The effects of DIDMCA on bank stockholders' returns and risk |
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| Affiliation: | 1. Department of Electronic Engineering, Tsinghua University, Beijing 100084, China;2. Lane Department of Computer Science and Electrical Engineering, West Virginia University, USA;3. School of Software, Tsinghua University, Beijing 100084, China;1. IBM Distinguished Professor of Operations Management, Kellogg School of Management, Northwestern University, 2169 Campus Dr, Evanston, IL 60208, United States;2. Department of Transportation Technology and Management, Feng Chia University, No. 100, Wenhwa Road, Seatwen, Taichung 40724, Taiwan;1. Department of Pharmacology and Toxicology, Faculty of Pharmacy, University of Navarra, Irunlarrea 1, 31008 Pamplona, Spain;2. Department of Animal Pathology, Faculty of Veterinary, University of Zaragoza, C/Miguel Servet 177, 50013 Zaragoza, Spain;3. Department of Organic and Pharmaceutical Chemistry, Faculty of Pharmacy, University of Navarra, Irunlarrea 1, 31008, Pamplona, Spain |
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| Abstract: | In this paper we examine the effects of the 1980 DIDMCA on bank stockholders' returns and risk. While at the time of the announcement both commercial banks and thrifts appeared to benefit (measured by abnormal returns), over a longer period of time surrounding the announcement week, it is evident that thrift stockholders were the primary beneficiaries of the acts passage. When the effects of DIDMCA on risk was analysed, it was found that after the act's passage the (total) return risk of both money center and regional banks increased while that for thrifts decreased. However, some of the beneficial effects of the Act appear to have been mitigated by an increase in the absolute size of unexpected interest-rate risk in the post- enactment period. |
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