Key points are not available for this paper at this time.
Robert B. Avery, Terrence M. Belton, Michael A. Goldberg, Market Discipline in Regulating Bank Risk: New Evidence from the Capital Markets, Journal of Money, Credit and Banking, Vol. 20, No. 4 (Nov., 1988), pp. 597-610
Avery et al. (1988) studied this question.