Wealth effects of bank holding company securities issuance and loan growth under the risk-based capital requirements
研究了1989年至1992年间，基于风险的资本要求发布后，银行控股公司发行普通股导致股票回报显著下降，进而迫使资本不足的银行控股公司减少贷款。
This paper tests a two-part hypothesis: first, that during the period between publication of the risk-based capital requirements in early 1989 and the end of 1992, bank holding companies (BHCs) faced a statistically significant decrease in stock returns if they issued new common stock; second, that this discouraged new common stock issuance and therefore, in effect, forced BHCs with Tier 1 and/or leverage capital-to-assets ratios below the regulatory minima to decrease loans outstanding more than did BHCs deficient only in their total capital ratios. Empirical evidence supporting both parts of the hypothesis is presented.