Depositor-Preference Laws and the Cost of Debt Capital
研究了存款人优先权法律如何改变银行和储蓄机构的资本结构，从而影响其债务资本成本，并指出该法律仅在存款保险定价错误时才会影响机构总价值。
Under depositor-preference laws, depositors' claims on the assets of failed depository institutions are senior to unsecured general-creditor claims. As a result, depositor preference changes the capital structure of banks and thrifts, thereby affecting the cost of capital for depositories. Depositor preference has no impact on the total value of banks and thrifts, however, unless deposit insurance is mispriced.