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題名 Too big to fail? Asymmetric effects of quantitative easing
作者 周冠男
Chou, Robin K.;Chen, Hsuan-Chi;Lin, Chih-Yung;Lu, Chien-Lin
貢獻者 財管系
關鍵詞 Banking relationships; Default probability; Inefficiency problem; Unconventional monetary policy
日期 2025-03
上傳時間 24-二月-2025 15:36:47 (UTC+8)
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.
關聯 Journal of Financial Stability, Vol.77, 101385
資料類型 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 24-二月-2025 15:36:47 (UTC+8)-
dc.date.available 24-二月-2025 15:36:47 (UTC+8)-
dc.date.issued (上傳時間) 24-二月-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