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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Internal capital markets and corporate politics in a banking group |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Review of Financial Studies |
| Publisher | Oxford University Press |
| Geographical Reach | international |
| ISSN | 0893-9454 |
| Volume | 24 |
| Number | 2 |
| Page Range | 358 - 401 |
| Date | 2011 |
| Abstract Text | We analyze proprietary internal capital allocation data from a large retail banking group consisting of member banks and a headquarters organization. We find that capital allocations from headquarters compensate for deposit shortfalls on the bank level, suggesting that the headquarters offers deposit smoothing to member banks. We then analyze how the distribution of influence within the group relates to capital allocations and lending behavior. More influential banks are allocated more funds from headquarters, and their loan growth is less sensitive to their deposit base. The effects of influence are stronger if banks have a greater demand for deposit smoothing. |
| Related URLs | |
| Digital Object Identifier | 10.1093/rfs/hhq121 |
| Other Identification Number | merlin-id:23877 |
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| Keywords | Economics and Econometrics, Finance, Accounting |