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Does FinTech Increase Bank Risk-taking? 金融科技会增加银行风险吗？
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101360
Selim Elekdag , Drilona Emrullahu , Sami Ben Naceur
{"title":"Does FinTech Increase Bank Risk-taking?","authors":"Selim Elekdag ,&nbsp;Drilona Emrullahu ,&nbsp;Sami Ben Naceur","doi":"10.1016/j.jfs.2024.101360","DOIUrl":"10.1016/j.jfs.2024.101360","url":null,"abstract":"<div><div>Motivated by its rapid growth, this paper investigates how FinTech activities influence risk-taking by financial intermediaries (FIs). In this context, the paper revisits an ongoing debate on the impact of competition on financial stability: on one side, it is argued that greater competition encourages greater risk-taking (competition-fragility hypothesis), while the other side asserts that more competition can increase financial stability (competition-stability hypothesis). Using a curated database covering over 10,000 FIs and global FinTech activities, we find a robust relationship whereby greater FinTech presence is associated with heightened risk-taking by FIs, offering support for the competition-fragility hypothesis. However, the inclusion of bank-, industry, and country-specific characteristics can alter this relationship. Importantly, there is suggestive evidence indicating that in certain cases, greater FinTech presence may be associated with less FI risk-taking amid stronger domestic institutions. Notwithstanding the relevance for policy, this paper presents a novel framework that may help reconcile some of the conflicting results in the literature, which have found supportive evidence for each of the two competing hypotheses.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101360"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143414","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
Do portfolio companies learn from their peers? Evidence from venture capital funding 被投资公司会向同行学习吗？风险投资的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2025.101373
Salim Chahine , Mai Daher
{"title":"Do portfolio companies learn from their peers? Evidence from venture capital funding","authors":"Salim Chahine ,&nbsp;Mai Daher","doi":"10.1016/j.jfs.2025.101373","DOIUrl":"10.1016/j.jfs.2025.101373","url":null,"abstract":"<div><div>We investigate the impact of “learning from peers” on the fundraising abilities of startup companies. Employing data on the financing rounds of privately owned portfolio companies, we find that companies observe the round amounts of their most successful peers and learn to negotiate higher round amounts with venture capital investors. We further show that the number of common directors or venture capital firms between portfolio companies and their most successful peers has a positive impact on the round amounts of these portfolio companies, which supports the existence of conversational learning. Moreover, observational learning from peers is higher in hot markets, where investors rely on less costly information on peers. Our findings confirm that both observational and conversational learning allow portfolio companies to be in a better negotiating position, thus enhancing their ability to secure funding and invest in their growth.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101373"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143409","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
Bubbles, banking and monetary policy 泡沫、银行和货币政策
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101362
Jae Hun Shim
{"title":"Bubbles, banking and monetary policy","authors":"Jae Hun Shim","doi":"10.1016/j.jfs.2024.101362","DOIUrl":"10.1016/j.jfs.2024.101362","url":null,"abstract":"<div><div>This paper lays out a quantitative macroeconomic model with rational risk-adjusted asset bubbles and banks. The model features an imperfect financial market structure and allows bubble assets within banks. We shed light on the channels by which a sudden burst of asset bubbles leads to a recession through the banking system and evaluate “leaning against the wind” monetary policy associated with bubble volatility and welfare. Our main findings call for monetary policy rules to preemptively stabilize intermediate asset prices rather than the bubbles.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101362"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143144321","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
Analyzing and forecasting China's financial resilience: Measurement techniques and identification of key influencing factors 中国金融弹性分析与预测：测量技术与关键影响因素识别
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2025.101372
Yilin Chen , Chentong Sun , Xu Zhang
