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【正文】 g funds that increase liquidity pressures as banks allocate funds to repay Finally, from the regulators’ perspective, debt is worse than equity because it has fixed maturities and banks cannot charge losses against it. Preferred stock 1 Investors’ claims are senior to those of mon stockholders. 2 corporate investors in preferred stock pay taxes on only 20 percent of dividends. 3 when new equity issues dilute earnings, the earning dilution is less with perpetual preferred stock than with mon stock, so the cost of mon share is relatively higher. 1 aggregate dividend payments on preferred stock will be less than dividend on mon stock over time for any bank that regularly increases mon stock dividends. 2 the same disadvantages as mon stock.. Common 1 has no fixed maturity and represents a permanent some of funds. 2 are discretionary, do not require fixed charges against earnings. 1 are not tax deductible, must be paid out of aftertax earnings. 2 variable in the sense that shareholders expect pershare dividend rates to rise with increases in bank earnings. 3 transactions costs on new issues exceed parable costs on debt. 4 most firms wait until share prices are high and earnings performance is strong before selling stock. P474 12 1 What is the leverage capital ratio and why do regulators specify a minimum for it ? 1 leverage capital ratio, defined as Tier 1 capital divided by total assets of goodwill, other disallowed intangible assets, and disallowed deferred tax assets. 2 regulators specify a minimum for it because they concerned that a bank could acquire a sufficient dollar amount of low risk assets such that riskbased capital requirements would be negligible. 第十四章 P507 1 What are the different types of cash assets and the basic objectives for holding each? 1 Banks own four types of cash assets: 1 vault cash 2 demand deposit balances at Federal Reserve Banks 3 demand deposit balances at private financial institutions, 4 cash items in the process of collection (CIPC) Banks hold cash assets to satisfy four objectives:1 banks supply coin an currency to meet customers’ regular transactions needs. 2 regulatory agencies mandate legal reserve requirements that can only be met by holding qualifying cash banks serve as a clearinghouse for the nation’s check payment system. 4 banks use cash balances to purchase services form correspondent banks. P529 11 1 What are the fundamental differences and similarities between the mercial loan theory,shiftability theory,anticipated ine theory,and liability management theory regarding liquiding liquidity? 1 The shiftability theory represented the next extension by recognizing that any liquid asset could be used to meet deposit withdrawals. 2 The anticipated ine theory, which suggested that liquidity requirements and thus loan payments should be tied to a borrower’s expected ine. 3 The liability management theory , banks can satisfy liquidity needs by borrowing in the money and capital markets.
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