The determinants of capital structure: Some evidence from banks

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URL:	http://ub-madoc.bib.uni-mannheim.de/1918
URN:	urn:nbn:de:bsz:180-madoc-19189
Document Type:	Working paper
Year of publication:	2008
The title of a journal, publication series:	None
Publication language:	English
Institution:	Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series:	Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject:	330 Economics
Classification:	JEL: G21 G32 ,
Subject headings (SWD):	Bank , Kapitalstruktur , Vergleich , Industrie , Bankpolitik , Europäische Union , USA
Keywords (English):	capital structure , corporate finance , leverage , bank capital , banking regulation
Abstract:	This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of large banks in the United States and Europe. We find a remarkable consistency in sign, significance and economic magnitude. Like non-financial firms, banks appear to have stable capital structures at levels that are specific to each individual bank. The results suggest that capital requirements may only be of second-order importance for banks’ capital structures and confirm the robustness of current corporate finance findings in a holdout sample of banks.
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BASE: Gropp, Reint ; Heider, Florian

Google Scholar: Gropp, Reint ; Heider, Florian

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