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Competition and Bank Payout Policy

dc.contributor.authorDe Cesari, A
dc.contributor.authorGilder, D
dc.contributor.authorHuang, W
dc.contributor.authorOnali, E
dc.date.accessioned2023-01-03T10:11:44Z
dc.date.issued2023-02-23
dc.date.updated2022-12-24T14:05:24Z
dc.description.abstractLeveraging branch-level data on bank deposits, we provide evidence of a negative impact of branching restrictions on payout ratios, which occurs only for banks with a low charter value, as proxied by the market-to-book ratio. The results for the market-to-book ratio extend to the Lerner index, the return on assets, and the Z-score, suggesting that risk-shifting incentives drive our results rather than signaling incentives or agency costs. Our results are robust to different proxies for banking competition and identification strategies, and bootstrap simulations suggest that our results are not due to confounding factors.en_GB
dc.identifier.citationPublished online 23 February 2023en_GB
dc.identifier.doi10.1111/jmcb.13028
dc.identifier.urihttp://hdl.handle.net/10871/132110
dc.identifierORCID: 0000-0003-3723-2078 (Onali, Enrico)
dc.language.isoenen_GB
dc.publisherWiley / The Ohio State Universityen_GB
dc.rights© 2023 The Authors. Journal of Money, Credit and Banking published by Wiley Periodicals LLC on behalf of Ohio State University. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
dc.subjectdividendsen_GB
dc.subjectcompetitionen_GB
dc.subjectpayout policyen_GB
dc.subjectshare repurchaseen_GB
dc.titleCompetition and Bank Payout Policyen_GB
dc.typeArticleen_GB
dc.date.available2023-01-03T10:11:44Z
dc.identifier.issn0022-2879
dc.descriptionThis is the final version. Available on open access from Wiley via the DOI in this recorden_GB
dc.identifier.journalJournal of Money, Credit and Bankingen_GB
dc.relation.ispartofJournal of Money, Credit and Banking
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/en_GB
dcterms.dateAccepted2022-10-31
dcterms.dateSubmitted2021-05-27
rioxxterms.versionVoRen_GB
rioxxterms.licenseref.startdate2022-10-31
rioxxterms.typeJournal Article/Reviewen_GB
refterms.dateFCD2022-12-24T14:05:26Z
refterms.versionFCDAM
refterms.dateFOA2023-03-09T14:16:26Z
refterms.panelCen_GB


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© 2023 The Authors. Journal of Money, Credit and Banking published by Wiley Periodicals LLC on behalf of Ohio State University. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
Except where otherwise noted, this item's licence is described as © 2023 The Authors. Journal of Money, Credit and Banking published by Wiley Periodicals LLC on behalf of Ohio State University. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.