{"id":"https://openalex.org/W48679877","doi":"https://doi.org/10.26509/frbc-wp-199007","title":"Optimal Financial Structure and Bank Capital Requirements : An Empirical Investigation","display_name":"Optimal Financial Structure and Bank Capital Requirements : An Empirical Investigation","publication_year":1990,"publication_date":"1990-07-01","ids":{"openalex":"https://openalex.org/W48679877","doi":"https://doi.org/10.26509/frbc-wp-199007","mag":"48679877"},"language":"en","primary_location":{"id":"doi:10.26509/frbc-wp-199007","doi":"https://doi.org/10.26509/frbc-wp-199007","is_oa":true,"landing_page_url":"https://doi.org/10.26509/frbc-wp-199007","pdf_url":"https://doi.org/10.26509/frbc-wp-199007","source":{"id":"https://openalex.org/S4210204369","display_name":"Working paper","issn_l":"2573-7945","issn":["2573-7945","2573-7953"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Working paper (Federal Reserve Bank of Cleveland)","raw_type":"report"},"volume":null,"type":"report","is_traditional":false,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://doi.org/10.26509/frbc-wp-199007","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5023587933","display_name":"William P. Osterberg","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"William P. Osterberg","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5054333093","display_name":"James B. Thomson","orcid":"https://orcid.org/0000-0002-9055-9611","observed_orcids":["https://orcid.org/0000-0002-9055-9611"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"James B. Thomson","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":21,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9301999807357788,"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":0.9301999807357788,"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":0.05959999933838844,"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":0.002199999988079071,"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/bank-capital-requirements","display_name":"bank capital requirements","score":0.9890000224113464},{"id":"https://openalex.org/keywords/bank-holding-companies","display_name":"bank holding companies","score":0.9229999780654907},{"id":"https://openalex.org/keywords/tax-advantage-of-debt","display_name":"tax advantage of debt","score":0.6340000033378601},{"id":"https://openalex.org/keywords/bankruptcy-costs","display_name":"bankruptcy costs","score":0.8840000033378601},{"id":"https://openalex.org/keywords/tax-rates","display_name":"tax rates","score":0.593999981880188},{"id":"https://openalex.org/keywords/bank-financial-structure","display_name":"bank financial structure","score":0.46700000762939453}],"concepts":[{"id":"https://openalex.org/C73116969","wikidata":"https://www.wikidata.org/wiki/Q16954906","display_name":"Debt-to-capital ratio","level":5,"score":0.7356915473937988},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.6277098655700684},{"id":"https://openalex.org/C16969640","wikidata":"https://www.wikidata.org/wiki/Q1070805","display_name":"Capital adequacy ratio","level":3,"score":0.5761929154396057},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.5696525573730469},{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.5402059555053711},{"id":"https://openalex.org/C117131394","wikidata":"https://www.wikidata.org/wiki/Q17141900","display_name":"Tax shield","level":5,"score":0.5088598728179932},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.45976561307907104},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4489893913269043},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.44286826252937317},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.43291565775871277},{"id":"https://openalex.org/C2864544","wikidata":"https://www.wikidata.org/wiki/Q2914988","display_name":"Capital requirement","level":3,"score":0.4298247992992401},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.42869582772254944},{"id":"https://openalex.org/C124972522","wikidata":"https://www.wikidata.org/wiki/Q1303176","display_name":"Equity ratio","level":4,"score":0.2861778140068054},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.2695377469062805},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.18529629707336426},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.10849827527999878},{"id":"https://openalex.org/C2908647359","wikidata":"https://www.wikidata.org/wiki/Q2625603","display_name":"Population","level":2,"score":0.10512134432792664},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.10252892971038818},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.10164323449134827},{"id":"https://openalex.org/C551662922","wikidata":"https://www.wikidata.org/wiki/Q2346630","display_name":"Tax reform","level":2,"score":0.0968216061592102},{"id":"https://openalex.org/C74939039","wikidata":"https://www.wikidata.org/wiki/Q7603703","display_name":"State income tax","level":3,"score":0.0928526222705841},{"id":"https://openalex.org/C143801662","wikidata":"https://www.wikidata.org/wiki/Q5384683","display_name":"Equity capital markets","level":3,"score":0.09022629261016846},{"id":"https://openalex.org/C149923435","wikidata":"https://www.wikidata.org/wiki/Q37732","display_name":"Demography","level":1,"score":0.0},{"id":"https://openalex.org/C172008318","wikidata":"https://www.wikidata.org/wiki/Q3683077","display_name":"Gross