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| Title | Too big to fail? Asymmetric effects of quantitative easing |
| Creator | 周冠男 Chou, Robin K.;Chen, Hsuan-Chi;Lin, Chih-Yung;Lu, Chien-Lin |
| Contributor | 財管系 |
| Key Words | Banking relationships; Default probability; Inefficiency problem; Unconventional monetary policy |
| Date | 2025-03 |
| Date Issued | 24-Feb-2025 15:36:47 (UTC+8) |
| Summary | In this study, we examine the impact of liquidity support from the Federal Reserve on the capital structures of firms of varying sizes. Our findings suggest that large firms tend to increase their debt financing and leverage ratios in response to significant shocks triggered by the large-scale asset purchases (LSAPs) of the US Federal Reserve. By contrast, small firms with preexisting banking relationships are more likely to receive liquidity support. Notably, small firms associated with smaller banks exhibit increased default risks. Furthermore, large firms exhibited weaker operating performance but received greater managerial compensation following the LSAP. This trend indicates potential inefficiencies in the distribution of funding facilitated by unconventional monetary policies. |
| Relation | Journal of Financial Stability, Vol.77, 101385 |
| Type | article |
| DOI | https://doi.org/10.1016/j.jfs.2025.101385 |
| dc.contributor | 財管系 | |
| dc.creator (作者) | 周冠男 | |
| dc.creator (作者) | Chou, Robin K.;Chen, Hsuan-Chi;Lin, Chih-Yung;Lu, Chien-Lin | |
| dc.date (日期) | 2025-03 | |
| dc.date.accessioned | 24-Feb-2025 15:36:47 (UTC+8) | - |
| dc.date.available | 24-Feb-2025 15:36:47 (UTC+8) | - |
| dc.date.issued (上傳時間) | 24-Feb-2025 15:36:47 (UTC+8) | - |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/155772 | - |
| dc.description.abstract (摘要) | In this study, we examine the impact of liquidity support from the Federal Reserve on the capital structures of firms of varying sizes. Our findings suggest that large firms tend to increase their debt financing and leverage ratios in response to significant shocks triggered by the large-scale asset purchases (LSAPs) of the US Federal Reserve. By contrast, small firms with preexisting banking relationships are more likely to receive liquidity support. Notably, small firms associated with smaller banks exhibit increased default risks. Furthermore, large firms exhibited weaker operating performance but received greater managerial compensation following the LSAP. This trend indicates potential inefficiencies in the distribution of funding facilitated by unconventional monetary policies. | |
| dc.format.extent | 105 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | Journal of Financial Stability, Vol.77, 101385 | |
| dc.subject (關鍵詞) | Banking relationships; Default probability; Inefficiency problem; Unconventional monetary policy | |
| dc.title (題名) | Too big to fail? Asymmetric effects of quantitative easing | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.jfs.2025.101385 | |
| dc.doi.uri (DOI) | https://doi.org/10.1016/j.jfs.2025.101385 |