Tuesday, 25 November 2025, 12.15-13.15
Seminar room, third floor, building 14, Via Bonardi 9, Milano (Leonardo Campus)
Luca Del Viva (ESADE Business School)
Title: Bank Equity Premia and the Fed Regulatory Stance
Abstract: We examine the interplay between the Federal Reserve’s communication on banking regulation and U.S. bank equity returns. Using a comprehensive set of 124 anomaly characteristics, we show that a pro-regulation stance in Fed speeches can largely explain abnormal returns in the cross-section of bank equities, generating daily market corrections of 0.51 per cent. The effects can be attributed to a reduction in risk premia for illiquid bank stocks, and we find no comparable effect among non-banks. These findings highlight the role of regulatory communication as a distinct determinant of banks’ cost of equity.
Attendance is also possible online (Microsoft Teams), at the following link
https://tinyurl.com/28mnsn3m .
All news can be found on the QFinLab webpage https://www.qfinlab.polimi.it .
The organizers: Michele Azzone and Alessandro Calvia.
Immagine
Data/ora invio: 18/11/25, 10:20