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In this model, banks face taxation, issuance costs of securities, and default costs and maximize shareholder value by choosing their debt-to-asset ratio, deposits-to-debt ratio, liquid asset holdings, equity issuance and default policies in response to these frictions as well as regulatory require- ments.
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.
For ex- ample, we show that an increase in asset risk generally leads to a decrease in the debt-to-asset ratio, an increase in the deposits-to-debt ratio, and an increase in liquid re- serves and default risk.
Deposits-to-debt ratio (percent) 69.78
Deposits-to-debt ratio (percent) 70.96
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