Bank Differences in the Coordination of Regulatory Capital, Earnings, and Taxes
研究银行在资本筹集决策中如何协调监管资本、盈余和税收压力，通过银行特定回归分析1971-1991年间七种资本筹集选项，揭示不同银行的优先策略差异。
This study investigates bank-specific regulatory capital-raising decisions. Such decisions are expected to be coordinated with financial reporting and/or tax incentives. We examine the impact of individual banks' changing levels of capital, earnings, and taxes on decisions to engage in seven capital-raising options: security gains and losses, loan loss provisions, loan charge-offs, capital notes, common stock, preferred stock, and dividends. Unlike related studies, we measure capital, earnings, and tax pressures relative to within-bank means, rather than relative to annual or pooled cross-sectional means, by estimating bank-specific regressions for each of the capital-raising options from 1971 to 1991. Thus, we capture differences in banks' priorities and strategies for