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Three decades of failed bank acquisitions 三十年来失败的银行收购
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2024-11-10 DOI: 10.1016/j.jbankfin.2024.107336
Laima Spokeviciute , Hossein Jahanshahloo , Kevin Keasey , Francesco Vallascas
{"title":"Three decades of failed bank acquisitions","authors":"Laima Spokeviciute ,&nbsp;Hossein Jahanshahloo ,&nbsp;Kevin Keasey ,&nbsp;Francesco Vallascas","doi":"10.1016/j.jbankfin.2024.107336","DOIUrl":"10.1016/j.jbankfin.2024.107336","url":null,"abstract":"<div><div>Using more than 30 years of data, we document that the acquisition of failed US commercial banks through FDIC-managed Purchase and Assumption (P&amp;A) transactions leads to long-term improvements in the profitability and loan risk of the combined entity and has no detrimental effects on its capital adequacy. These results are generally stronger for transactions with greater potential for economies of scale and efficiency gains. Furthermore, geographic similarity in the branch network of the acquirer and the target marginally improves the profitability of the combined entity, while a greater business similarity between the merged banks has no effect on deal outcomes. Additional tests show that the presence of regulatory subsidies also improves the profitability of the combined entity. Finally, we find no support for theoretical predictions about the misallocation of failed bank assets in the presence of widespread failures in local markets. Our findings are important for the understanding of the consequences of bank resolution through assisted M&amp;As.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"170 ","pages":"Article 107336"},"PeriodicalIF":3.6,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142654688","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
Factor momentum versus price momentum: Insights from international markets 因素动量与价格动量：国际市场的启示
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2024-11-07 DOI: 10.1016/j.jbankfin.2024.107332
Nusret Cakici , Christian Fieberg , Daniel Metko , Adam Zaremba
{"title":"Factor momentum versus price momentum: Insights from international markets","authors":"Nusret Cakici ,&nbsp;Christian Fieberg ,&nbsp;Daniel Metko ,&nbsp;Adam Zaremba","doi":"10.1016/j.jbankfin.2024.107332","DOIUrl":"10.1016/j.jbankfin.2024.107332","url":null,"abstract":"<div><div>Does factor momentum drive stock price momentum? We examine this relationship across 51 countries. Factor momentum proves strong across many markets and international portfolios, independent of typical return predictability drivers. However, its ability to capture stock momentum profits depends on methodological and dataset choices. Empirical factor momentum cannot entirely subsume stock or industry momentum globally. Conversely, price momentum often better explains its factor counterpart than vice versa. Notably, factor momentum based on principal components is more robust, capturing a major share of price momentum gains in developed and emerging markets. Our findings challenge the view that momentum merely times other factors rather than constituting a distinct anomaly.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"170 ","pages":"Article 107332"},"PeriodicalIF":3.6,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142654687","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 regulatory and supervisory independence affect financial stability? 监管和监督的独立性会影响金融稳定吗？
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2024-10-26 DOI: 10.1016/j.jbankfin.2024.107318
Nicolò Fraccaroli , Rhiannon Sowerbutts , Andrew Whitworth
{"title":"Does regulatory and supervisory independence affect financial stability?","authors":"Nicolò Fraccaroli ,&nbsp;Rhiannon Sowerbutts ,&nbsp;Andrew Whitworth","doi":"10.1016/j.jbankfin.2024.107318","DOIUrl":"10.1016/j.jbankfin.2024.107318","url":null,"abstract":"<div><div>Since the 2008 financial crisis, regulators and supervisors have been granted increased independence from political bodies. But there is no clear evidence of the benefits of more independence for the stability of the banking sector. In this paper we introduce a new indicator of regulatory and supervisory independence for 98 countries from 1999 to 2019. We combine this index with bank-level data to investigate the relationship between independence and financial stability. We find that greater regulatory and supervisory independence is associated with improved financial stability. We show that these results are robust to alternative measures of financial stability and to a number of tests. Overall, our findings indicate that increasing the independence of regulators and supervisors is beneficial for financial stability.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"170 ","pages":"Article 107318"},"PeriodicalIF":3.6,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142654686","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
Options trading, managerial risk-taking, and brand development 期权交易、管理风险承担和品牌发展
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2024-10-21 DOI: 10.1016/j.jbankfin.2024.107319
Po-Hsuan Hsu , Fengfei Li , Yoshio Nozawa
{"title":"Options trading, managerial risk-taking, and brand development","authors":"Po-Hsuan Hsu ,&nbsp;Fengfei Li ,&nbsp;Yoshio Nozawa","doi":"10.1016/j.jbankfin.2024.107319","DOIUrl":"10.1016/j.jbankfin.2024.107319","url":null,"abstract":"<div><div>This study examines how options trading influences brand development strategies by encouraging managerial risk-taking. We find that firms with higher levels of options trading tend to introduce more new trademarks, which exhibit lower citation rates from subsequent trademarks. These firms favor brand creation over extension, leading to increased brand riskiness, as evidenced by greater trademark diversity. Potential channels for these effects include increased institutional ownership by transient investors and enhanced managerial hedging opportunities. These effects are more pronounced in firms with weaker governance, managers with higher pay-risk sensitivity, younger managerial teams, and intense competition. Additionally, we observe a negative relation between unrelated brand diversification, driven by options trading, and firm value. Our findings support the notion that active options markets incentivize managers to pursue riskier brand strategies.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"170 ","pages":"Article 107319"},"PeriodicalIF":3.6,"publicationDate":"2024-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142654685","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
