TAILIEUCHUNG - WORKING PAPER SERIES NO. 392 / SEPTEMBER 2004: THE ROLE OF CENTRAL BANK CAPITAL REVISITED

Beginning with Titman and Wessels (1988), then Rajan and Zingales (1995) and more recently Frank and Goyal (2004), the empirical corporate finance literature has converged to a limited set of variables that are reliably related to the leverage of non-financial firms. Leverage is positively correlated with size and collateral, and is negatively correlated with profits, market-to-book ratio and dividends. The variables and their relation to leverage can be traced to various corporate finance theories on departures from the Modigliani-Miller irrelevance proposition (see Harris and Raviv, 1991, and Frank and Goyal, 2008, for surveys). . | EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 392 I SEPTEMBER 2004 THE ROLE OF CENTRAL BANK CAPITAL REVISITED by Ulrich Bindseil Andres Manzanares and Benedict Weller EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 392 I SEPTEMBER 2004 THE ROLE OF CENTRAL BANK CAPITAL REVISITED1 by Ulrich Bindseil Andres Manzanares and Benedict Weller2 I JU 100 In 2004 all publications will carry a motif taken from the 100 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 586763. I The views expressed in this paper are those of the authors and do no necessarily reflect those of the wish to thank Ignazio Angeloni Denis Blenck Carsten Detken Vitor Gaspar Ian Ingram Joachim Keller Simone Manganelli Klaus Masuch Francesco Papadia Leo von Thadden and an anonymous referee for useful discussions and comments on a previous version of the paper. 2 Correspondence address European Central Bank Kaiserstrasse 29 D-60311 Frankfurt am Main Germany e-mail European Central Bank 2004 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and noncommercialpurposes is permitted provided that the source is acknowledged. The views expressed in this paper do not necessarily reflect those of the European Central Bank. The statement of purpose for the ECB Working Paper Series is availablefrom the ECB website http . ISSN1561-0810 print ISSN 1725-2806 online

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