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220928 ||| eng |
| 020 |
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|a 9781513519807
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| 100 |
1 |
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|a Belkhir, Mohamed
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| 245 |
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0 |
|a Bank Capital and the Cost of Equity
|c Mohamed Belkhir, Sami Ben Naceur, Ralph Chami, Anis Semet
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2019
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| 300 |
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|a 44 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Asset requirements
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| 653 |
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|a Stock exchanges
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| 653 |
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|a Capital adequacy requirements
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| 653 |
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|a Banks
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| 653 |
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|a Finance
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| 653 |
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|a Return on investment
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| 653 |
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|a Loan loss provisions
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| 653 |
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|a Banks and banking
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| 653 |
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|a Mortgages
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| 653 |
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|a Intangible Capital
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| 653 |
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|a National accounts
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| 653 |
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|a Financial markets
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Banking
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| 653 |
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|a Capacity
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| 653 |
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|a Capital
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Institutional Investors
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| 653 |
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|a State supervision
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| 653 |
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|a Investment
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| 653 |
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|a Pension Funds
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| 653 |
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|a Stocks
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| 653 |
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|a Financial institutions
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| 653 |
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|a Financial Instruments
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Financial Institutions and Services: Government Policy and Regulation
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Non-bank Financial Institutions
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| 653 |
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|a Saving and investment
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| 653 |
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|a Stock markets
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Investments: Stocks
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| 653 |
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|a Investments: General
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| 653 |
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|a Financial regulation and supervision
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| 653 |
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|a Investment & securities
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| 653 |
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|a Finance: General
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| 653 |
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|a Financial services law & regulation
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| 700 |
1 |
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|a Ben Naceur, Sami
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| 700 |
1 |
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|a Chami, Ralph
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| 700 |
1 |
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|a Semet, Anis
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781513519807.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2019/265/001.2019.issue-265-en.xml?cid=48751-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a Using a sample of publicly listed banks from 62 countries over the 1991-2017 period, we investigate the impact of capital on banks’ cost of equity. Consistent with the theoretical prediction that more equity in the capital mix leads to a fall in firms’ costs of equity, we find that better capitalized banks enjoy lower equity costs. Our baseline estimations indicate that a 1 percentage point increase in a bank’s equity-to-assets ratio lowers its cost of equity by about 18 basis points. Our results also suggest that the form of capital that investors value the most is sheer equity capital; other forms of capital, such as Tier 2 regulatory capital, are less (or not at all) valued by investors. Additionally, our main finding that capital has a negative effect on banks’ cost of equity holds in both developed and developing countries. The results of this paper provide the missing evidence in the debate on the effects of higher capital requirements on banks’ funding costs
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