income","level":4,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C100363876","wikidata":"https://www.wikidata.org/wiki/Q690661","display_name":"Nonprobability sampling","level":3,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.26509/frbc-wp-199007","doi":"https://doi.org/10.26509/frbc-wp-199007","is_oa":true,"landing_page_url":"https://doi.org/10.26509/frbc-wp-199007","pdf_url":"https://doi.org/10.26509/frbc-wp-199007","source":{"id":"https://openalex.org/S4210204369","display_name":"Working paper","issn_l":"2573-7945","issn":["2573-7945","2573-7953"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Working paper (Federal Reserve Bank of Cleveland)","raw_type":"report"},{"id":"pmh:oai:RePEc:fip:fedcwp:9007","doi":null,"is_oa":false,"landing_page_url":"https://fraser.stlouisfed.org/scribd/?item_id=494534&filepath=/docs/historical/frbclev/wp/frbclv_wp1990-07.pdf#scribd-open","pdf_url":"https://fraser.stlouisfed.org/scribd/?item_id=494534&filepath=/docs/historical/frbclev/wp/frbclv_wp1990-07.pdf#scribd-open","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":"preprint"}],"best_oa_location":{"id":"doi:10.26509/frbc-wp-199007","doi":"https://doi.org/10.26509/frbc-wp-199007","is_oa":true,"landing_page_url":"https://doi.org/10.26509/frbc-wp-199007","pdf_url":"https://doi.org/10.26509/frbc-wp-199007","source":{"id":"https://openalex.org/S4210204369","display_name":"Working paper","issn_l":"2573-7945","issn":["2573-7945","2573-7953"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Working paper (Federal Reserve Bank of Cleveland)","raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W48679877.pdf","grobid_xml":"https://content.openalex.org/works/W48679877.grobid-xml"},"referenced_works_count":30,"referenced_works":["https://openalex.org/W1481117513","https://openalex.org/W1511640659","https://openalex.org/W1580602857","https://openalex.org/W1588886329","https://openalex.org/W1590595728","https://openalex.org/W1970298353","https://openalex.org/W1976603927","https://openalex.org/W1977313734","https://openalex.org/W1987738440","https://openalex.org/W2011434408","https://openalex.org/W2014277018","https://openalex.org/W2021926940","https://openalex.org/W2030505272","https://openalex.org/W2032586746","https://openalex.org/W2035516600","https://openalex.org/W2046742912","https://openalex.org/W2063955807","https://openalex.org/W2071789803","https://openalex.org/W2076426196","https://openalex.org/W2084894276","https://openalex.org/W2108491286","https://openalex.org/W2115929984","https://openalex.org/W2140041112","https://openalex.org/W2151576814","https://openalex.org/W2157722270","https://openalex.org/W3122119233","https://openalex.org/W3123004440","https://openalex.org/W3135970023","https://openalex.org/W4206495155","https://openalex.org/W4388168168"],"related_works":["https://openalex.org/W3024561936","https://openalex.org/W2346412736","https://openalex.org/W1551846065","https://openalex.org/W1522712675","https://openalex.org/W2340371478","https://openalex.org/W3125909488","https://openalex.org/W1559601633","https://openalex.org/W3123618654","https://openalex.org/W7095253548","https://openalex.org/W1580602857"],"abstract_inverted_index":{"This":[0],"paper":[1],"presents":[2],"an":[3],"empirical":[4,61],"analysis":[5],"of":[6,9,16,22,26,32,49,111,130,135,148],"the":[7,10,20,23,29,74,112,127,133,149,154],"determinants":[8,147],"leverage":[11,76,98,124,157],"ratios":[12,77],"(the":[13],"book":[14,24],"value":[15,25,31],"liabilities":[17],"divided":[18],"by":[19],"total":[21],"liabilities'":[27],"and":[28,44,60,119,143,158],"market":[30],"equity)":[33],"for":[34,39],"232":[35],"bank":[36,50,54],"holding":[37],"companies":[38],"December":[40,45],"1986,":[41],"June":[42],"1987,":[43],"1987.Many":[46],"theoretical":[47,106],"models":[48],"behavior":[51],"assume":[52],"that":[53,66,94,166],"capital":[55,71,87],"requirements":[56,88],"will":[57,69],"be":[58],"binding,":[59],"research":[62,164],"has":[63],"generally":[64],"shown":[65],"almost":[67],"all-banks":[68],"meet":[70],"guidelines.However,":[72],"if":[73],"optimal":[75,97,150],"differ":[78],"among":[79],"banks,":[80],"then":[81],"banks'":[82],"responses":[83],"to":[84,90,138],"changes":[85,91],"in":[86,92,102,115,160],"or":[89],"factors":[93],"influence":[95],"their":[96],"ratio":[99,125],"may":[100],"vary":[101],"a":[103,109],"cross":[104],"section.The":[105],"framework":[107],"is":[108],"variant":[110],"one":[113],"developed":[114],"Bradley,":[116],"Jarrell":[117],",":[118],"Kim":[120],"(1984)":[121],".The":[122],"optimal'":[123],"balances":[126],"tax":[128,141,144,174],"advantage":[129],"debt":[131],"with":[132],"costs":[134],"bankruptcy.In":[136],"addition":[137],"considering":[139],"nondebt":[140],"shields":[142],"rates":[145],"as":[146],"ratio,":[151],"we":[152],"analyze":[153],"simultaneity":[155],"between":[156],"investment":[159],"municipal":[161],"securities":[162],"(munis).Previous":[163],"indicates":[165],"banks":[167],"utilize":[168],"munis":[169],"t":[170],"o":[171],"'":[172],"minimize":[173],"liabilities.www.clevelandfed.org/research/workpaper/index.cfm":[175]},"counts_by_year":[{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":3},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}