Bank Capital Structure, Regulatory Capital, and Securities Innovations
研究银行控股公司为何在1996年后发行信托优先证券，发现监管资本要求、税收节省和未保险资金来源显著影响其资本需求，且市场对这类发行反应积极。
Since late 1993, nonfinancial corporations have used financial instruments that permit them to treat preferred-stock dividends as tax-deductible interest. Bank holding companies (BHCs), however, did not issue these trust-preferred securities (TPS) until 1996, when the Federal Reserve qualified them as Tier-1 capital. We delineate and test five, not mutually exclusive, hypotheses by: (1) analyzing the stock-market's reaction to the Fed's ruling and to TPS filings and (2) comparing BHCs that issued TPS with those that did not. We find that regulatory capital requirements, tax savings, and uninsured sources of funds had significant positive effects on BHCs' demand for capital and that the market responded favorably to TPS filings. Our event-study findings are contrary to prior empirical results in that we find a positive market reaction to equity offerings.