Procyclicality of US Bank Leverage

• 成果类型: Article
• 署名作者: Laux, Christian; Rauter, Thomas
• 署名单位: Vienna University of Economics & Business
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/1475-679X.12163
• 发表日期: 2017
• 页码: 237-273
• 关键词: FINANCIAL CRISIS; contribute

摘要

In light of the current debate about the link between accounting and financial stability, we investigate the determinants of procyclical book leverage for U.S. commercial and savings banks. We find that total asset growth and GDP growth are both positively related to book leverage growth. Our evidence is not consistent with the notion that fair value accounting contributes to procyclical leverage or that historical cost accounting reduces procyclicality. Overall, the business model of banks is more important for procyclical leverage than accounting or regulatory risk weights.