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How do EU banks’ funding costs respond to the CRD IV? An assessment based on the banking union directives database 欧盟银行的融资成本如何应对CRD IV？基于银行业联盟指令数据库的评估
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-06-01 Epub Date: 2025-05-15 DOI: 10.1016/j.jfs.2025.101416
Thomas Krause , Eleonora Sfrappini , Lena Tonzer , Cristina Zgherea
{"title":"How do EU banks’ funding costs respond to the CRD IV? An assessment based on the banking union directives database","authors":"Thomas Krause ,&nbsp;Eleonora Sfrappini ,&nbsp;Lena Tonzer ,&nbsp;Cristina Zgherea","doi":"10.1016/j.jfs.2025.101416","DOIUrl":"10.1016/j.jfs.2025.101416","url":null,"abstract":"<div><div>The establishment of the European Banking Union constitutes a major change in the regulatory framework of the banking system. Main parts are implemented via directives that show staggered transposition timing across EU member states. Based on the newly compiled Banking Union Directives Database, we assess how banks’ funding costs responded to the Capital Requirements Directive IV (CRD IV). We find evidence of a weak increase in funding costs that results from an increase in cost of equity which is mostly offset by a decline in cost of debt. The diverging trends stem from countries with an ex-ante lower regulatory capital stringency and an ex-post quicker activation of capital buffers, which is in line with banks’ short-run adjustment needs but longer-run benefits from increased financial stability.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"78 ","pages":"Article 101416"},"PeriodicalIF":6.1,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144139233","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
Central banks’ financial stability orientation and bank risk-taking 央行金融稳定取向与银行风险承担
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-06-01 Epub Date: 2025-04-22 DOI: 10.1016/j.jfs.2025.101409
Christy Dwita Mariana , Arisyi F. Raz
{"title":"Central banks’ financial stability orientation and bank risk-taking","authors":"Christy Dwita Mariana ,&nbsp;Arisyi F. Raz","doi":"10.1016/j.jfs.2025.101409","DOIUrl":"10.1016/j.jfs.2025.101409","url":null,"abstract":"<div><div>The existing literature provides inconclusive theoretical predictions regarding whether central banks’ monetary policy should address financial stability. We therefore empirically evaluate the effect of central banks’ financial stability orientation (“leaning against the wind”) on bank risk-taking. Our baseline results from cross-country, bank-level panel data suggest that higher central banks’ financial stability orientation significantly reduces bank risk-taking. Further investigation shows that monetary policy aimed at achieving financial stability complements macroprudential policy in reducing bank risk-taking, particularly during macroprudential policy tightening. These results offer novel insights into the effect of central bank’s monetary policy on bank stability and provide empirical evidence to prior theoretical works.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"78 ","pages":"Article 101409"},"PeriodicalIF":6.1,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868791","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
Idiosyncratic contagion between ETFs and stocks: A high dimensional network perspective etf与股票之间的特质传染：一个高维网络视角
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-06-01 Epub Date: 2025-04-30 DOI: 10.1016/j.jfs.2025.101415
Yu Wang, Yiguo Sun
{"title":"Idiosyncratic contagion between ETFs and stocks: A high dimensional network perspective","authors":"Yu Wang,&nbsp;Yiguo Sun","doi":"10.1016/j.jfs.2025.101415","DOIUrl":"10.1016/j.jfs.2025.101415","url":null,"abstract":"<div><div>This paper examines the return spillovers between Exchange-Traded Funds (ETFs) and stocks. While traditional approaches focus on proportional relationships between ETFs and their underlying assets, we develop a high-dimensional network framework that captures spillover effects between any ETF-stock pair, regardless of their compositional relationship. By separating idiosyncratic and systematic risks, we investigate potential drivers of contagion. We document substantial heterogeneity in spillover patterns across sectors, which is previously unaddressed in the literature. Sectors such as Utilities and Real Estate exhibit robust spillovers to both their component stocks and assets in other sectors. Conversely, in sectors such as Consumer Discretionary and Finance, cross-sector influences dominate intra-sector ETF-constituent linkages. Our results also highlight that during periods of high market volatility, sources of idiosyncratic contagion become more diverse, suggesting the need for broader market surveillance beyond the few most influential ETFs.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"78 ","pages":"Article 101415"},"PeriodicalIF":6.1,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143898979","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 small bank deposits run more than large ones? Three event studies of contagion and financial inclusion 小额银行存款比大额银行存款更划算吗？传染与普惠金融的三个事件研究
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-06-01 Epub Date: 2025-05-07 DOI: 10.1016/j.jfs.2025.101417
Dante B. Canlas , Johnny Noe E. Ravalo , Eli M. Remolona
