G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16225
DP16225 Out with the New, In with the Old? Bank Supervision and the Composition of Firm Investment
Miguel Ampudia; Alexander Popov
发表日期2021-06-04
出版年2021
语种英语
摘要Using exogenous variation generated by the creation of the Single Supervisory Mechanism (SSM) in the euro area, we find that relative to firms borrowing from banks remaining under national supervision, firms borrowing from SSM-supervised banks reduce intangible assets and increase tangible assets and cash holdings. These effects do not pre-date the supervisory reform, do not obtain in non-SSM jurisdictions, and coincide with reductions in long-term debt and labor productivity. The reallocation of investment away from intangible assets is stronger in innovation-intensive sectors, suggesting that centralized bank supervision can slow down the shift from the capital-based to the knowledge-based economy.
主题Financial Economics
关键词Banking supervision lending investment Intangibles
URLhttps://cepr.org/publications/dp16225
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/545194
推荐引用方式
GB/T 7714
Miguel Ampudia,Alexander Popov. DP16225 Out with the New, In with the Old? Bank Supervision and the Composition of Firm Investment. 2021.
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