کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5091085 | 1375659 | 2007 | 27 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Asymmetric information and liquidity constraints: A new test
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We focus on changes in monetary policy that represent exogenous (to the banks) changes in the financing constraints they face. We find that publicly traded banks, which exhibit a lower degree of information asymmetry, are better able to overcome information-based financial market frictions, compared to the relatively opaque non-publicly traded banks, when monetary policy is tightened. Lending by the more transparent publicly traded banks is less affected by a monetary policy tightening in large part due to their relative advantage in raising external funds by issuing uninsured large time deposits. These results are obtained controlling for bank (and bank holding company) size, a dimension commonly used in the literature as the measure of the degree of firm access to external finance. Moreover, we show that the distinction between publicly traded and non-publicly traded banks dominates bank size as an indicator of the degree of access to external funds.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 31, Issue 8, August 2007, Pages 2425-2451
Journal: Journal of Banking & Finance - Volume 31, Issue 8, August 2007, Pages 2425-2451
نویسندگان
Dmytro Holod, Joe Peek,