tailieunhanh - WORKING PAPER SERIES NO. 407 / NOVEMBER 2004: BANKING CONSOLIDATION AND SMALL BUSINESS LENDING

An alternative, less stark view of the impact of regulation has banks holding capital buffers, or discretionary capital, above the regulatory minimum in order to avoid the costs associated with having to issue fresh equity at short notice (Ayuso et al., 2004, and Peura and Keppo, 2006). It follows that banks facing higher cost of issuing equity should be less levered. According to the buffer view, the cost of issuing equity is caused by asymmetric information (as in Myers and Majluf, 1984). Dividend paying banks, banks with higher profits or higher market–to-book ratios can therefore be expected to. | EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 407 I NOVEMBER 2004 by Elõd Takáts BANKING CONSOLIDATION AND SMALL BUSINESS LENDING EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 407 I NOVEMBER 2004 BANKING CONSOLIDATION AND SMALL BUSINESS LENDING1 by Elõd Takáts2 In 2004 all publications will carry a motif taken from the 100 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 601027. I am indebted to Patrick Bolton Princeton University for his guidance throughout this paper. I am also thankful to Philipp Hartmann David Marquez Ibanez Reint Gropp and Cyril Monnet at the European Central Bank to Gábor Virág at Princeton University and the participants at the ECB Directorate Monetary Policy and at the Princeton student seminar for their comments and suggestions. All remaining errors are mine. Part of this research was completed while visiting the European Central Bank Capital Markets and Financial Structures Division. I am grateful to the European Central Bank for hospitality. 2 Department of Economics Princeton University Fisher Hall Princeton 08544-1021 NJ USA e-mail elod@ European Central Bank 2004 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and noncommercialpurposes is permitted provided that the source is acknowledged. The views expressed in this paper do not necessarily reflect those of the European Central Bank. The statement of purpose for the ECB Working Paper Series is availablefrom the ECB website http . ISSN1561-0810 print ISSN 1725-2806 online

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