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Why Bank Equity Is Not Expensive

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Uploaded on Jun 9, 2011

"Quite simply, bank equity is not expensive from a social perspective, and high leverage is not required in order for banks to perform all their socially valuable functions, including lending, taking deposits, and issuing money-like securities," professors Anat R. Admati, Peter M. DeMarzo, and Paul C. Pfleiderer wrote in a paper presented at the Stanford Finance Forum. (A fourth coauthor, Martin F. Hellwig of the Max Planck Institute, was not present.)

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Why Bank Equity Is Not Expensive: http://www.gsb.stanford.edu/news/rese...

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