Bank leverage and profitability: Evidence from a sample of international banks

被引：13
|
作者：
Beltratti, Andrea [1 ]
Paladino, Giovanna [2 ,3 ]
机构：
[1] Bocconi Univ, Milan, Italy
[2] Intesa Sanpaolo, Turin, Italy
[3] LUISS Univ, Rome, Italy
来源：
REVIEW OF FINANCIAL ECONOMICS | 2015年 / 27卷
关键词：
Implied cost of capital; Residual income capital structure; Dynamic system GMM; Banking industry;
D O I：
10.1016/j.rfe.2015.08.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the relationship between leverage and residual income for a sample of international banks using an unbalanced panel over the period 2005-2011. Our GMM-based econometric model considers both bank-level and country-level variables to control for several other factors aside from equity capital and allows for endogeneity and unobservable heterogeneity. We document a significant positive non-monotonic link between the capital ratio and residual income for the international banking industry. These results are robust to a number of different model specifications. (C) 2015 Elsevier Inc. All rights reserved.
引用
收藏
页码：46 / 57
页数：12
相关论文
共 50 条
12345