The Impact of Depositor Preference Laws
分析了存款人优先权法律对商业银行的影响，发现该法律降低了银行倒闭的处置成本，但债权人的行为可能部分抵消了联邦存款保险公司的收益。
this article, I analyze the impact of DPL on commercial banks. I first present a partial equilibrium analysis of its effects on the value and rates of return of various types of bank liabilities when failed banks are assumed to be resolved through liquidation. Next, I discuss creditors' possible responses. (The appendix shows how the FDIC's position would be affected by increased collateralization from general creditors.) In the third section, I give some descriptive statistics from Call Report data on portfolio shares, distinguishing between banks that were subject to state DPL in existence prior to the 1993 legislation and those that were not. In the fourth section, I present a regression analysis of DPL's impact on the costs of resolving bank failures. The fifth section concludes. The finding presented here --- that average resolution costs were lower under DPL --- is consistent with the view that the legislation has increased the value of the FDIC's claims. However, there is some evidence that creditors' actions may have partially offset the benefit to the FDIC. 3 I. DPL and the Values of Bank Claimants: A Basic Framework This section uses the cash-flow capital-asset pricing model developed by Chen (1978) to examine the impact of DPL on the values and rates of return for uninsured depositors, general creditors, and the FDIC.