Financing as a Supply Chain: The Capital Structure of Banks and Borrowers
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We develop a model of the joint capital structure decisions of banks and their borrowers. Strikingly high bank leverage emerges naturally from the interplay between two sets of forces. First, seniority and diversification reduce bank asset volatility by an order of magnitude relative to that of
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美国国家经济研究局创建时间：
2013-11-01
