Standby letters of credit and bank capital: Evidence of market discipline

Market discipline, if it exists and is important, should link bank decisions together and have an impact on the way decisions are made. The relationship between the issuance of standby letters of credit and primary capital is modeled in the context of market discipline and then estimated. The hypoth...

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Published inJournal of banking & finance Vol. 18; no. 3; pp. 553 - 573
Main Authors Koppenhaver, G.D., Stover, Roger D.
Format Journal Article
LanguageEnglish
Published Amsterdam Elsevier B.V 01.05.1994
Elsevier
North-Holland Pub. Co
Elsevier Sequoia S.A
SeriesJournal of Banking & Finance
Subjects
Banking industry
Capital
Economic models
Efficient markets
Equity capital
Letters of credit
Market discipline
Standby letters
Statistical analysis
Studies
United States > US
Market discipline
Standby letters
Capital
G21
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Abstract Market discipline, if it exists and is important, should link bank decisions together and have an impact on the way decisions are made. The relationship between the issuance of standby letters of credit and primary capital is modeled in the context of market discipline and then estimated. The hypothesis that market discipline causes a joint relationship between bank capital and standby letter of credit decisions for banks that are active participants in the standby market or that rely heavily on purchased funds is tested and cannot be rejected.
AbstractList Market discipline, if it exists and is important, should link bank decisions together and have an impact on the way decisions are made. The relationship between the issuance of standby letters of credit and primary capital is modeled in the context of market discipline and then estimated. The hypothesis that market discipline causes a joint relationship between bank capital and standby letter of credit decisions for banks that are active participants in the standby market or that rely heavily on purchased funds is tested and cannot be rejected.
Author Stover, Roger D.
Koppenhaver, G.D.
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Cites_doi 10.2307/1992111
10.1016/0304-4076(77)90039-2
10.1016/0378-4266(91)90103-S
10.1016/0378-4266(91)90102-R
10.1016/0304-3932(88)90005-0
10.1016/0378-4266(92)90057-7
10.1016/0378-4266(89)90052-6
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10.1016/S0378-4266(84)80047-3
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Issue 3
Keywords Market discipline
Standby letters
Capital
G21
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  year: 1987
  ident: 10.1016/0378-4266(94)90009-4_BIB3
  article-title: Securitization with recourse: An instrument that offers uninsured depositors sequential claims
  publication-title: Journal of Banking and Finance
  doi: 10.1016/0378-4266(87)90041-0
  contributor:
    fullname: Benveniste
– volume: 22
  start-page: 119
  year: 1990
  ident: 10.1016/0378-4266(94)90009-4_BIB11
  article-title: Market discipline and bank subordinated debt
  publication-title: Journal of Money, Credit, and Banking
  doi: 10.2307/1992132
  contributor:
    fullname: Gorton
– volume: 10
  start-page: 23
  year: 1986
  ident: 10.1016/0378-4266(94)90009-4_BIB2
  article-title: Uninsured deposits as a source of market discipline: Some new evidence
  contributor:
    fullname: Baer
– volume: 16
  start-page: 28
  year: 1985
  ident: 10.1016/0378-4266(94)90009-4_BIB10
  article-title: Standby letters of credit: Are banks overextending themselves?
  publication-title: Journal of Bank Research
  contributor:
    fullname: Goldberg
– start-page: 3
  year: 1989
  ident: 10.1016/0378-4266(94)90009-4_BIB15
  article-title: The stock price effects of bank holding company securities offerings
  contributor:
    fullname: Keeley
– volume: 8
  start-page: 567
  year: 1984
  ident: 10.1016/0378-4266(94)90009-4_BIB8
  article-title: Eurocurrency deposit risk
  publication-title: Journal of Banking and Finance
  doi: 10.1016/S0378-4266(84)80047-3
  contributor:
    fullname: Dufey
– volume: 15
  start-page: 315
  year: 1991
  ident: 10.1016/0378-4266(94)90009-4_BIB17
  article-title: Standby letters of credit and large bank capital: An empirical analysis
  publication-title: Journal of Banking and Finance
  doi: 10.1016/0378-4266(91)90070-3
  contributor:
    fullname: Koppenhaver
– start-page: 395
  year: 1991
  ident: 10.1016/0378-4266(94)90009-4_BIB20
  article-title: Subordinated debt market information and the pricing of deposit insurance
  contributor:
    fullname: Schellhorn
– volume: 37
  start-page: 424
  year: 1969
  ident: 10.1016/0378-4266(94)90009-4_BIB12
  article-title: Investigating causal relations by econometric models and cross-spectral methods
  publication-title: Econometrica
  doi: 10.2307/1912791
  contributor:
    fullname: Granger
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Snippet Market discipline, if it exists and is important, should link bank decisions together and have an impact on the way decisions are made. The relationship...
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SubjectTerms Banking industry
Capital
Economic models
Efficient markets
Equity capital
Letters of credit
Market discipline
Standby letters
Statistical analysis
Studies
Title Standby letters of credit and bank capital: Evidence of market discipline
URI https://dx.doi.org/10.1016/0378-4266(94)90009-4
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Volume 18
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