Revisiting the Impact of Stock Market Liquidity on Bank Liquidity Creation: Evidence from Malaysia

被引：16

作者：

Toh, Moau Yong ^{[1
]}

Gan, Christopher ^{[2
]}

Li, Zhaohua ^{[2
]}

机构：

[1] Changzhou Univ, Business Sch, Dept Finance, Changzhou, Jiangsu, Peoples R China

[2] Lincoln Univ, Fac Agribusiness & Commerce, Dept Financial & Business Syst, Christchurch, New Zealand

来源：

EMERGING MARKETS FINANCE AND TRADE | 2019年 / 55卷 / 08期

关键词：

bank; liquidity creation; stock market liquidity; EMPIRICAL-ANALYSIS; CAPITAL STRUCTURE; COMPETITION; INFORMATION; FINANCE; COSTS; INVESTMENT; MONETARY; RETURNS; PRIVATE;

D O I：

10.1080/1540496X.2018.1496420

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article examines the impact of stock market liquidity on bank liquidity creation in Malaysia. Our results indicate that a stock market enhances the liquidity creation of banks both on and off the banks' balance sheets when the market liquidity increases. Further analysis shows that the positive impact of stock market liquidity is evident on the liquidity creation of publicly listed banks as the banks' cost of equity finance becomes cheaper. Our results are robust to the influence of the 2008 financial crisis and different estimation methods. Our results refute the traditional view that increased stock market liquidity "steals" banks' business and crowds out bank liquidity creation.

引用

页码：1776 / 1802

页数：27

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