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ساختار سرمایه
Liquidity buffers Capital structure Insolvency risk Regulation
In this environment, the costs of exter- nal finance create a wedge between inside and outside equity and generate a precautionary demand for liquid- ity as well as an optimal capital structure for banks.
In addition, we demonstrate that, for any given capital structure, liquidity requirements lead to lower bank losses in default and to an increase in the likelihood of default.
When endogenizing the bank's capital structure, we also show that by increasing the cost of deposits, liquidity require- ments reduce the optimal deposits-to-debt ratio, leading to a drop in bank charter value and to a further increase in insolvency risk.
Second, the capital structure of banks is set exogenously and does not reflect the frictions that they could face such as taxes, default costs, or issuance costs of securities.
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