Do banks satisfy the Modigliani-Miller theorem?
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Sofiane Aboura & Emmanuel Lépinette, 2015. "Do banks satisfy the Modigliani-Miller theorem?," Post-Print hal-01252895, HAL.
References listed on IDEAS
- Myers, Stewart C. & Majluf, Nicholas S., 1984.
"Corporate financing and investment decisions when firms have information that investors do not have,"
Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
- Myers, Stewart C. & Majluf, Nicolás S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
- Brun , Matthieu & Fraisse , Henri & Thesmar , David, 2013.
"The Real Effects of Bank Capital Requirements,"
HEC Research Papers Series
988, HEC Paris.
- Matthieu Brun & Henri Fraisse & David Thesmar, 2013. "The Real Effects of Bank Capital Requirements," Working Papers hal-02011435, HAL.
- M. Brun & H. Fraisse & D. Thesmar, 2013. "The Real Effects of Bank Capital Requirements," Débats économiques et financiers 8, Banque de France.
- Chemla, G. & Faure-Grimaud, A., 1996.
"Dynamic Adverse Selection and Debt,"
Papers
96.443, Toulouse - GREMAQ.
- Gilles Chemla & Antoine Faure Grimaud, 1996. "Dynamic adverse selection and debt," Economics Working Papers 196, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 1996.
- Chemla, Gilles & Faure-Grimaud, Antoine, 1998. "Dynamic Adverse Selection and Debt," CEPR Discussion Papers 2037, C.E.P.R. Discussion Papers.
- DeAngelo, Harry & Stulz, Rene M., 2013.
"Why High Leverage Is Optimal for Banks,"
Working Papers
13-20, University of Pennsylvania, Wharton School, Weiss Center.
- DeAngelo, Harry & Stulz, Rene M., 2013. "Why High Leverage Is Optimal for Banks," Working Paper Series 2013-08, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Harry DeAngelo & René M. Stulz, 2013. "Why High Leverage is Optimal for Banks," NBER Working Papers 19139, National Bureau of Economic Research, Inc.
- Merton, Robert C., 1977. "An analytic derivation of the cost of deposit insurance and loan guarantees An application of modern option pricing theory," Journal of Banking & Finance, Elsevier, vol. 1(1), pages 3-11, June.
- Black, Fischer & Miller, Merton H & Posner, Richard A, 1978. "An Approach to the Regulation of Bank Holding Companies," The Journal of Business, University of Chicago Press, vol. 51(3), pages 379-412, July.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Belinda Cheung & Sebastien Printant, 2019. "Australian Money Market Divergence: Arbitrage Opportunity or Illusion?," RBA Research Discussion Papers rdp2019-09, Reserve Bank of Australia.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- repec:dau:papers:123456789/13839 is not listed on IDEAS
- Shekhar Aiyar & Charles W. Calomiris & Tomasz Wieladek, 2015. "How to Strengthen the Regulation of Bank Capital: Theory, Evidence, and A Proposal," Journal of Applied Corporate Finance, Morgan Stanley, vol. 27(1), pages 27-36, March.
- Allen, Franklin & Carletti, Elena & Marquez, Robert, 2015.
"Deposits and bank capital structure,"
Journal of Financial Economics, Elsevier, vol. 118(3), pages 601-619.
- Franklin Allen & Elena Carletti & Robert Marquez, 2013. "Deposits and Bank Capital Structure," NBER Chapters, in: New Perspectives on Corporate Capital Structure, National Bureau of Economic Research, Inc.
- Franklin Allen & Elena Carletti, 2013. "Deposits and Bank Capital Structure," Working Papers 477, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Allen, Franklin & Carletti, Elena & Marquez, Robert, 2014. "Deposits and Bank Capital Structure," Working Papers 14-08, University of Pennsylvania, Wharton School, Weiss Center.
- Franklin Allen & Elena Carletti, 2013. "Deposits and Bank Capital Structure," Economics Working Papers ECO2013/03, European University Institute.
- Anat R. Admati & Peter M. Demarzo & Martin F. Hellwig & Paul Pfleiderer, 2018.
"The Leverage Ratchet Effect,"
Journal of Finance, American Finance Association, vol. 73(1), pages 145-198, February.
- Anat R. Admati & Peter M. DeMarzo & Martin F. Hellwig & Paul Pfleiderer, 2013. "The Leverage Ratchet Effect," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2013_13, Max Planck Institute for Research on Collective Goods, revised Sep 2017.
- Admati, Anat R. & DeMarzo, Peter M. & Hellwig, Martin F. & Pfleiderer, Paul, 2017. "The Leverage Ratchet Effect," Research Papers repec:ecl:stabus:3029, Stanford University, Graduate School of Business.
- Admati, Anat R. & DeMarzo, Peter M. & Hellwig, Martin F. & Pfleiderer, Paul, 2015. "The Leverage Ratchet Effect," Research Papers 3435, Stanford University, Graduate School of Business.
