The Credit Crisis Around the Globe: Why Did Some Banks Perform Better?

  title={The Credit Crisis Around the Globe: Why Did Some Banks Perform Better?},
  author={Andrea Beltratti and Ren{\'e} Stulz},
  journal={Banking \& Financial Institutions eJournal},
Though overall bank performance from July 2007 to December 2008 was the worst since the Great Depression, there is significant variation in the cross-section of stock returns of large banks across the world during that period. We use this variation to evaluate the importance of factors that have been put forth as having contributed to the poor performance of banks during the credit crisis. The evidence is supportive of theories that emphasize the fragility of banks financed with short-term… 
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