{"title":"Analyzing and forecasting China's financial resilience: Measurement techniques and identification of key influencing factors","authors":"Yilin Chen ,&nbsp;Chentong Sun ,&nbsp;Xu Zhang","doi":"10.1016/j.jfs.2025.101372","DOIUrl":"10.1016/j.jfs.2025.101372","url":null,"abstract":"<div><div>This paper measures China's financial resilience from the perspective of external risk shocks and analyzes its influencing factors for forecasting. First, we introduce an innovative financial resilience model comprising three submodels: the dynamic factor model, the TVP-VAR model, and a resilience characteristic measurement model that captures resistance and recoverability through absorption intensity and absorption duration. The results show a clear inverse relationship between absorption intensity and absorption duration, with resilience fluctuations exhibiting distinct phase characteristics. Notably, intervals of low resilience often correspond to specific risk events. Second, we apply the Lasso-logistic model for recursive estimation and forecasting financial resilience, while comparing its performance to that of the Logistic regression model. The results indicate that the Lasso-logistic model achieves, on average, a 10 % higher forecasting accuracy than the Logistic model does. Among the most important features identified by the model are macroeconomic and public expectation variables. The analysis shows that the stability of economic fundamentals and market participants' confidence in the future play pivotal roles in strengthening financial resilience and ensuring the stability of the financial system.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101372"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143408","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
The impact of policy uncertainty on shareholder wealth: Evidence from bank M&A 政策不确定性对股东财富的影响：来自银行并购的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101361
Nikolaos Kiosses , Stergios Leventis , Demetres Subeniotis , Ioannis Tampakoudis
{"title":"The impact of policy uncertainty on shareholder wealth: Evidence from bank M&A","authors":"Nikolaos Kiosses ,&nbsp;Stergios Leventis ,&nbsp;Demetres Subeniotis ,&nbsp;Ioannis Tampakoudis","doi":"10.1016/j.jfs.2024.101361","DOIUrl":"10.1016/j.jfs.2024.101361","url":null,"abstract":"<div><div>We investigate the impact of policy uncertainty (PU) on the economic impact of bank mergers and acquisitions (M&amp;A). Using a sample of 3142 deals announced by US banks between 1986 and 2020, we find a significant positive effect of PU on acquirer short- and long-term market value. PU also positively affects acquirer post-merger accounting performance and increases the incentives for synergy-driven bank M&amp;A. Amid PU, acquirers avoid stock-only financed deals, delay deal completion, and pay higher bid premiums. Our results are robust to model specifications that control for different proxies of PU, endogeneity, asset pricing models, and event windows surrounding deal announcements.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101361"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143415","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
Asset class liquidity risk indicators. Timing the risk in the European and US equity and bond markets 资产类别流动性风险指标。判断欧美股票和债券市场风险的时机
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101369
Anna Coppola , Giovanni Urga , Alessandro Varaldo
{"title":"Asset class liquidity risk indicators. Timing the risk in the European and US equity and bond markets","authors":"Anna Coppola ,&nbsp;Giovanni Urga ,&nbsp;Alessandro Varaldo","doi":"10.1016/j.jfs.2024.101369","DOIUrl":"10.1016/j.jfs.2024.101369","url":null,"abstract":"<div><div>In this paper, we propose asset class liquidity risk indicators constructed by aggregating financial, monetary and credit variables. We measure the presence of liquidity in six highly representative markets such as the Equity Europe, Long Term Italian Government Bond, Short Term Euro Government Bond, Equity US, Bond Corporate Investment Grade USD, Short Term US Government Bond markets over the period January 2007–January 2023. Our approach allows for a time-varying measure of the relative contribution of the raw drivers to the asset class indicators. We use endogenous Markov-switching models to identify episodes of financial distress which have characterized the behaviour of assets over the last two decades. Finally, we map the Markov-switching regimes with bubble episodes identified via recursive testing procedures.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101369"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143407","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
The effect of religiosity on trust and altruism: Evidence from China’s household borrowing 宗教信仰对信任和利他主义的影响：来自中国家庭借贷的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101364
Jie Jiao , An Yan , Wei Yin
{"title":"The effect of religiosity on trust and altruism: Evidence from China’s household borrowing","authors":"Jie Jiao ,&nbsp;An Yan ,&nbsp;Wei Yin","doi":"10.1016/j.jfs.2024.101364","DOIUrl":"10.1016/j.jfs.2024.101364","url":null,"abstract":"<div><div>Using China’s religion and household survey data, we find that a high degree of religiosity increases households’ willingness to borrow, both formally from financial institutions and informally from family and friends. A high degree of religiosity could facilitate formal household borrowing by fostering trust in transactions. However, the trust mechanism cannot explain the impact of religiosity on informal borrowing. We hypothesize that a strong religiosity might facilitate informal loans by promoting altruism, and we find supporting evidence. The effect of religiosity on informal loans is more pronounced in transactions where the parties involved are intrinsically less altruistic toward each other.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101364"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143144319","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
