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Corporate Finance and Financial Institutions

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Author Info

  • Mark J. Flannery

    ()
    (Department of Finance and Real Estate, University of Florida, Gainesville, Florida 32611-7168)

Abstract

Many corporate finance researchers have avoided analyzing financial institutions, perhaps on the grounds that they are “unique” or “different” from other types of firms. This assessment reflects some unusual features of financial firms' liabilities and a set of governmental regulatory restrictions that have become less pervasive in recent years. In fact, corporate finance theory applies equally well to financial firms, although some modifications are required to recognize the effects of government safety and soundness regulation. Regulated firms' private incentives account for most of the difficulties regulators encounter when trying to craft appropriate oversight mechanisms.

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File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-financial-110311-101721
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Bibliographic Info

Article provided by Annual Reviews in its journal Annual Review of Financial Economics.

Volume (Year): 4 (2012)
Issue (Month): 1 (October)
Pages: 233-253

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Handle: RePEc:anr:refeco:v:4:y:2012:p:233-253

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Related research

Keywords: private debt; capital regulation; maturity transformation;

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Cited by:
  1. zhang, zhichao & Xie, Li & lu, xiangyun & zhang, zhuang, 2014. "Determinants of financial distress in u.s. large bank holding companies," MPRA Paper 53545, University Library of Munich, Germany.
  2. Stig Helberg & Snorre Lindset, 2013. "Bank Debt Regulations Implications for Bank Capital and Bond Risk," Working Paper Series 14813, Department of Economics, Norwegian University of Science and Technology.
  3. : Gianni De Nicolo & : Andrea Gamba & : Marcella Lucchetta, 2013. "Microprudential Regulation in a Dynamic Model of Banking," Working Papers wpn13-04, Warwick Business School, Finance Group.

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