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Journal of Finance

Выпуск N6 за 2002 год

Опубликовано на портале: 05-06-2006
Murillo Campello Journal of Finance. 2002.  Vol. 57. No. 6. P. 2773-2805. 
This paper looks at internal capital markets in financial conglomerates by comparing the responses of small subsidiary and independent banks to monetary policy. I find 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 paper also examines the role of internal capital markets in influencing the investment allocation process of those conglomerates. My 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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