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The dynamic effects of debtor bankruptcy on unsecured creditors' stock liquidity 债务人破产对无担保债权人股票流动性的动态影响
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-25 DOI: 10.1016/j.jfs.2024.101322
Dinh Trung Nguyen , Thu Phuong Pham , Ngoc Anh Tran , Ralf Zurbruegg
{"title":"The dynamic effects of debtor bankruptcy on unsecured creditors' stock liquidity","authors":"Dinh Trung Nguyen ,&nbsp;Thu Phuong Pham ,&nbsp;Ngoc Anh Tran ,&nbsp;Ralf Zurbruegg","doi":"10.1016/j.jfs.2024.101322","DOIUrl":"10.1016/j.jfs.2024.101322","url":null,"abstract":"<div><p>This paper explores the dynamic effects of counterparty risk on stock liquidity using data on unsecured creditors after a debtor has declared bankruptcy. Through matched pair fixed effect panel regressions, we find that liquidity for unsecured creditors reduces after such declarations but only in the short term. This is evidenced by increases in various spread measures and Kyle's (1985) lambda and decreases in the bid depth differentials between the stocks of the unsecured creditors and the matched firms. Additionally, we find the greater the credit exposure, the greater the decline in liquidity. In the long term, debtor bankruptcies appear to have no effect on spread measures. Rather, the market depth for unsecured creditor stocks improves.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101322"},"PeriodicalIF":6.1,"publicationDate":"2024-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924001074/pdfft?md5=7b2d7df2bbd0b7207d200f7cb67cc649&pid=1-s2.0-S1572308924001074-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142088752","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The effect of collateral on small business rationing of term loans and lines of credit 抵押品对小企业定期贷款和信贷额度配给的影响
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-21 DOI: 10.1016/j.jfs.2024.101320
Rebel A. Cole , Marc Cowling , Weixi Liu
{"title":"The effect of collateral on small business rationing of term loans and lines of credit","authors":"Rebel A. Cole ,&nbsp;Marc Cowling ,&nbsp;Weixi Liu","doi":"10.1016/j.jfs.2024.101320","DOIUrl":"10.1016/j.jfs.2024.101320","url":null,"abstract":"<div><p>Theories of loan contracting in the presence of asymmetric information highlight the key role of collateral in mitigating against credit rationing. However, theory also allows for the use of collateral by ‘bad’ borrowers in order to receive better loan contract offers. In this study, we explore the extent to which collateral can affect the incidence of absolute loan denial and partial rationing associated with smaller loans than requested being offered. Using data from a large survey of UK small- and-medium enterprises, we find significant evidence on the negative effect of collateral. Our results also reveal important distinction between lines of credit and term loans, where the presence of collateral is associated with 3 % less term loan approved compared to overdraft. We argue that even the request (or offer) of collateral for a term loan indicates that either the bank or the firm believes it is a risky bet.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101320"},"PeriodicalIF":6.1,"publicationDate":"2024-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142076418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Automatic versus manual investing: Role of past performance 自动投资与手动投资：过往业绩的作用
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-21 DOI: 10.1016/j.jfs.2024.101319
Said Kaawach , Oskar Kowalewski , Oleksandr Talavera
{"title":"Automatic versus manual investing: Role of past performance","authors":"Said Kaawach ,&nbsp;Oskar Kowalewski ,&nbsp;Oleksandr Talavera","doi":"10.1016/j.jfs.2024.101319","DOIUrl":"10.1016/j.jfs.2024.101319","url":null,"abstract":"<div><p>Using unique data from a leading peer-to-peer (P2P) lending platform, we investigate the link between past investment performance and choice of auto-investing tool. Our results suggest that investors who experience fewer defaults in the manual mode are more inclined to switch to automatic investment. Several factors account for this relationship, including investor inattention, decision speed, investment delegation, and experience. Regarding the latter, our results suggest that experienced investors are more likely to continue self-directed bidding, even if they have faced defaults in manual investments in the past. These investors may attribute their previous mistakes to their own actions rather than the limitations of the self-directed bids. Our results are robust to alternative specifications.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101319"},"PeriodicalIF":6.1,"publicationDate":"2024-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924001049/pdfft?md5=b135d0c0683919e6d30e6e05bcf53c77&pid=1-s2.0-S1572308924001049-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142021416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Employee lawsuits and business downsizing: Evidence from labor unions 员工诉讼与企业裁员：来自工会的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-17 DOI: 10.1016/j.jfs.2024.101318
Omer Unsal
