Regulation, Risk and the Pricing of Australian Bank Shares, 1957–1976*

Warren Hogan and Ian G. Sharpe

The Economic Record, 1984, vol. 60, issue 1, 34-44

Abstract: Recent contributions to the theory of regulation have suggested the possibility of discriminatory regulation affecting risk and profits of firms subject to public intervention. This paper examines risk and wealth effects associated with Australian banking regulation. Support is found for the Peltzman and Edwards and Heggestad hypothesis that regulation reduces risk and for Johnson's hypothesis that statutory reserve deposit requirement policy involves an implicit tax on bank shareholders.

Date: 1984
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