{"title":"Do small bank deposits run more than large ones? Three event studies of contagion and financial inclusion","authors":"Dante B. Canlas ,&nbsp;Johnny Noe E. Ravalo ,&nbsp;Eli M. Remolona","doi":"10.1016/j.jfs.2025.101417","DOIUrl":"10.1016/j.jfs.2025.101417","url":null,"abstract":"<div><div>How susceptible to contagion are bank deposits associated with financial inclusion? To assess this susceptibility, we analyze the behavior of deposits around three significant events of bank failure in the Philippines. We conduct the event studies with the advantage of a unique dataset that disaggregates deposits by size at the town level. We show that both small and large deposits are withdrawn up to 4–5 quarters before the bank’s closure. We take advantage of this distinction between small and large deposits to test for contagion. Applying difference-in-difference regressions, we find evidence of contagion: the closure of a large bank leads to withdrawals at banks in neighboring towns by depositors both large and small. This is the case for two of the three events, and when the data is taken collectively. That there is a market for information affects deposit insurance as a safety net for depositors and as a disciplining tool for banks. There are also liquidity considerations that banks need to consider. In any case, we consistently find the behavior of small depositors to be no different from that of large depositors. Hence, if financial inclusion is about access to bank deposits, it is not likely to heighten systemic risks nor mitigate them.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"78 ","pages":"Article 101417"},"PeriodicalIF":6.1,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143947273","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
Regional bank failures and volatility transmission 地区性银行倒闭与波动传导
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-06-01 Epub Date: 2025-03-20 DOI: 10.1016/j.jfs.2025.101404
William D. Lastrapes , Thomas F.P. Wiesen
{"title":"Regional bank failures and volatility transmission","authors":"William D. Lastrapes ,&nbsp;Thomas F.P. Wiesen","doi":"10.1016/j.jfs.2025.101404","DOIUrl":"10.1016/j.jfs.2025.101404","url":null,"abstract":"<div><div>We estimate the effect of the spring 2023 failures of Silicon Valley Bank and Signature Bank on the “connectedness” of US bank stock return volatilities using the forecast error variance decomposition framework of Diebold and Yilmaz (2012, 2014) and Lastrapes and Wiesen (2021). Using split-sample and time-varying VAR methods, we find that those failures significantly increased spillovers across a sample of surviving regional banks, but had only small and temporary effects on spillovers across systemically important too-big-to-fail banks. Our main findings imply that regulatory policy toward systemically important banks has been credible but that additional oversight of regional banks should be considered.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"78 ","pages":"Article 101404"},"PeriodicalIF":6.1,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143687573","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 origin of financial instability and systemic risk: Do bank business models matter? 金融不稳定和系统性风险的起源：银行业务模式重要吗？
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-06-01 Epub Date: 2025-03-15 DOI: 10.1016/j.jfs.2025.101403
Rym Ayadi , Paola Bongini , Barbara Casu , Doriana Cucinelli
{"title":"The origin of financial instability and systemic risk: Do bank business models matter?","authors":"Rym Ayadi ,&nbsp;Paola Bongini ,&nbsp;Barbara Casu ,&nbsp;Doriana Cucinelli","doi":"10.1016/j.jfs.2025.101403","DOIUrl":"10.1016/j.jfs.2025.101403","url":null,"abstract":"<div><div>Using a large sample of European listed banks, we investigate the relationship between a bank’s business model and systemic risk between 2005 and 2020, a period which includes various episodes of instability. Our findings indicate that, during tranquil periods, banks with different business models exhibit similar sensitivity to systemic risk. However, during periods of instability, the type of business model becomes critical: investment banks contribute more to and are more exposed to systemic risk. Distinguishing between endogenous and exogenous crises, our results reveal that market-oriented banks contribute more to systemic risk when instability is endogenous to the financial sector. Conversely, focused retail banks consistently show lower contributions and exposures to systemic risk. Additionally, our findings highlight the importance of business model migrations in reducing systemic risk. Banks transitioning from diversified to more retail-oriented models reduce their systemic risk, whereas migrations in the opposite direction do not exhibit the same benefit. These findings underscore the importance of maintaining diverse business models in the banking sector to enhance financial stability.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"78 ","pages":"Article 101403"},"PeriodicalIF":6.1,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143687067","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
Suspensions of payments and their consequences 暂停付款及其后果
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-06-01 Epub Date: 2025-02-14 DOI: 10.1016/j.jfs.2025.101391
Qian Chen , Christoffer Koch , Gary Richardson , Padma Sharma
