{"id":"https://openalex.org/W2094075675","doi":"https://doi.org/10.1016/s0304-405x(97)81511-5","title":"Capital market frictions and the role of internal capital markets in banking","display_name":"Capital market frictions and the role of internal capital markets in banking","publication_year":1997,"publication_date":"1997-11-01","ids":{"openalex":"https://openalex.org/W2094075675","doi":"https://doi.org/10.1016/s0304-405x(97)81511-5","mag":"2094075675"},"language":"en","primary_location":{"id":"doi:10.1016/s0304-405x(97)81511-5","doi":"https://doi.org/10.1016/s0304-405x(97)81511-5","is_oa":false,"landing_page_url":"https://doi.org/10.1016/s0304-405x(97)81511-5","pdf_url":null,"source":{"id":"https://openalex.org/S149240962","display_name":"Journal of Financial Economics","issn_l":"0304-405X","issn":["0304-405X","1879-2774"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economics","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5070738404","display_name":"Joel F. Houston","orcid":"https://orcid.org/0000-0002-1503-3628","observed_orcids":["https://orcid.org/0000-0002-1503-3628"]},"institutions":[{"id":"https://openalex.org/I33213144","display_name":"University of Florida","ror":"https://ror.org/02y3ad647","country_code":"US","type":"education","lineage":["https://openalex.org/I33213144"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Joel Houston","raw_affiliation_strings":["Graduate School of Business, University of Florida, Gainesville, FL 32611, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Graduate School of Business, University of Florida, Gainesville, FL 32611, USA","institution_ids":["https://openalex.org/I33213144"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5012987964","display_name":"Christopher M. James","orcid":"https://orcid.org/0000-0001-7621-285X","observed_orcids":["https://orcid.org/0000-0001-7621-285X"]},"institutions":[{"id":"https://openalex.org/I33213144","display_name":"University of Florida","ror":"https://ror.org/02y3ad647","country_code":"US","type":"education","lineage":["https://openalex.org/I33213144"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Christopher James","raw_affiliation_strings":["Graduate School of Business, University of Florida, Gainesville, FL 32611, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Graduate School of Business, University of Florida, Gainesville, FL 32611, USA","institution_ids":["https://openalex.org/I33213144"]}]},{"author_position":"last","author":{"id":null,"display_name":"David Marcus","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"David Marcus","raw_affiliation_strings":["Cornerstone Research, Cambridge, MA 10238, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Cornerstone Research, Cambridge, MA 10238, USA","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5012987964"],"corresponding_institution_ids":["https://openalex.org/I33213144"],"apc_list":{"value":4740,"currency":"USD","value_usd":4740},"apc_paid":null,"fwci":18.8763,"has_fulltext":false,"cited_by_count":445,"citation_normalized_percentile":{"value":0.98983543,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":99,"max":100},"biblio":{"volume":"46","issue":"2","first_page":"135","last_page":"164"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9434000253677368,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9434000253677368,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.05009999871253967,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0007999999797903001,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-market-frictions","display_name":"capital market frictions","score":0.8809999823570251},{"id":"https://openalex.org/keywords/internal-capital-markets","display_name":"internal capital markets","score":0.9729999899864197},{"id":"https://openalex.org/keywords/bank-holding-companies","display_name":"bank holding companies","score":0.9819999933242798},{"id":"https://openalex.org/keywords/bank-subsidiaries","display_name":"bank subsidiaries","score":0.5659999847412109},{"id":"https://openalex.org/keywords/credit-growth","display_name":"credit growth","score":0.8370000123977661},{"id":"https://openalex.org/keywords/cash-flow-sensitivity","display_name":"cash flow sensitivity","score":0.7440000176429749},{"id":"https://openalex.org/keywords/capital-allocation","display_name":"capital allocation","score":0.7139999866485596},{"id":"https://openalex.org/keywords/external-financing-costs","display_name":"external financing costs","score":0.7459999918937683},{"id":"https://openalex.org/keywords/capital-requirements","display_name":"capital requirements","score":0.6679999828338623},{"id":"https://openalex.org/keywords/monetary-policy-effectiveness","display_name":"monetary policy