资本购买计划资金分配:来自银行内部资本市场的证据

Q1 Economics, Econometrics and Finance

Financial Markets, Institutions and Instruments Pub Date : 2018-07-08 DOI:10.1111/fmii.12095

Tarun Mukherjee, Elisabeta Pana

{"title":"资本购买计划资金分配:来自银行内部资本市场的证据","authors":"Tarun Mukherjee, Elisabeta Pana","doi":"10.1111/fmii.12095","DOIUrl":null,"url":null,"abstract":"<p>We investigate the role played by the internal capital markets of bank holding companies in the distribution of the Capital Purchase Program funds to subsidiaries. We find that while all banks used a similar internal capital allocation to support their subsidiaries, program participants transferred more capital to their subsidiaries than nonparticipants. Smaller bank subsidiaries with lower capital and earnings received more capital than other subsidiaries. Our results support the argument that the distribution of capital was done in accordance with regulatory requirements that mandate bank holding companies to act as a source of strength for their subsidiaries.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"27 4","pages":"125-143"},"PeriodicalIF":0.0000,"publicationDate":"2018-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12095","citationCount":"6","resultStr":"{\"title\":\"The distribution of the Capital Purchase Program funds: Evidence from bank internal capital markets\",\"authors\":\"Tarun Mukherjee, Elisabeta Pana\",\"doi\":\"10.1111/fmii.12095\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We investigate the role played by the internal capital markets of bank holding companies in the distribution of the Capital Purchase Program funds to subsidiaries. We find that while all banks used a similar internal capital allocation to support their subsidiaries, program participants transferred more capital to their subsidiaries than nonparticipants. Smaller bank subsidiaries with lower capital and earnings received more capital than other subsidiaries. Our results support the argument that the distribution of capital was done in accordance with regulatory requirements that mandate bank holding companies to act as a source of strength for their subsidiaries.</p>\",\"PeriodicalId\":39670,\"journal\":{\"name\":\"Financial Markets, Institutions and Instruments\",\"volume\":\"27 4\",\"pages\":\"125-143\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2018-07-08\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1111/fmii.12095\",\"citationCount\":\"6\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Financial Markets, Institutions and Instruments\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/fmii.12095\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"Economics, Econometrics and Finance\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Financial Markets, Institutions and Instruments","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/fmii.12095","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}

引用次数: 6

摘要

我们研究了银行控股公司内部资本市场在向子公司分配资本购买计划资金中所起的作用。我们发现，虽然所有银行都使用类似的内部资本配置来支持其子公司，但计划参与者向其子公司转移的资本多于非参与者。资本和收益较低的小型银行子公司比其他子公司获得更多的资本。我们的研究结果支持这样一种观点，即资本分配是按照监管要求进行的，监管要求要求银行控股公司作为其子公司的实力来源。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

The distribution of the Capital Purchase Program funds: Evidence from bank internal capital markets

We investigate the role played by the internal capital markets of bank holding companies in the distribution of the Capital Purchase Program funds to subsidiaries. We find that while all banks used a similar internal capital allocation to support their subsidiaries, program participants transferred more capital to their subsidiaries than nonparticipants. Smaller bank subsidiaries with lower capital and earnings received more capital than other subsidiaries. Our results support the argument that the distribution of capital was done in accordance with regulatory requirements that mandate bank holding companies to act as a source of strength for their subsidiaries.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Financial Markets, Institutions and Instruments Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

1.80

自引率

0.00%

发文量

期刊介绍： Financial Markets, Institutions and Instruments bridges the gap between the academic and professional finance communities. With contributions from leading academics, as well as practitioners from organizations such as the SEC and the Federal Reserve, the journal is equally relevant to both groups. Each issue is devoted to a single topic, which is examined in depth, and a special fifth issue is published annually highlighting the most significant developments in money and banking, derivative securities, corporate finance, and fixed-income securities.