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- handle: 10670/1.1onfkp
- hal: hal-00612321
- doi: 10.1093/rof/rfq009
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info:eu-repo/semantics/altIdentifier/doi/10.1093/rof/rfq009
Mots-clés
Financial development Growth Volatility Diversification Deregulation Liberalization Mean-variance efficiency E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy F - International Economics/F.F0 - General/F.F0.F02 - International Economic Order and Integration F - International Economics/F.F3 - International Finance/F.F3.F36 - Financial Aspects of Economic Integration G - Financial Economics/G.G1 - General Financial Markets/G.G1.G11 - Portfolio Choice • Investment Decisions G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G28 - Government Policy and Regulation O - Economic Development, Innovation, Technological Change, and Growth/O.O1 - Economic Development/O.O1.O16 - Financial Markets • Saving and Capital Investment • Corporate Finance and GovernanceSujets proches
Funds Funding Finance, commerce, confiscations, etcCiter ce document
Viral V. Acharya et al., « The Efficiency of Capital Allocation: Do Bank Regulations Matter? », HAL-SHS : économie et finance, ID : 10.1093/rof/rfq009
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Résumé
We document that the deregulation of bank branching restrictions in the United States triggered a reallocation across sectors, with end effects on state-level volatility. The change cannot be explained simply by shifts in sector-level returns and volatility. A reallocation effect is at play, which we study in the context of mean-variance portfolio theory applied to sectoral returns. We find the reallocation is particularly strong in sectors characterized by young, small and external finance dependent firms, and for states that have a larger share of such sectors. The findings suggest that improving bank access to branching affects the sectoral specialization of output, in a manner that depends on the variance-covariance properties of sectoral returns, rather than on their average only.