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    (漢青經濟與金融高級研究院發布于:2019-12-03 09:22:23)


    本期主題:Unintended Consequences of Community Reinvestment Act: Evidence from the Corporate Loan Market



    We study how an exogenous shock to the banking industry mostly localized in the local community lending spills over to the corporate loan market and how it tilts the allocation of capital in the corporate finance market. We focus on the Community Reinvestment Act (CRA), a legislation created to improve the state of capital access. We argue and show that the need for banks to comply with the CRA requirements change their behavior in the corporate loan market. We show that banks respond to the CRA by increasing lending and offering financial incentives to borrowers. The ensuing potential losses in the mortgage business may induce banks to try to compensate in the corporate loan market. They do so by increasing the quantity of loans in the corporate loan market to the very same firms that were supplied before. The quality of lending stays the same, but banks use their “relationship banking” power to induce firms to take this additional lending to replace equity financing with debt financing. This induces a shift in the capital allocation of the manufacturing sector from equity-financing to debt-financing (e.g., more leverage and more share repurchase) but does not lead to more investment.


    報告人:盧瑞昌 北大光華管理學院 金融系助理教授

    時間:12月4日(周三) 12:15


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