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Bank capital and theory of capital s...

Sorokina, Nonna Y.

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Bank capital and theory of capital structure.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Bank capital and theory of capital structure./
作者:	Sorokina, Nonna Y.
面頁冊數:	198 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-05(E), Section: A.
Contained By:	Dissertation Abstracts International76-05A(E).
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3671608
ISBN:	9781321487534

Bank capital and theory of capital structure.
Sorokina, Nonna Y.

Bank capital and theory of capital structure. - 198 p.

Source: Dissertation Abstracts International, Volume: 76-05(E), Section: A.

Thesis (Ph.D.)--Kent State University, 2014.

This item must not be sold to any third party vendors.

Studies of capital structure constitute a significant part of the corporate finance literature. However, banks are routinely excluded from such studies, under the assumption that regulatory capital requirements are the most important determinant of bank leverage. Moreover, recent studies develop bank-specific capital structure theories that have not been tested empirically. I fill this void by empirically testing the determinants of bank capital structure in a large sample of the publicly traded U.S. commercial banks and bank holding companies during the period of 1973-2012. I find that the determinants of bank capital structure are similar to those identified in prior literature for non-financial firms. However, the determinants vary in different regulatory capital requirement regimes and in different macro-economic environments. Interestingly, I find evidence of moral hazard in the capital structure of systematically important financial institutions in that their capital structure is independent of their risk and collateral. I also find support for bank-specific theories of capital structure (Allen et al, 2009; Allen and Carletti, 2013; and, DeAngelo and Stulz, 2013). Bank leverage is negatively related to the level of competition in the industry and banks' loan portfolios diversification. Leverage is positively related to market liquidity. In addition, I test the determinants of excess bank leverage and short-term borrowing by banks, and find that they are well explained by the standard and bank-specific factors. Finally, I test the relation between bank capital structure and capital structure of firms in the broader economy. Consistent with the theoretical propositions of Diamond and Rajan (2000) and Shleifer and Vishny (2010), I find a negative relation between the leverage of firms and aggregate level of bank equity capital.

ISBN: 9781321487534Subjects--Topical Terms:

542899
Finance.

Bank capital and theory of capital structure.
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245 1 0 $a Bank capital and theory of capital structure.
300 $a 198 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-05(E), Section: A.
500 $a Adviser: John H. Thornton.
502 $a Thesis (Ph.D.)--Kent State University, 2014.
506 $a This item must not be sold to any third party vendors.
506 $a This item must not be added to any third party search indexes.
520 $a Studies of capital structure constitute a significant part of the corporate finance literature. However, banks are routinely excluded from such studies, under the assumption that regulatory capital requirements are the most important determinant of bank leverage. Moreover, recent studies develop bank-specific capital structure theories that have not been tested empirically. I fill this void by empirically testing the determinants of bank capital structure in a large sample of the publicly traded U.S. commercial banks and bank holding companies during the period of 1973-2012. I find that the determinants of bank capital structure are similar to those identified in prior literature for non-financial firms. However, the determinants vary in different regulatory capital requirement regimes and in different macro-economic environments. Interestingly, I find evidence of moral hazard in the capital structure of systematically important financial institutions in that their capital structure is independent of their risk and collateral. I also find support for bank-specific theories of capital structure (Allen et al, 2009; Allen and Carletti, 2013; and, DeAngelo and Stulz, 2013). Bank leverage is negatively related to the level of competition in the industry and banks' loan portfolios diversification. Leverage is positively related to market liquidity. In addition, I test the determinants of excess bank leverage and short-term borrowing by banks, and find that they are well explained by the standard and bank-specific factors. Finally, I test the relation between bank capital structure and capital structure of firms in the broader economy. Consistent with the theoretical propositions of Diamond and Rajan (2000) and Shleifer and Vishny (2010), I find a negative relation between the leverage of firms and aggregate level of bank equity capital.
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