| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16225 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
