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Bank Loan Supply, Lender Choice, and Corporate Capital Structure

The Journal of finance (New York), 2009-06, Vol.64 (3), p.1143-1185 [Peer Reviewed Journal]

Copyright 2009 American Finance Association ;2009 the American Finance Association ;Copyright Blackwell Publishers Inc. Jun 2009 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.2009.01461.x ;CODEN: JLFIAN

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  • Title:
    Bank Loan Supply, Lender Choice, and Corporate Capital Structure
  • Author: LEARY, MARK T.
  • Subjects: Access to credit ; Bank capital ; Bank loans ; Bank markets ; Business structures ; Capital markets ; Capital structure ; Corporate finance ; Federal Reserve Bank ; Financial leverage ; Financing methods ; Lenders ; Leverage ; Loans ; Public debt ; Studies ; Supply ; U.S.A
  • Is Part Of: The Journal of finance (New York), 2009-06, Vol.64 (3), p.1143-1185
  • Description: This paper explores the relevance of capital market supply frictions for corporate capital structure decisions. To identify this relationship, I study the effect on firms' financial structures of two changes in bank funding constraints: the 1961 emergence of the market for certificates of deposit, and the 1966 Credit Crunch. Following an expansion (contraction) in the availability of bank loans, leverage ratios of bank-dependent firms significantly increase (decrease) relative to firms with bond market access. Concurrent changes in the composition of financing sources lend further support to the role of credit supply and debt market segmentation in capital structure choice.
  • Publisher: Malden, USA: Blackwell Publishing Inc
  • Language: English
  • Identifier: ISSN: 0022-1082
    EISSN: 1540-6261
    DOI: 10.1111/j.1540-6261.2009.01461.x
    CODEN: JLFIAN
  • Source: Alma/SFX Local Collection
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