Credit Availability and the Structure of the Homebuilding Industry
研究了银行信贷可得性波动如何影响住宅建筑行业结构，发现1988-1993年间银行健康恶化减少放贷，导致依赖银行信贷的大型私营建筑商市场份额下降，而能直接进入公开资本市场的公共建筑商受益。
We investigate the role of disruptions to the structure of the homebuilding industry due to fluctuations in the availability of bank credit. We find a sustained decline in the large private homebuilder market share series over the period from 1988 to 1993 when many banks with deteriorated health reduced their lending in order to raise capital ratios. Regression analysis at the metropolitan statistical area level supports the hypothesis that, in areas where banks were less well capitalized and had more problem construction loans, the market shares of large private homebuilders that relied primarily on bank credit to finance their production suffered at the expense of the public homebuilders that had better access to external funds, in large part due to their direct access to public capital markets.