000	02109nam  2200361zi 4500
001	9.903647
003	CaOODSP
005	20221107180321
006	m     o  d f
007	cr cn|||||||||
008	210927t20212021oncd    ob   f000 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
086	1 |aFB3-5/2021-44E-PDF
100	1 |aBeganau, Juliane, |eauthor.
245	12|aA Q-theory of banks / |cby Juliane Beganau, Saki Bigio, Jeremy Majerovitz and Matias Vieyra.
264	1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2021.
264	4|c©2021
300	|a1 online resource (iii, 52 pages) : |bgraphs.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2021-44
500	|a"September 24, 2021."
500	|aCover title.
504	|aIncludes bibliographical references (pages 39-44).
520	3 |a"We document five facts about banks: (1) market and book leverage diverged during the 2008 crisis, (2) Tobin's Q predicts future profitability, (3) neither book nor market leverage appears constrained, (4) banks maintain a market-leverage target that is reached slowly, and (5) pre-crisis, leverage was predominantly adjusted by liquidating assets. After the crisis, the adjustment shifted towards retaining earnings. We present a Q-theory where notions of leverage differ because book accounting is slow to acknowledge loan losses. We estimate the model and show that it reproduces the facts. We examine counterfactuals where different accounting rules produce novel policy tradeoffs"--Abstract, page iii.
650	0|aFinancial institutions.
650	0|aFinancial leverage.
650	6|aInstitutions financières.
650	6|aEffet de levier.
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2021-44.|w(CaOODSP)9.806221
856	40|qPDF|s2.76 MB|uhttps://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-44-eng.pdf