- Admati, Anat R. & DeMarzo, Peter M. & Hellwig, Martin F. & Pfleiderer, Paul, 2013. "The Leverage Ratchet Effect," Research Papers 3029, Stanford University, Graduate School of Business.
- Viral V. Acharya & Hamid Mehran & Til Schuermann & Anjan V. Thakor, 2012.
"Robust capital regulation,"
Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 18(May).
- Viral V. Acharya & Hamid Mehran & Til Schuermann & Anjan V. Thakor, 2011. "Robust capital regulation," Staff Reports 490, Federal Reserve Bank of New York.
- Thakor, Anjan & Acharya, Viral & Mehran, Hamid & Schuermann, Til, 2012. "Robust Capital Regulation," CEPR Discussion Papers 8792, C.E.P.R. Discussion Papers.
- Viral V. Acharya & Hamid Mehran & Anjan V. Thakor, 2016.
"Caught between Scylla and Charybdis? Regulating Bank Leverage When There Is Rent Seeking and Risk Shifting,"
The Review of Corporate Finance Studies, Society for Financial Studies, vol. 5(1), pages 36-75.
- Viral V. Acharya & Hamid Mehran & Anjan V. Thakor, 2010. "Caught between Scylla and Charybdis? Regulating bank leverage when there is rent seeking and risk shifting," Staff Reports 469, Federal Reserve Bank of New York.
- Viral V. Acharya & Hamid Mehran & Anjan V. Thakor, 2010. "Caught between Scylla and Charybdis? Regulating bank leverage when there is rent seeking and risk shifting," Working Papers (Old Series) 1024, Federal Reserve Bank of Cleveland.
- Thakor, Anjan & Acharya, Viral & Mehran, Hamid, 2012. "Caught between Scylla and Charybdis? Regulating bank leverage when there is rent-seeking and risk-shifting," CEPR Discussion Papers 8822, C.E.P.R. Discussion Papers.
- Pennacchi, George G., 2005. "Risk-based capital standards, deposit insurance, and procyclicality," Journal of Financial Intermediation, Elsevier, vol. 14(4), pages 432-465, October.
- Gorton, Gary & Winton, Andrew, 2003.
"Financial intermediation,"
Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 8, pages 431-552,
Elsevier.
- Gary Gorton & Andrew Winton, 2002. "Financial Intermediation," NBER Working Papers 8928, National Bureau of Economic Research, Inc.
- Gary Gorton & Andrew Winton, 2002. "Financial Intermediation," Center for Financial Institutions Working Papers 02-28, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Jean-Stéphane Mésonnier & Allen Monks, 2015.
"Did the EBA Capital Exercise Cause a Credit Crunch in the Euro Area?,"
International Journal of Central Banking, International Journal of Central Banking, vol. 11(3), pages 75-117, June.
- J-S. M sonnier & A. Monks, 2014. "Did the EBA Capital Exercise Cause a Credit Crunch in the Euro Area?," Working papers 491, Banque de France.
- de Bandt, Olivier & Camara, Boubacar & Maitre, Alexis & Pessarossi, Pierre, 2018.
"Optimal capital, regulatory requirements and bank performance in times of crisis: Evidence from France,"
Journal of Financial Stability, Elsevier, vol. 39(C), pages 175-186.
- O. de Bandt & B. Camara & A. Maitre & P. Pessarossi, 2016. "Optimal capital, regulatory requirements and bank performance in times of crisis: Evidence from France," Débats économiques et financiers 24, Banque de France.
- Ritz, Robert A. & Walther, Ansgar, 2015.
"How do banks respond to increased funding uncertainty?,"
Journal of Financial Intermediation, Elsevier, vol. 24(3), pages 386-410.
- Robert A. Ritz, 2010. "How do banks respond to increased funding uncertainty?," Economics Series Working Papers 481, University of Oxford, Department of Economics.
- Robert A. Ritz & Ansgar Walther, 2014. "How do banks respond to increased funding uncertainty?," Cambridge Working Papers in Economics 1414, Faculty of Economics, University of Cambridge.
- Ritz, R. A., 2012. "How do banks respond to increased funding uncertainty?," Cambridge Working Papers in Economics 1213, Faculty of Economics, University of Cambridge.
- Mark Mink & Sebastiaan Pool, 2018. "Bank Recapitalizations, Credit Supply, and the Transmission of Monetary Policy," DNB Working Papers 616, Netherlands Central Bank, Research Department.
- Anat Admati, 2014.
"The Compelling Case for Stronger and More Effective Leverage Regulation in Banking,"
Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(71), pages 7-38, December.
- Anat R. Admati, 2014. "The Compelling Case for Stronger and More Effective Leverage Regulation in Banking," The Journal of Legal Studies, University of Chicago Press, vol. 43(S2), pages 35-61.
