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Brexit: (Not) another Lehman moment for banks?

Schiereck, D. ; Kiesel, F. ; Kolaric, S. :
Brexit: (Not) another Lehman moment for banks?
In: Finance Research Letters, 19 pp. 291-297. ISSN 1544-6123
[Artikel], (2016)

Kurzbeschreibung (Abstract)

We analyze the stock and CDS market reactions around the UK's EU membership referendum (“Brexit”) on June 23, 2016, and the Lehman Brothers bankruptcy filing on September 15, 2008. We find that the short-run drop in stock prices to the Brexit announcement was more pronounced than to Lehman's bankruptcy, particularly for EU banks. Additionally, for EU banks, a large increase in CDS spreads can be observed. Yet, compared to the Lehman bankruptcy filing, this increase is still relatively small. For non-EU banks, we observe neither significant stock nor CDS price reactions.

Typ des Eintrags: Artikel
Erschienen: 2016
Autor(en): Schiereck, D. ; Kiesel, F. ; Kolaric, S.
Titel: Brexit: (Not) another Lehman moment for banks?
Sprache: Englisch
Kurzbeschreibung (Abstract):

We analyze the stock and CDS market reactions around the UK's EU membership referendum (“Brexit”) on June 23, 2016, and the Lehman Brothers bankruptcy filing on September 15, 2008. We find that the short-run drop in stock prices to the Brexit announcement was more pronounced than to Lehman's bankruptcy, particularly for EU banks. Additionally, for EU banks, a large increase in CDS spreads can be observed. Yet, compared to the Lehman bankruptcy filing, this increase is still relatively small. For non-EU banks, we observe neither significant stock nor CDS price reactions.

Titel der Zeitschrift, Zeitung oder Schriftenreihe: Finance Research Letters
Band: 19
Fachbereich(e)/-gebiet(e): 01 Fachbereich Rechts- und Wirtschaftswissenschaften
01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete
01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete > Fachgebiet Unternehmensfinanzierung
Hinterlegungsdatum: 06 Sep 2016 07:30
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