Banking deregulation, consolidation, and corporate cash holdings: U.S. evidence
详细信息 查看全文
- 作者：Bill Francis<sup>asup><sup> ; sup><sup>1sup><sup> ; sup><sup>francb@rpi.edu" class="auth_mailsup> ; Iftekhar Hasan<sup>bsup><sup> ; sup><sup>2sup><sup> ; sup><sup>ihasan@fordham.edu" class="auth_mailsup> ; Haizhi Wang<sup>csup><sup> ; sup><sup>hwang23@iit.edu" class="auth_mailsup>
- 关键词：G21 ; G32 ; G34
- 刊名：Journal of Banking and Finance
- 出版年：April, 2014
- 年：2014
- 卷：41
- 期：Complete
- 页码：45-56
- 全文大小：415 K
文摘
This paper tests the effects of banking deregulation on the cash policies of nonbanking firms in the United States. We document a significant and negative relation between intrastate banking deregulation and corporate cash holdings. We show that the negative relation is driven by financially constrained firms, especially by constrained firms with low hedging needs. Further, we construct indexes measuring the intensity of bank consolidation in local markets. We find that the intensity of in-market bank mergers is negatively related to corporate cash holdings. However, in-market bank mergers in highly concentrated markets tend to be positively related to corporate cash holdings.