{"title":"Employee lawsuits and business downsizing: Evidence from labor unions","authors":"Omer Unsal","doi":"10.1016/j.jfs.2024.101318","DOIUrl":"10.1016/j.jfs.2024.101318","url":null,"abstract":"<div><p>In this paper, we examine how employee lawsuits are related to firms’ business decisions. By using union-filed lawsuit data, we document that litigation increases the likelihood of firms downsizing their businesses. Furthermore, cases filed by unions lead to an increase in both the number of store closures and the number of employees affected by these closures. We demonstrate that violations related to labor have a significant negative impact on operating performance. Our findings reveal the fact that the cost of labor, damage to reputation, legal liabilities, and diverted resources resulting from litigation damages firms’ new business opportunities. Overall, our results highlight the importance of employee treatment at the workplace, which affects corporate decisions.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101318"},"PeriodicalIF":6.1,"publicationDate":"2024-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142088753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does being a responsible bank pay off? Evidence from the COVID-19 pandemic 做一家负责任的银行有回报吗？来自 COVID-19 大流行病的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-14 DOI: 10.1016/j.jfs.2024.101317
Alper Kara , Steven Ongena , Yilmaz Yildiz
{"title":"Does being a responsible bank pay off? Evidence from the COVID-19 pandemic","authors":"Alper Kara ,&nbsp;Steven Ongena ,&nbsp;Yilmaz Yildiz","doi":"10.1016/j.jfs.2024.101317","DOIUrl":"10.1016/j.jfs.2024.101317","url":null,"abstract":"<div><p>We investigate whether banks’ initial responses during the first wave of the COVID-19 pandemic in supporting their customers, communities, and governments were perceived as value-enhancing by investors. Using a unique responsible banking measure for a sample of the largest US and European commercial banks, we find a negative relationship between responsible bank behavior and stock market performance, particularly in the first wave of the pandemic. We also find that riskier banks were affected more negatively if they behaved responsibly. Overall, our findings show that banks’ responsible behavior during a crisis reduces, or at best is not relevant to, shareholder value.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101317"},"PeriodicalIF":6.1,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924001025/pdfft?md5=782481203558f54ef1a192096b4fafe2&pid=1-s2.0-S1572308924001025-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142076417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Policy rules and forward guidance following the Covid-19 recession 科维德-19 经济衰退后的政策规则和前瞻性指导
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-13 DOI: 10.1016/j.jfs.2024.101321
David H. Papell, Ruxandra Prodan-Boul
{"title":"Policy rules and forward guidance following the Covid-19 recession","authors":"David H. Papell,&nbsp;Ruxandra Prodan-Boul","doi":"10.1016/j.jfs.2024.101321","DOIUrl":"10.1016/j.jfs.2024.101321","url":null,"abstract":"<div><p>In August 2020, the Federal Open Market Committee adopted a far-reaching Revised Statement on Longer-Run Goals and Monetary Policy Strategy. The framework contains two major changes from the original 2012 statement. First, policy decisions will attempt to mitigate <em>shortfalls</em>, rather than <em>deviations</em>, of employment from its maximum level. Second, the FOMC will implement Flexible Average Inflation Targeting. We show how to modify the rules in the Fed’s Monetary Policy Report to be consistent with the revised statement, how the pattern of falling behind the curve, pivot, and getting back on track in Fed policy during 2021 and 2022 could have been avoided by following inertial rules consistent with either the original or the revised statements, and how current and projected Fed policy for 2023 – 2026 is in accord with the prescriptions from inertial rules.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101321"},"PeriodicalIF":6.1,"publicationDate":"2024-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142195780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Lobbying and liquidity requirements: Large versus small banks 游说和流动性要求：大型银行与小型银行
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-08 DOI: 10.1016/j.jfs.2024.101316
Oz Shy , Rune Stenbacka
{"title":"Lobbying and liquidity requirements: Large versus small banks","authors":"Oz Shy ,&nbsp;Rune Stenbacka","doi":"10.1016/j.jfs.2024.101316","DOIUrl":"10.1016/j.jfs.2024.101316","url":null,"abstract":"<div><p>We design a model with banks of unequal size operating subject to liquidity requirements in an imperfectly-competitive deposit market. We show that large banks have stronger incentives than small ones to lobby in order to relax the liquidity requirements unless they bear significantly higher lobbying costs. Therefore, lobbying magnifies asymmetries between banks. Furthermore, we establish that the organization of influence activities matters. An industry-wide bank association for lobbying to relax the liquidity requirements suffers from an internal conflict of interest and cannot simultaneously benefit both large and small banks if these have identical lobbying cost functions.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101316"},"PeriodicalIF":6.1,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141978213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Climate change exposure, financial development, and the cost of debt: Evidence from EU countries 气候变化风险、金融发展和债务成本：欧盟国家的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-03 DOI: 10.1016/j.jfs.2024.101315
