Crises, Liquidity Shocks, and Fire Sales at Commercial Banks
研究发现商业银行在危机中通常不会出现资金枯竭，而是弱银行借贷更少；银行更多依赖存款和发行新股而非甩卖资产，且甩卖时会挑选资产以缓解资本监管压力。
If liquidity shortages cause financial crises, a lender of last resort can provide funds to banks facing potential fire sales. However, if funding problems primarily occur at banks with existing solvency problems, then government liquidity programs may not spur bank lending. We find that commercial bank funding does not typically dry up in a crisis, not even during the subprime crisis. Rather, weak banks are more likely to borrow less. Furthermore, banks rely more on deposits and newly issued equity than fire sales. When they do sell assets, they cherry pick assets in order to alleviate pressure from capital regulations.