The DOI matches its Crossref record; 59 of the 59 references it cites were found in a registry or an index.
The Rise of Shadow Banking: Evidence from Capital Regulation
Open accessAbstract
We investigate the connections between bank capital regulation and the prevalence of lightly regulated nonbanks (shadow banks) in the U.S. corporate loan market. For identification, we exploit a supervisory credit register of syndicated loans, loan-time fixed effects, and shocks to capital requirements arising from surprise features of the U.S. implementation of Basel III. We find that less-capitalized banks reduce loan retention, particularly among loans with higher capital requirements and at times when capital is scarce, and nonbanks step in. This reallocation is associated with important adverse effects during the 2008 crisis: loans funded by nonbanks with fragile liabilities are less likely to be rolled over and experience greater price volatility.
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Cites
Unobservable Selection and Coefficient Stability: Theory and Evidence
Oster, E. (2019) · Journal of Business & Economic Statistics · doi:10.1080/07350015.2016.1227711 · Cited by 5,367
Market Liquidity and Funding Liquidity
Brunnermeier, M. K., & Pedersen, L. H. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn098 · Cited by 4,835
Selection on observed and unobserved variables: Assessing the effectiveness of Catholic schools
Altonji, J. G., Elder, T. E., & Taber, C. R. (2005) · Journal of Political Economy · doi:10.1086/426036 · Cited by 3,706
The real effects of financial constraints: Evidence from a financial crisis
Campello, M., Graham, J. R., & Harvey, C. R. (2010) · Journal of Financial Economics · doi:10.1016/j.jfineco.2010.02.009 · Cited by 2,280
Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market
Khwaja, A. I., & Mian, A. (2008) · American Economic Review · doi:10.1257/aer.98.4.1413 · Cited by 1,843
Fintech, regulatory arbitrage, and the rise of shadow banks
Buchak, G., Matvos, G., Piskorski, T., & Seru, A. (2018) · Journal of Financial Economics · doi:10.1016/j.jfineco.2018.03.011 · Cited by 1,784
How does capital affect bank performance during financial crises?
Berger, A. N., & Bouwman, C. H. S. (2013) · Journal of Financial Economics · doi:10.1016/j.jfineco.2013.02.008 · Cited by 1,684
Microeconomics of BankingPreprint
Freixas, X., & Rochet, J.-C. M. (1997) · RePEc: Research Papers in Economics · Cited by 1,634
Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans
SUFI, A. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01219.x · Cited by 1,566
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Cited by
The Rise of Finance Companies and FinTech Lenders in Small Business Lending
Gopal, M., & Schnabl, P. (2022) · The Review of Financial Studies · doi:10.1093/rfs/hhac034 · Cited by 363
Metadata
- Authors
- Irani, R. M., Iyer, R., Meisenzahl, R. R., & Peydró, J.-L.
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2020-09-03
- Volume
- 34
- Issue
- 5
- Pages
- 2181-2235
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3124167266
- Cited by
- 339
- References
- 59
- FWCI
- 23.63
- Type
- journal article
- Language
- en
- Open access
- hybrid
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