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DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Mikko Mäkinen (BOFIT): Financial Crisis: A Game Changer for Worst-Hit Banks? =0D=0A Abstract This paper analyzes whether the banks that are worst-hit by a financial crisis can learn from their bad experience. One hypothesis is that the poor performing banks cannot learn and change their post-crisis behavior and therefore underperform other banks after the crisis is over. The alternative hypothesis is that the worst-performing banks are able to learn and change their post-crisis behavior so that there is no difference in performance between the worst banks and other banks in post-crisis years. Using a difference-in-differences approach, rich data from the Russian banking sector and utilizing the 2008 Global Financial Crisis as a source of an independent variation across banks, I find that the worst crisis-hit banks continue to underperform other banks in post-crisis years, which is inconsistent with the learning hypothesis. Some robustness checks with alternative regression specifications are provided.=0D=0A Online BOFIT seminars are open to all researchers interested in the subjects covered. Those wishing to attend a seminar are kindly asked to register in advance, by filling in the online registration form The registration for each seminar is open until 9:00 am the day of the seminar. You will receive a link to join the seminar by email at the latest one hour before the seminar is scheduled to begin. =0D=0A
DTEND:20200512T083000Z
DTSTAMP:20200504T133636Z
DTSTART:20200512T073000Z
LOCATION:Skype
SUMMARY:Mikko Mäkinen (BOFIT): Financial Crisis: A Game Changer for Worst-Hit Banks?
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