De Cesari, Amedeo, Gilder, Dudley ORCID: https://orcid.org/0000-0001-7039-762X, Huang, Winifred and Onali, Enrico
2023.
Competition and bank payout policy.
Journal of Money, Credit and Banking
10.1111/jmcb.13028
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Official URL: https://doi.org/10.1111/jmcb.13028
Abstract
Leveraging branch-level data on bank deposits, we provide evidence of a negative impact of branching restrictions on payout ratios, which occurs only for banks with a low charter value, as proxied by the market-to-book ratio. The results for the market-to-book ratio extend to the Lerner index, the return on assets, and the Z-score, suggesting that risk-shifting incentives drive our results rather than signaling incentives or agency costs. Our results are robust to different proxies for banking competition and identification strategies, and bootstrap simulations suggest that our results are not due to confounding factors.
Item Type: | Article |
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Date Type: | Published Online |
Status: | In Press |
Schools: | Business (Including Economics) |
Subjects: | H Social Sciences > HG Finance |
Publisher: | Wiley |
ISSN: | 1538-4616 |
Date of First Compliant Deposit: | 28 November 2022 |
Date of Acceptance: | 31 October 2022 |
Last Modified: | 17 Nov 2023 22:59 |
URI: | https://orca.cardiff.ac.uk/id/eprint/154180 |
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