haku: @indexterm CONGLOMERATE COMPANIES / yhteensä: 223
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| Tekijä: | Campello, M. |
| Otsikko: | Internal capital markets in financial conglomerates: evidence from small bank responses to monetary policy |
| Lehti: | Journal of Finance
2002 : DEC, VOL. 57:6, p. 2773-2805 |
| Asiasana: | Conglomerate companies Capital markets Banks Monetary policy |
| Kieli: | eng |
| Tiivistelmä: | The paper looks at internal capital markets in financial conglomerates by comparing the responses of small subsidiary and independent banks to monetary policy. The author finds that internal capital markets in financial conglomerates relax the credit constraints faced by smaller bank affiliates. Further analysis indicates that those markets lessen the impact of Fed policies on bank lending activity. The findings suggest that frictions between conglomerate headquarters and external capital markets are at the root of investment inefficiencies generated by internal capital markets. |
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