; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Government Guarantees and the Valuation of American Banks"; ; "batchuser@example.com"; ; "Weill, Pierre-Olivier", "d'Avernas, Adrien ", "Atkeson, Andrew", "Eisfeldt, Andrea L."; "Federal Reserve Bank of Minneapolis"; "Bank valuation", "Banking", "Bank leverage", "Bank regulation", "Bank financial soundness", "Risk shifting"; "E44 - Financial Markets and the Macroeconomy", "G38 - Corporate Finance and Governance: Government Policy and Regulation", "G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages", "G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill", "G28 - Financial Institutions and Services: Government Policy and Regulation", "H12 - Crisis Management"; "Banks' ratio of the market value to book value of their equity was close to 1 until the 1990s, then more than doubled during the 1996-2007 period, and fell again to values close to 1 after the 2008 financial crisis. Sarin and Summers (2016) and Chousakos and Gorton (2017) argue that the drop in banks' market-to-book ratio since the crisis is due to a loss in bank franchise value or profitability. In this paper we argue that banks' market-to-book ratio is the sum of two components: franchise value and the value of government guarantees. We empirically decompose the ratio between these two components and find that a large portion of the variation in this ratio over time is due to changes in the value of government guarantees."^^; "2018-06-14"; "2019-05-17T13:33:10.477730832+00:00"^^; "https://doi.org/10.21034/sr.567"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 22:34:51 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "216", "888", "39", "835"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "567"; "Banking", "Bank leverage", "Bank valuation", "Risk shifting", "Bank regulation", "Bank financial soundness"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .