returns around the SEO announcement. We show that these positive returns are not entirely explained by a competition channel, which has been well documented for non-financial firms. In contrast, we demonstrate that they also depend on a so far undocumented system-stabilizing channel. Furthermore, under certain circumstances, the system-stabilizing channel contributes to mitigating the negative reaction to SEO announcements for the issuing banks.

Über eine rege Teilnahme freuen wir uns sehr.

Prof. Dr. Nicole Branger
Prof. Dr. Nadja Günster
Prof. Dr. Thomas Langer
Prof. Dr. Andreas Pfingsten
Jun.-Prof. Dr. Simon Rottke
Jun.-Prof. Dr. Judith Schneider
Jun.-Prof. Dr. Zoe Tsesmelidakis
Jun.-Prof. Dr. Weiqi Zhang