The Capital Purchase Program (CPP) was the first and most significant program under the Troubled Asset Relief Program (TARP) during 2008–2009 financial crisis. This study evaluates the effect of the CPP during this period on the cost of equity of 170 publicly listed banks in the United States that received funding. To control for the potential effects of endogeneity on our results, we use a propensity score matched sample of non-CPP banks. Using this approach, we document robust evidence that the liquidity provided by the government bailout reduced the cost of equity for recipient banks, especially for those banks that repaid their bailout funds in full. This decrease in the cost of equity is particularly significant for banks with high market-to-book ratios, low concentrations of institutional ownership, and those banks with at least one large blockholder. Our findings have important implications for the assessment of government bailout programs and the future regulation of financial institutions.

中文翻译：

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政府救助对银行股权成本的影响：来自 2008-2009 年金融救助的额外证据

资本购买计划 (CPP) 是 2008-2009 年金融危机期间问题资产救助计划 (TARP) 下的第一个也是最重要的计划。本研究评估了这一时期 CPP 对获得资金的 170 家美国上市银行的股权成本的影响。为了控制内生性对我们结果的潜在影响，我们使用了非 CPP 银行的倾向得分匹配样本。使用这种方法，我们记录了强有力的证据，表明政府救助提供的流动性降低了受援银行的股权成本，特别是对于那些全额偿还其救助资金的银行。对于市净率高、机构所有权集中度低、以及至少拥有一个大股东的银行。我们的研究结果对政府救助计划的评估和金融机构的未来监管具有重要意义。