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@techreport{NBERw24706,
 title = "Government Guarantees and the Valuation of American Banks",
 author = "Atkeson, Andrew G and d'Avernas, Adrien and Eisfeldt, Andrea L and Weill, Pierre-Olivier",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "24706",
 year = "2018",
 month = "June",
 doi = {10.3386/w24706},
 URL = "http://www.nber.org/papers/w24706",
 abstract = {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.},
}