Vu Quang Trinh , Hai Hong Trinh , Teng Li , Xuan Vinh Vo
{"title":"Climate change exposure, financial development, and the cost of debt: Evidence from EU countries","authors":"Vu Quang Trinh ,&nbsp;Hai Hong Trinh ,&nbsp;Teng Li ,&nbsp;Xuan Vinh Vo","doi":"10.1016/j.jfs.2024.101315","DOIUrl":"10.1016/j.jfs.2024.101315","url":null,"abstract":"<div><p>Utilising climate-related narratives in conference call transcripts to measure firm-level exposure to climate risks, we examine the association between such exposure and the corporate cost of debt financing. Using a sample of 21 European countries from 2001 to 2020, we find that firms exposed to greater climate change experience higher debt costs. The impact is even more extreme when using climate-related opportunity and regulatory exposure measures. We further find critical economic channels through which the higher debt costs occur: financial development and credit supplies. Specifically, our findings hold only for firms in weakly developed financial markets and institutions as measured by the new broad-based multi-dimensional financial development indices. We also find some other conditioning factors. Firstly, the higher the carbon intensity level, the greater the debt cost a firm with more climate change exposure must pay. Secondly, debtholders appear to punish firms with high environmental and social disclosure that are exposed to more climate change. Thirdly, the findings are more pronounced in financially constrained firms.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101315"},"PeriodicalIF":6.1,"publicationDate":"2024-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924001001/pdfft?md5=a0576b0e23c3a0ac40061f16931015b9&pid=1-s2.0-S1572308924001001-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141949183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Opportunities and challenges associated with the development of FinTech and Central Bank Digital Currency 与金融科技和中央银行数字货币发展相关的机遇和挑战
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-01 DOI: 10.1016/j.jfs.2024.101280
{"title":"Opportunities and challenges associated with the development of FinTech and Central Bank Digital Currency","authors":"","doi":"10.1016/j.jfs.2024.101280","DOIUrl":"10.1016/j.jfs.2024.101280","url":null,"abstract":"<div><p>Central banks around the world are exploring the possibility of Central Bank Digital Currencies (CBDCs) for retail and wholesale use. While no major economy is yet to fully introduced a CBDC, some countries have begun pilot programs. The purpose of this paper is to highlight the potential benefits and risks associated with CBDCs, including challenges and opportunities associated with proposed CBDC regulation in the United States and the European Union. The paper also discusses the CBDC landscape in Asia. It highlights some of the key findings of the research presented in this special issue on FinTech and CBDCs. Lastly, the paper offers thoughts for potential future research in areas such as the actual designs of CBDCs and their uses, ‘DeFi’ versus ‘CeFi’, their interoperability and stability, and concerns over cybercrime.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"73 ","pages":"Article 101280"},"PeriodicalIF":6.1,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141548837","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Green-adjusted share prices: A comparison between standard investors and investors with green preferences 绿色调整股价：标准投资者与绿色偏好投资者之间的比较
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-07-27 DOI: 10.1016/j.jfs.2024.101314
Enoch Quaye , Diana Tunaru , Radu Tunaru
{"title":"Green-adjusted share prices: A comparison between standard investors and investors with green preferences","authors":"Enoch Quaye ,&nbsp;Diana Tunaru ,&nbsp;Radu Tunaru","doi":"10.1016/j.jfs.2024.101314","DOIUrl":"10.1016/j.jfs.2024.101314","url":null,"abstract":"<div><p>We employ the green revenue factors of firms, used in the computation of the FTSE Russell 1000 Green Revenues index to create corresponding green-adjusted share prices. We compute the firm betas, under both the standard and the green-adjusted share pricing. Our findings suggest that tilting of firm stock returns towards green finance could change temporarily asset pricing views. The Fama-French risk factors display very high correlations between the two settings. Nevertheless, there are some significant differences between standard and green-adjusted betas during periods associated with green activism and positive political decisions of financially supporting the global climate action.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101314"},"PeriodicalIF":6.1,"publicationDate":"2024-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924000998/pdfft?md5=436f0a9efb8f0c47d5d21cfdb56542c6&pid=1-s2.0-S1572308924000998-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141846537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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