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1、JournalofBanking&Finance37(2013)2765–2778ContentslistsavailableatSciVerseScienceDirectJournalofBanking&Financejournalhomepage:www.elsevier.com/locate/jbfBankcapital,interbankcontagion,andbailoutpolicyabc,⇑SuhuaTian,YunhongYang,GaiyanZhangaSchoolofEconomics,FudanUniversity
2、,600GuoquanRoad,Shanghai200433,ChinabGuanghuaSchoolofManagement,PekingUniversity,5YiheyuanRoad,Beijing100871,ChinacCollegeofBusinessAdministration,UniversityofMissouriatSt.Louis,OneUniversityBlvd.,St.Louis,MO63121,USAarticleinfoabstractArticlehistory:Thispaperdevelopsathe
3、oreticalframeworkinwhichassetlinkagesinasyndicatedloanagreementcanReceived9February2011infectahealthybankwhenitspartnerbankfails.WeinvestigatehowcapitalconstraintsaffectthechoiceAccepted20March2013ofthehealthybanktotakeoverorliquidatetheexposureheldjointlywiththefailingba
4、nk,andhowtheAvailableonline13April2013bank’sexanteoptimalcapitalholdingandpossibilityofcontagionareaffectedbyanticipationofbail-outpolicy,capitalrequirementsandthejointexposure.WeidentifyarangeoffactorsthatstrengthenorJELclassification:weakenthepossibilityofcontagionandbai
5、lout.Recapitalizationwithcommonstockratherthanpre-G21ferredequityinjectiondilutesexistingshareholderinterestsandgivesthebankagreaterincentivetoE42holdcapitaltocopewithpotentialcontagion.Increasingtheminimumregulatorycapitaldoesnotnec-L51essarilyreducecontagion,whilethereq
6、uirementofholdingconservationcapitalbuffercouldincreaseKeywords:thebank’sresiliencetoavoidcontagion.InterbanklinkagesÓ2013ElsevierB.V.Allrightsreserved.OptimalcapitalholdingContagionBailoutpolicyRegulatorycapitalrequirementTakeoverLiquidation1.Introductionextentbankscanab
7、sorbexternalshocksinternallyduringafinancialcrisis.ImprovedunderstandingofthisissuecanhelptheauthoritiesThereisalongstandingandongoingdebateaboutwhethergov-betterbalancethebenefitsofgovernmentbailout,incontainingthe1ernmentbailoutisnecessaryduringafinancialcrisisand,ifso,inc
8、ontagionofafinancialcrisis,fromitssubstantialcosts.whatformitshouldbeprovided.Somebelievethatgove
