International bank credit, nonbank lenders, and access to external financing
利用跨国企业-银行数据，研究欧洲银行管理局意外提高资本要求如何影响企业融资选择，发现美国企业受冲击最大但能转向债券市场和非银行机构获取信贷。
Abstract Using a cross‐country firm‐bank dataset, we examine how an unexpected increase in bank capital requirements by the European Banking Authority affects firms' financial choices. We find that the regulatory shock implies a reduction in the supply of bank credit, with US firms affected the most. Yet, US firms can tap into the public bond markets and secure credit lines from nonbank financial institutions. This has implications for their capital structure and their real outcomes. These results suggest that diversified domestic loan markets, in which banks and nonbank financial institutions lend to corporations, can help overcome reductions in cross‐border bank funding.