effectiveness","score":0.7250000238418579}],"concepts":[{"id":"https://openalex.org/C126071100","wikidata":"https://www.wikidata.org/wiki/Q658255","display_name":"Subsidiary","level":3,"score":0.6651847958564758},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6387021541595459},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.5747740268707275},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.49185657501220703},{"id":"https://openalex.org/C16969640","wikidata":"https://www.wikidata.org/wiki/Q1070805","display_name":"Capital adequacy ratio","level":3,"score":0.4834769368171692},{"id":"https://openalex.org/C74734477","wikidata":"https://www.wikidata.org/wiki/Q1479274","display_name":"Cost of capital","level":3,"score":0.4819886088371277},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.48051390051841736},{"id":"https://openalex.org/C2777764128","wikidata":"https://www.wikidata.org/wiki/Q189539","display_name":"Loan","level":2,"score":0.46277984976768494},{"id":"https://openalex.org/C2864544","wikidata":"https://www.wikidata.org/wiki/Q2914988","display_name":"Capital requirement","level":3,"score":0.4370661675930023},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.43278267979621887},{"id":"https://openalex.org/C44750222","wikidata":"https://www.wikidata.org/wiki/Q1897397","display_name":"Financial capital","level":3,"score":0.42189091444015503},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.41835689544677734},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.35613739490509033},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.1269283890724182},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.07687675952911377},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C158016649","wikidata":"https://www.wikidata.org/wiki/Q161726","display_name":"Multinational corporation","level":2,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1016/s0304-405x(97)81511-5","doi":"https://doi.org/10.1016/s0304-405x(97)81511-5","is_oa":false,"landing_page_url":"https://doi.org/10.1016/s0304-405x(97)81511-5","pdf_url":null,"source":{"id":"https://openalex.org/S149240962","display_name":"Journal of Financial Economics","issn_l":"0304-405X","issn":["0304-405X","1879-2774"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:eee:jfinec:v:46:y:1997:i:2:p:135-164","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/S0304-405X(97)81511-5","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320332600","display_name":"University of North Carolina at Chapel Hill","ror":"https://ror.org/0130frc33"}],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":38,"referenced_works":["https://openalex.org/W1488963616","https://openalex.org/W1503699668","https://openalex.org/W1528237361","https://openalex.org/W1548443326","https://openalex.org/W1568054743","https://openalex.org/W1585882976","https://openalex.org/W1973308529","https://openalex.org/W1978352128","https://openalex.org/W2018849787","https://openalex.org/W2035238630","https://openalex.org/W2048249576","https://openalex.org/W2055324653","https://openalex.org/W2061305276","https://openalex.org/W2074270440","https://openalex.org/W2077907699","https://openalex.org/W2085189944","https://openalex.org/W2090920573","https://openalex.org/W2106926746","https://openalex.org/W2108491286","https://openalex.org/W2118889105","https://openalex.org/W2127247488","https://openalex.org/W2129929567","https://openalex.org/W2139122730","https://openalex.org/W2143841915","https://openalex.org/W2147947585","https://openalex.org/W2149088624","https://openalex.org/W2149987483","https://openalex.org/W2168697602","https://openalex.org/W2341795385","https://openalex.org/W2608664843","https://openalex.org/W2965861908","https://openalex.org/W3122139152","https://openalex.org/W3124089696","https://openalex.org/W3124114405","https://openalex.org/W3124955107","https://openalex.org/W4229872939","https://openalex.org/W4285719527","https://openalex.org/W7113217521"],"related_works":["https://openalex.org/W2023812432","https://openalex.org/W1987054405","https://openalex.org/W2166604184","https://openalex.org/W7100140376","https://openalex.org/W3122327925","https://openalex.org/W7095978791","https://openalex.org/W2172004998","https://openalex.org/W99776822","https://openalex.org/W2014596365","https://openalex.org/W4390017752"],"abstract_inverted_index":null,"counts_by_year":[{"year":2026,"cited_by_count":9},{"year":2025,"cited_by_count":19},{"year":2024,"cited_by_count":10},{"year":2023,"cited_by_count":11},{"year":2022,"cited_by_count":22},{"year":2021,"cited_by_count":18},{"year":2020,"cited_by_count":19},{"year":2019,"cited_by_count":15},{"year":2018,"cited_by_count":18},{"year":2017,"cited_by_count":19},{"year":2016,"cited_by_count":16},{"year":2015,"cited_by_count":17},{"year":2014,"cited_by_count":24},{"year":2013,"cited_by_count":16},{"year":2012,"cited_by_count":33}],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2016-06-24T00:00:00"}