Competition and bank dividends
研究美国州际银行放松管制后，竞争加剧如何影响银行股利支付，发现竞争使银行减少股利，尤其对预期收益较低的银行影响更大，且监管宽松时竞争对股利的影响更强。
We investigate the impact of state level competition on bank dividends following the passage of the US Interstate Banking and Branching Efficiency Act (IBBEA). Using a sample of top-tier US bank holding companies, we find that in states where extensive deregulation leads to intensified competition, banks pay fewer dividends relative to counterparts operating in states where deregulation took place more slowly. These findings are stronger for banks with lower expected future earnings, suggesting that competition reduces the ability of lower performing banks to continue paying dividends. We also find that banks operating in states characterised by higher competition and less supervisory oversight pay higher dividends than counterparts operating in similarly competitive states with stricter supervision.