to be held on bank portfolios, rather than sold. I measure the capital ratio (the inverse of the leverage ratio, defined … as equity divided by asset value) for each bank at the time of each loan's origination. After controlling for both bank … results are robust to an instrumental variables strategy for predicting bank capital, a wide range of measures of bank capital …

in the banking sector, dividend payouts can shift the relative value of stakeholders' claims across firms. Through this … channel, one bank's capital policy affects the equity value and risk of default of other banks. In a model where such … externalities are strong, bank capital takes on the attribute of a public good, where the private equilibrium features excessive …

statistical data published by the Deutsche Bundesbankʺ, the central bank of Germany, which includes an aggregated corporate …

’): Weil Zinsen für Fremdkapital von der Steuerbasis abgezogen werden können, die (Opportunitäts) Kosten für Eigenkapital … einer zinsbereinigten Gewinnsteuer überwunden werden, welche kalkulatorische Kosten für das Eigenkapital ebenfalls …

which reduced earnings and asset values leading to threats to banking covenants. Still more listed entities raised capital …