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1、GEORGEBENSTONPAULIRVINEJIMROSENFELDJOSEPHF.SINKEY,JR.BankCapitalStructure,RegulatoryCapital,andSecuritiesInnovationsSincelate1993,nonfinancialcorporationshaveusedfinancialinstrumentsthatpermitthemtotreatpreferred-stockdividendsastax-deductibleinterest.Bankholdingcompanies(BHCs),however,didn
2、otissuethesetrust-pre-ferredsecurities(TPS)until1996,whentheFederalReservequalifiedthemasTier-1capital.Wedelineateandtestfive,notmutuallyexclusive,hypothesesby:(1)analyzingthestock-market’sreactiontotheFed’srulingandtoTPSfilingsand(2)comparingBHCsthatissuedTPSwiththosethatdidnot.Wefindthatreg
3、ulatorycapitalrequirements,taxsavings,anduninsuredsourcesoffundshadsignificantpositiveeffectsonBHCs’demandforcapitalandthatthemarketrespondedfavorablytoTPSfilings.Ourevent-studyfindingsarecontrarytopriorempiricalresultsinthatwefindapositivemarketreactiontoequityofferings.OnOctober21,1996,theF
4、ederalReservegrantedbankholdingcompanies(BHCs)acost-effectivewaytoraiseregulatorycapitalintheformofadebt-equityhybridcalledtrust-preferredsecurities(TPS).1Issuedbyaspecial-purposefinancingvehicleestablishedasatrustsubsidiaryofaBHC,theseinstrumentsareattractivebecausetheygeneratetax-deducti
5、bleinterestpaymentsand,followingtheFed’sruling,qualifyasTier-1(core)regulatorycapital.Al-thoughTPSandothersimilarhybridshaveexistedsincelate1993,noBHCshadissuedTPSuntilaftertheFed’sruling.Sincethen,BHCsissued(through1999)WethankMichaelPadhioftheFederalReserveBankofAtlantaforhisassistancei
6、nobtainingfinancialdataforbankholdingcompanies;JohnConnolly,RobertEisenbeis,JocelynEvans,RamonDeGennaro,MarkFlannery,GeorgeKaufman,GeorgeSelgin,SteveSmith,RichardStehle,andLarryWallfortheircomments;andElaineDunbar(UGA)andDeniseWest(Emory)fortheirassistance.Earlierversionsofthispaperwerepre
7、sentedatHumboldtUniversity,Berlin,Germany,the2001EuropeanFinanceAssociationmeetingsandtheFederalReserveBankofAtlanta.Wealsothanktheanonymousrefereeandtheeditor,AllenBerger,forsuggestionsthatsubstantiallyimprovedthepaper.Forpartofhisresearch,SinkeywasaVisitingScholar