- Admati, Anat R., 2014. "The Compelling Case for Stronger and More Effective Leverage Regulation in Banking," Research Papers 3030, Stanford University, Graduate School of Business.
- Behn, Markus & Gross, Marco & Peltonen, Tuomas A., 2016.
"Assessing the costs and benefits of capital-based macroprudential policy,"
ESRB Working Paper Series
17, European Systemic Risk Board.
- Peltonen, Tuomas A. & Gross, Marco & Behn, Markus, 2016. "Assessing the costs and benefits of capital-based macroprudential policy," Working Paper Series 1935, European Central Bank.
- Calomiris, Charles W. & Carlson, Mark, 2016.
"Corporate governance and risk management at unprotected banks: National banks in the 1890s,"
Journal of Financial Economics, Elsevier, vol. 119(3), pages 512-532.
- Charles W. Calomiris & Mark Carlson, 2014. "Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s," NBER Working Papers 19806, National Bureau of Economic Research, Inc.
- Charles W. Calomiris & Mark A. Carlson, 2014. "Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s," Finance and Economics Discussion Series 2014-08, Board of Governors of the Federal Reserve System (U.S.).
- De Marco, Filippo & Kneer, Christiane & Wieladek, Tomasz, 2021.
"The real effects of capital requirements and monetary policy: Evidence from the United Kingdom,"
Journal of Banking & Finance, Elsevier, vol. 133(C).
- De Marco, Filippo & Wieladek, Tomasz, 2015. "The real effects of capital requirements and monetary policy: evidence from the United Kingdom," Bank of England working papers 573, Bank of England.
- Filippo De Marco & Tomasz Wieladek, 2016. "The Real Effects of Capital Requirements and Monetary Policy: Evidence from the United Kingdom," BAFFI CAREFIN Working Papers 1640, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Wieladek, Tomasz & De Marco, Filippo, 2016. "The Real Effects of Capital Requirements and Monetary Policy: Evidence from the United Kingdom," CEPR Discussion Papers 11265, C.E.P.R. Discussion Papers.
- Freixas, Xavier & Loranth, Gyongyi & Morrison, Alan D., 2007.
"Regulating financial conglomerates,"
Journal of Financial Intermediation, Elsevier, vol. 16(4), pages 479-514, October.
- Xavier Freixas & Gyongyi Loranth & Alan D. Morrison & Hyun Song Shin, 2004. "Regulating Financial Conglomerates," Working Paper Research 54, National Bank of Belgium.
- Xavier Freixas & Gyöngyi Lóránth & Alan D. Morrison, 2005. "Regulating Financial Conglomerates," OFRC Working Papers Series 2005fe03, Oxford Financial Research Centre.
- Freixas, Xavier & Morrison, Alan & Lóránth, Gyöngyi, 2005. "Regulating Financial Conglomerates," CEPR Discussion Papers 5036, C.E.P.R. Discussion Papers.
- Xavier Freixas & Gyöngyi Lóránth & Alan D. Morrison, 2005. "Regulating financial conglomerates," Economics Working Papers 820, Department of Economics and Business, Universitat Pompeu Fabra.
- Fenghua Song & Anjan V. Thakor, 2023. "Market Freeze and Bank Capital Structure Heterogeneity," Management Science, INFORMS, vol. 69(3), pages 1856-1876, March.
- Lucas, Deborah & McDonald, Robert L., 1987.
"Bank portfolio choice with private information about loan quality : Theory and implications for regulation,"
Journal of Banking & Finance, Elsevier, vol. 11(3), pages 473-497, September.
- Deborah Lucas & Robert L. McDonald, 1987. "Bank Portfolio Choice with Private Information About Loan Quality: Theory and Implications for Regulation," NBER Working Papers 2421, National Bureau of Economic Research, Inc.
- Guillermo Alger & Ingela Alger, 1999. "Liquid Assets in Banks: Theory and Practice," Boston College Working Papers in Economics 446, Boston College Department of Economics.
- Berger, Allen N. & Herring, Richard J. & Szego, Giorgio P., 1995.
"The role of capital in financial institutions,"
Journal of Banking & Finance, Elsevier, vol. 19(3-4), pages 393-430, June.
- Allen N. Berger & Richard J. Herring & Giorgio P. Szego, 1995. "The role of capital in financial institutions," Finance and Economics Discussion Series 95-23, Board of Governors of the Federal Reserve System (U.S.).
- Allen N. Berger & Richard J. Herring & Giorgio P. Szegö, 1995. "The Role of Capital in Financial Institutions," Center for Financial Institutions Working Papers 95-01, Wharton School Center for Financial Institutions, University of Pennsylvania.
More about this item
Keywords
Modigliani-Miller; banks; leverage; regulation;All these keywords.
JEL classification:
- G3 - Financial Economics - - Corporate Finance and Governance
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ebl:ecbull:eb-14-00667. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: John P. Conley (email available below). General contact details of provider: .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.