Banking Sector Deregulation, Bank–Firm Relationships and Corporate Leverage
研究了1971年英国银行业放松管制对企业财务和投资政策的影响，发现放松管制和竞争加剧促使企业提高杠杆率并增加研发投资。
We study the effects of the 1971 deregulation of UK banking on firms' financial and investment policies. The deregulation was a turning point in the evolution of firm–bank relationships during the twentieth century. Indeed, for more than 80 years prior to deregulation most firms had had a relationship with only one bank: this was no longer the case from 1971 on. Deregulation and intensifying competition in the banking sector spurred firms—in local markets with many banks already active—to increase leverage and to invest more in research and development. Bank debt similarly expanded while trade credit contracted.