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dc.creatorKauko, Karlo 
dc.date.accessioned2018-03-07T13:43:31Z
dc.date.available2018-03-07T13:43:31Z
dc.date.created2014-12-01
dc.date.issued2014 
dc.identifierhttps://revistas.urosario.edu.co/index.php/economia/article/view/3744
dc.identifier10.12804/rev.econ.rosario.17.02.2014.01
dc.identifier.urihttp://repository.urosario.edu.co/handle/10336/15533
dc.descriptionBank managers often claim that equity is expensive, which contradicts the Modigliani-Miller irrelevance theorem. An opaque bank must signal its solvency by paying high and stable dividends in order to keep depositors tranquil. This signalling may require costly liquidations if the return on assets has been poor, but not paying the dividend might trigger a run. A strongly capitalized bank should keep substantial amounts of risk-free yet non-productive currency because the number of shares is high, which is costly. The dividend is informative of the state of the bank; rational depositors react to it.
dc.format.mimetypeapplication/pdf
dc.language.isospa
dc.relation.urihttps://revistas.urosario.edu.co/index.php/economia/article/view/3744/2698
dc.rightsCopyright (c) 2015 Revista de Economía del Rosario
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0
dc.sourceRevista de Economía del Rosario; Vol. 17, Núm. 02 (2014): julio-diciembre; 203-227
dc.source2145-454X
dc.source0123-5362
dc.source10.12804/rev.econ.rosario.17.02.2014
dc.subjectdividends; bank capital; irrelevance theorem
dc.titleDoes Opaqueness Make Equity Capital Expensive for Banks?
dc.typearticle
dc.publisherUniversidad del Rosario
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.type.spaArtículo
dc.rights.accesoAbierto (Texto completo)
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion


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