NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

Malcolm Baker, Jeffrey Wurgler

NBER Working Paper No. 19018
Issued in May 2013

---- Acknowledgements -----

For helpful comments we thank Yakov Amihud, Jon Bernstein, Robin Greenwood, Alec Guzov, Victoria Ivashina, Thomas McGuire, Hamid Mehran, Antony Saunders, David Scharfstein, Amit Seru, Adi Sunderam, Jeremy Stein, Robert Turley, Sir John Vickers, seminar participants at Harvard Business School and NYU Stern School of Business, and especially Sam Hanson. We thank Alex Guzov and Robert Turley for excellent research assistance. In addition to their academic affiliations, Baker and Wurgler serve as consultants to Acadian Asset Management. Baker gratefully acknowledges financial support from the Division of Research of the Harvard Business School. In addition to their academic affiliations, Malcolm Baker and Jeffrey Wurgler serve as consultants to Acadian Asset Management. Baker gratefully acknowledges financial support from the Division of Research of the Harvard Business School. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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