Evaluating Regulatory Reform: Banks' Cost of Capital and Lending
研究了自《多德-弗兰克法案》通过后，监管变化对银行资本成本和贷款的影响，发现大型银行的资本成本下降更多，且资本成本上升会收紧信贷供给并提高贷款利率。
Abstract We examine the effects of regulatory changes on banks' cost of capital and lending. Since the passage of the Dodd–Frank Act, the value‐weighted CAPM cost of capital for banks has averaged 10.5% and declined by more than 4% on a within‐firm basis relative to financial crisis highs. This decrease was much greater for the largest banks subject to new regulation than for other banks and firms. Over a longer 20‐year horizon, we find that changes in the systematic risk of bank equity have real economic consequences: increases in banks' cost of capital are associated with tightening in credit supply and loan rates.