{"title":"Suspensions of payments and their consequences","authors":"Qian Chen ,&nbsp;Christoffer Koch ,&nbsp;Gary Richardson ,&nbsp;Padma Sharma","doi":"10.1016/j.jfs.2025.101391","DOIUrl":"10.1016/j.jfs.2025.101391","url":null,"abstract":"<div><div>Ongoing financial innovation raises the specter of banking and payment crises. Little aggregate evidence exists on the repercussions of substantial suspensions of payments. State-level experiments fill this gap. Four times in the last forty years, U.S. governors suspended payments from state-insured depositories. Rhode Island’s deposits crisis (1991), which was large, prolonged, and occurred during a recession, substantially lengthened and deepened the downturn. Deposits freezes in Nebraska (1983), Ohio (1985), and Maryland (1985), which were short and occurred during expansions, had little macroeconomic impact. Data sparsity inhibits analysis of these events with standard methods. To perform inference, we develop a novel Bayesian method for synthetic control, which generates output useful for policymakers and theorists. Our findings suggest policies that ensure institutions continue to process payments on a business-as-usual basis at all times have substantial value.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"78 ","pages":"Article 101391"},"PeriodicalIF":6.1,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143453953","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
Board gender diversity at target firms and acquisition decisions of gender diverse bidders 目标公司董事会性别多样性与性别多元化竞标者的收购决策
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-06-01 Epub Date: 2025-04-11 DOI: 10.1016/j.jfs.2025.101410
Abeyratna Gunasekarage , Kristina Minnick , Syed Shams
{"title":"Board gender diversity at target firms and acquisition decisions of gender diverse bidders","authors":"Abeyratna Gunasekarage ,&nbsp;Kristina Minnick ,&nbsp;Syed Shams","doi":"10.1016/j.jfs.2025.101410","DOIUrl":"10.1016/j.jfs.2025.101410","url":null,"abstract":"<div><div>We examine whether gender diversity at the target firm influences acquisition decisions by gender-diverse firms. Our findings show that gender-diverse acquirers are more likely to select gender-diverse targets over male-only firms. This preference is driven by specific attributes of female directors at the target firm, such as their educational and professional qualifications, networking abilities, functional experience, and industry expertise. Gender-diverse acquirers pay a lower premium to gender-diverse targets compared to male-only targets, and these acquisitions are positively received by the market, reflected in significant announcement-period abnormal returns. Additionally, gender-diverse firms that acquire gender-diverse targets show stronger post-acquisition performance compared to those acquiring male-only targets. These findings remain robust after addressing potential endogeneity concerns, including omitted variable bias and reverse causality.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"78 ","pages":"Article 101410"},"PeriodicalIF":6.1,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143843268","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
Too big to fail? Asymmetric effects of quantitative easing 大到不能倒？量化宽松的不对称效应
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-03-01 Epub Date: 2025-01-31 DOI: 10.1016/j.jfs.2025.101385
Hsuan-Chi Chen , Robin K. Chou , Chih-Yung Lin , Chien-Lin Lu
{"title":"Too big to fail? Asymmetric effects of quantitative easing","authors":"Hsuan-Chi Chen ,&nbsp;Robin K. Chou ,&nbsp;Chih-Yung Lin ,&nbsp;Chien-Lin Lu","doi":"10.1016/j.jfs.2025.101385","DOIUrl":"10.1016/j.jfs.2025.101385","url":null,"abstract":"<div><div>In this study, we examine the impact of liquidity support from the Federal Reserve on the capital structures of firms of varying sizes. Our findings suggest that large firms tend to increase their debt financing and leverage ratios in response to significant shocks triggered by the large-scale asset purchases (LSAPs) of the US Federal Reserve. By contrast, small firms with preexisting banking relationships are more likely to receive liquidity support. Notably, small firms associated with smaller banks exhibit increased default risks. Furthermore, large firms exhibited weaker operating performance but received greater managerial compensation following the LSAP. This trend indicates potential inefficiencies in the distribution of funding facilitated by unconventional monetary policies.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"77 ","pages":"Article 101385"},"PeriodicalIF":6.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143349930","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
Organization capital and labor investment efficiency 组织资本与劳动投资效率
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-03-01 Epub Date: 2025-01-31 DOI: 10.1016/j.jfs.2025.101384
Hasibul Chowdhury , Trinh Hue Le , Kelvin Jui Keng Tan
{"title":"Organization capital and labor investment efficiency","authors":"Hasibul Chowdhury ,&nbsp;Trinh Hue Le ,&nbsp;Kelvin Jui Keng Tan","doi":"10.1016/j.jfs.2025.101384","DOIUrl":"10.1016/j.jfs.2025.101384","url":null,"abstract":"<div><div>We examine whether a firm’s organization capital (OC) affects its labor investment efficiency. We find that a higher level of OC is related to lower deviations from the optimal level of labor investment according to economic conditions (higher labor investment efficiency). We find that this result is empirically robust to a stacked difference-in-differences approach using exogenous CEO turnover as a quasi-natural experiment and planned CEO retirements and forced CEO turnovers as placebo tests. We identify that the ability to retain talented employees and reduction of agency costs are the two channels by which OC improves a firm’s labor investment efficiency. Furthermore, we report that the positive effect of OC on labor investment efficiency is more pronounced in firms in highly competitive markets, firms with better access to external financing and firms with highly skilled labor.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"77 ","pages":"Article 101384"},"PeriodicalIF":6.1,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143201029","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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