THE IMPACT OF STANDBY LETTERS OF CREDIT ON BANK RISK - A NOTE

被引：11

作者：

BREWER, E

KOPPENHAVER, GD

机构：

[1] IOWA STATE UNIV SCI & TECHNOL,DEPT FINANCE,300 CARVER HALL,AMES,IA 50011

[2] FED RESERVE BANK CHICAGO,CHICAGO,IL 60690

来源：

JOURNAL OF BANKING & FINANCE | 1992年 / 16卷 / 06期

关键词：

D O I：

10.1016/0378-4266(92)90057-7

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The paper investigates the capital markets' perception of an off balance sheet instrument issued by banks - a standby letter of credit. Based on an empirical analysis of banking firm stock returns and the volume of standby letters of credit outstanding, it is shown that standby issuance increases the systematic and total risk of bank stock returns. These results support the arguments that the risk of standby letter of credit issuance is similar to the risk of balance sheet lending and that equity investors perceive the senior creditor status of standby beneficiaries.

引用

页码：1037 / 1046

页数：10

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