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Research paper

What can we learn about repurchase programmes and systemic risk? Evidence from US banks during financial turmoil

Foued Hamouda
Journal of Risk Management in Financial Institutions, 16 (1), 34-51 (2023)
https://doi.org/10.69554/XXOF8315

Abstract

This paper contributes to the debate on systemic risk by measuring and comparing systemic risk and interconnectedness when banks repurchase shares during financial turmoil. It assesses the extent to which buyback programmes within banks contribute to systemic risk, relying on several measures of systemic risk and connectedness in a sample of 112 US banks during both a tranquil and an unstable period. Empirical results reveal remarkable increases in systemic risk in repurchasing banks compared to non-repurchasing banks and they are more exposed to it in difficult periods such as the European debt crisis and COVID-19. Banks that repurchased shares strengthened indirect links during systemic events and are potentially riskier. The results also classify and rank banks in terms of systemic risk involvement and connectedness and contribute to the identification of systematically important banks.

Keywords: financial crisis; systemic risk; bank networks; interconnectedness; buyback programmes; COVID-19

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Author's Biography

Foued Hamouda is an assistant professor of finance (and HSR) at the University of Gabès. His research area includes corporate finance and risk management in financial institutions. He is a member of GEF2A-Lab at the Higher Institute of Management of Tunis. He is also the director and a co-founder of the Observatory of South-East Tunisians' companies and a member of the Technology Transfer Office (TTO) at the University of Gabès.

Citation

Hamouda, Foued (2023, January 1). What can we learn about repurchase programmes and systemic risk? Evidence from US banks during financial turmoil. In the Journal of Risk Management in Financial Institutions, Volume 16, Issue 1. https://doi.org/10.69554/XXOF8315.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 16 / Issue 1
© Henry Stewart
Publications LLP

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