Does bank loan supply affect the supply of equity capital? Evidence from new share issuance and withdrawal

被引：11

作者：

Bergbrant, Mikael C. ^{[1
]}

Bradley, Daniel ^{[2
]}

Hunter, Delroy M. ^{[2
]}

机构：

[1] St Johns Univ, Dept Econ & Finance, Tobin Coll Business, Queens, NY 11439 USA

[2] Univ S Florida, Dept Finance, Muma Coll Business, Tampa, FL 33620 USA

来源：

JOURNAL OF FINANCIAL INTERMEDIATION | 2017年 / 29卷

关键词：

IPO volume; IPO withdrawal; Credit constraints; INITIAL PUBLIC OFFERINGS; FINANCIAL DEVELOPMENT; EMPIRICAL-ANALYSIS; LENDING STANDARDS; BUSINESS-CYCLE; MARKETS; INFORMATION; GROWTH; RETURN; IPOS;

D O I：

10.1016/j.jfi.2016.05.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the hypothesis that fluctuations in the aggregate supply of bank loans influence the supply of new equity capital. Using residual lending standards as a clean measure of aggregate loan supply and a VAR framework to aid identification, we find that a one-standard-deviation shock to lending standards results in 15% fewer IPOs. Shocks elicit strong responses from IPO-firms that are highly dependent on external capital and increase the number of withdrawals, strengthening the interpretation that the above is driven by changes in the supply of equity. Our results suggest that credit conditions are important to a well-functioning IPO market. (C) 2016 Elsevier Inc. All rights reserved.

引用

页码：32 / 45

页数：14

共 50 条

[31] Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades
Adelino, Manuel
Ferreira, Miguel A.
[J]. REVIEW OF FINANCIAL STUDIES, 2016, 29 (07): : 1709 - 1746
[32] Does the stakeholder's relationship affect supply chain resilience and organizational performance? Empirical evidence from the supply chain community of Pakistan
Qazi, Asad Ali
Appolloni, Andrea
Shaikh, Abdul Rehman
[J]. INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2024, 19 (07) : 1879 - 1900
[33] Does supply chain finance business model innovation improve capital allocation efficiency? Evidence from the cost of capital
Wang, Ping
Chen, Rui
Huang, Qiqing
[J]. MATHEMATICAL BIOSCIENCES AND ENGINEERING, 2023, 20 (09) : 16421 - 16446
[34] Macroprudential Policy, Countercyclical Bank Capital Buffers, and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments
Jimenez, Gabriel
Ongena, Steven
Peydro, Jose-Luis
Saurina, Jesus
[J]. JOURNAL OF POLITICAL ECONOMY, 2017, 125 (06) : 2126 - 2177
[35] HOW DOES BANK BRANCH SUPPLY SPUR RURAL INCOME GROWTH? EVIDENCE FROM COUNTIES IN CHINA
Wang, Yipeng
Zhao, Yaxiong
Lin, Liqiong
[J]. SINGAPORE ECONOMIC REVIEW, 2023,
[36] Credit supply and corporate capital structure: Evidence from Japan
Voutsinas, Konstantinos
Werner, Richard A.
[J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2011, 20 (05) : 320 - 334
[37] Credit supply and corporate capital structure: evidence from Pakistan
Iqbal, Amjad
Ahsan, Tanveer
Zhang, Xianzhi
[J]. SOUTH ASIAN JOURNAL OF GLOBAL BUSINESS RESEARCH, 2016, 5 (02) : 250 - 267
[38] Capital structure dynamics with restricted equity issuance: Evidence from Chinese post-IPO firms
Gombola, Michael
Liu, Feng-Ying
Chou, De-Wai
[J]. ASIA PACIFIC MANAGEMENT REVIEW, 2019, 24 (01) : 72 - 85
[39] Does pension affect labour supply? New evidence from large-scale rural pension policy reform in China
Hua, Yu
Zhang, Hai-yan
Liu, Hou-jun
[J]. APPLIED ECONOMICS, 2022, 54 (11) : 1212 - 1228
[40] Does money supply shape corporate capital structure? International evidence from a panel data analysis
Pindado, Julio
Requejo, Ignacio
Rivera, Juan C.
[J]. EUROPEAN JOURNAL OF FINANCE, 2020, 26 (06): : 554 - 584

← 1 2 3 4 5 →