Credit supply and capital structure adjustments
利用美国银行业放松管制的自然实验，研究发现信贷供给增加会加快企业向目标杠杆率的调整速度，尤其对融资受限、依赖银行信贷的企业影响更大。
Abstract Using the staggered deregulation of the U.S. banking industry as a series of exogenous shocks, I study the effect of the credit supply on the speed of capital structure adjustment. I find robust evidence that interstate and intrastate banking deregulation are positively associated with leverage adjustments. Specifically, the speeds of adjustment to target leverage are faster in the postderegulation periods. I also find that the positive effect is driven by firms that are financially constrained, are financially dependent on banks, and have less access to the public debt market and by deregulated banks’ ability to geographically diversify the credit risk.