Credit supply and capital structure adjustments
Using the staggered deregulation of the U.S. banking industry as a series of exogenous shocks, I study the effect of the credit supply on the speed of capital structure adjustment. I find robust evidence that interstate and intrastate banking deregulation are positively associated with leverage adju...
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| Veröffentlicht in: | Financial management 2020-12, Vol.49 (4), p.949-972 |
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| container_title | Financial management |
| container_volume | 49 |
| creator | Rahman, Shofiqur |
| description | Using the staggered deregulation of the U.S. banking industry as a series of exogenous shocks, I study the effect of the credit supply on the speed of capital structure adjustment. I find robust evidence that interstate and intrastate banking deregulation are positively associated with leverage adjustments. Specifically, the speeds of adjustment to target leverage are faster in the postderegulation periods. I also find that the positive effect is driven by firms that are financially constrained, are financially dependent on banks, and have less access to the public debt market and by deregulated banks' ability to geographically diversify the credit risk. |
| doi_str_mv | 10.1111/fima.12293 |
| format | Article |
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| ispartof | Financial management, 2020-12, Vol.49 (4), p.949-972 |
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| language | eng |
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| source | Jstor Complete Legacy; Wiley Online Library Journals Frontfile Complete; Business Source Complete |
| subjects | Adjustment Analysis Banking Banking law Capital structure Credit risk Deregulation Evaluation Financial markets Forecasts and trends Influence Leverage ORIGINAL ARTICLE United States |
| title | Credit supply and capital structure adjustments |
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