The flight home effect during the COVID-19 pandemic: Evidence from syndicated loans COVID-19大流行期间的返乡效应：来自银团贷款的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101370
Georgios Bampinas , Magnus Blomkvist , Elias Demetriades , Panagiotis N. Politsidis
{"title":"The flight home effect during the COVID-19 pandemic: Evidence from syndicated loans","authors":"Georgios Bampinas ,&nbsp;Magnus Blomkvist ,&nbsp;Elias Demetriades ,&nbsp;Panagiotis N. Politsidis","doi":"10.1016/j.jfs.2024.101370","DOIUrl":"10.1016/j.jfs.2024.101370","url":null,"abstract":"<div><div>This paper provides evidence of a flight home effect in the syndicated loan market during the COVID-19 pandemic, where lenders rebalance their loan portfolios towards domestic borrowers. Specifically, a one standard deviation increase in COVID exposure in the lenders’ home country is associated with a 4.1 percentage point decrease in lenders’ share of foreign loans. This home bias eases with the intensity of government restrictions during the pandemic and strengthens with expansionary monetary policy. We further pinpoint an operative supply-side mechanism, where smaller, less capitalized banks with a higher proportion of non-performing loans are more likely to rebalance towards domestic borrowers. Although different forms of asymmetric information exert a material – yet not uniform – effect on the lenders’ rebalancing decisions, the flight home effect emerges independently of the existence of these information asymmetries.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101370"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143404","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
Ancestors and corporate performance: Evidence from the Italian Mass Migration 祖先与公司绩效：来自意大利大规模移民的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101371
Mingying Cheng , Erminia Florio , Stefano Manfredonia
{"title":"Ancestors and corporate performance: Evidence from the Italian Mass Migration","authors":"Mingying Cheng ,&nbsp;Erminia Florio ,&nbsp;Stefano Manfredonia","doi":"10.1016/j.jfs.2024.101371","DOIUrl":"10.1016/j.jfs.2024.101371","url":null,"abstract":"<div><div>We study the relationship between the behavior of a CEO’s ancestors and firm performance. To do so, we collect detailed information on emigrants from Italian municipalities during the Age of Mass Migration (1892–1924) from Ellis Island ships lists. We adopt an epidemiological approach complemented with an instrumental variables strategy and find that Italian firms managed by a CEO who belongs to a family with past emigration experience tend to perform better and to be more productive. In line with an inter-generational transmission of attitudes hypothesis, we show a positive relationship between the emigration experience of a CEO’s ancestors and alternative measures of corporate risk-taking. In addition, we find a positive relationship between having an ancestor who emigrated during the Age of Mass Migration and FDI to the United States. We also provide evidence that these CEOs have better managerial practices.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101371"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143405","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
Digital transformation and debt financing cost: A threefold risk perspective 数字化转型与债务融资成本：三重风险视角
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-02-01 DOI: 10.1016/j.jfs.2024.101368
Ethan Xin Liu, Lily Dang
{"title":"Digital transformation and debt financing cost: A threefold risk perspective","authors":"Ethan Xin Liu,&nbsp;Lily Dang","doi":"10.1016/j.jfs.2024.101368","DOIUrl":"10.1016/j.jfs.2024.101368","url":null,"abstract":"<div><div>This paper reports the results of an investigation of the impact of digital transformation on debt financing costs. By integrating information asymmetry theory and agency theory, we have developed a threefold risk-theoretic model to demonstrate how corporate digital transformation affects a firm’s debt financing costs. Drawing on a dataset of Chinese listed companies from 2007 to 2022, we measured digital transformation across three dimensions: attention, investment, and outcomes. The findings reveal that corporate digital transformation significantly reduces the cost of debt financing for companies. Mechanism tests indicate that digital transformation reduces debt financing costs by mitigating information risk, agency risk, and earnings risk through enhanced information disclosure quality, strengthened corporate governance, and improved expected earnings. Our paper not only enriches emerging research on the impact of corporate digital transformation on financial accounting but also provides theoretical insights for effectively alleviating the issue of expensive financing.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"76 ","pages":"Article 101368"},"PeriodicalIF":6.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143144322","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
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