Venture capital directors and corporate debt structure: An empirical analysis of newly listed companies 风险投资董事与公司债务结构:对新上市公司的实证分析
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2023-10-24 DOI: 10.1016/j.jbankfin.2023.107031
Viet Anh Dang , Ahmet Karpuz , Abdul Mohamed
{"title":"Venture capital directors and corporate debt structure: An empirical analysis of newly listed companies","authors":"Viet Anh Dang ,&nbsp;Ahmet Karpuz ,&nbsp;Abdul Mohamed","doi":"10.1016/j.jbankfin.2023.107031","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2023.107031","url":null,"abstract":"<div><p>We investigate how venture capitalists (VCs) serving as directors on corporate boards affect portfolio companies’ debt structure after initial public offerings (IPOs). Using hand-collected data, we find that companies with a higher fraction of VC directors on their boards use significantly fewer types of debt. The impact of VC directorships on debt concentration is more pronounced in companies facing greater expected bankruptcy costs or higher degrees of uncertainty. We further explore the benefits of debt concentration and find that a highly concentrated debt structure is associated with better corporate performance in companies with VC directors. Taken together, our evidence suggests that VC directors influence newly listed companies to adopt a concentrated debt structure, thus minimizing the risk of distress and enhancing company value. Our results are robust to accounting for endogeneity and sample selection bias.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"157 ","pages":"Article 107031"},"PeriodicalIF":3.7,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71762358","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
Politically influenced bank lending 受政治影响的银行贷款
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2023-10-13 DOI: 10.1016/j.jbankfin.2023.107020
Yifan Zhou
{"title":"Politically influenced bank lending","authors":"Yifan Zhou","doi":"10.1016/j.jbankfin.2023.107020","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2023.107020","url":null,"abstract":"<div><p>Borrowers from the same state as the chairman of the US Senate Banking Committee (“connected borrowers”) are able to borrow at spreads 19 bps lower than other borrowers. Banks that provide connected loans enjoy regulatory relief in the form of fewer future investigations. Connected borrowers' contributions toward the chairman are influenced by their cost of loans, but the same is not true for nonconnected borrowers. Findings suggest the chairman is incentivized by re-election to help connected borrowers obtain cheaper loans. Results are largely consistent with the existence of an indirect triangular <em>quid pro quo</em> relationship between firms, banks, and politicians.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"157 ","pages":"Article 107020"},"PeriodicalIF":3.7,"publicationDate":"2023-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71762357","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
Why does option-implied volatility forecast realized volatility? Evidence from news events 为什么期权隐含波动率预测实现的波动率？来自新闻事件的证据
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2023-10-06 DOI: 10.1016/j.jbankfin.2023.107019
Sipeng Chen, Gang Li
{"title":"Why does option-implied volatility forecast realized volatility? Evidence from news events","authors":"Sipeng Chen,&nbsp;Gang Li","doi":"10.1016/j.jbankfin.2023.107019","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2023.107019","url":null,"abstract":"<div><p>This study examines the information content of stock option-implied volatility. We measure the arrival intensities and magnitudes of scheduled and unscheduled news as well as fundamental and non-fundamental news. Most of these news measures exhibit strong and positive associations with contemporaneous stock return volatility, and many of them can be predicted by implied volatility. Approximately one third of the predictive power of implied volatility on future realized volatility can be attributed to its ability to predict these news measures, with the majority of the predictive power arising from its capacity to predict the arrival intensities of both scheduled and unscheduled news. The predictive power is higher for fundamental news than for non-fundamental news.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"156 ","pages":"Article 107019"},"PeriodicalIF":3.7,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50183511","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 incremental information in the yield curve about future interest rate risk 收益率曲线中关于未来利率风险的增量信息
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2023-10-01 DOI: 10.1016/j.jbankfin.2023.106973
Bent Jesper Christensen, Mads Markvart Kjær, Bezirgen Veliyev
{"title":"The incremental information in the yield curve about future interest rate risk","authors":"Bent Jesper Christensen,&nbsp;Mads Markvart Kjær,&nbsp;Bezirgen Veliyev","doi":"10.1016/j.jbankfin.2023.106973","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2023.106973","url":null,"abstract":"<div><p>Using high-frequency intraday futures prices to measure yield volatility at selected maturities, we find that daily yield curves carry incremental information about future interest rate risk at the long end, relative to that contained in the time series of historical volatilities. Some of the information in the yield curves is not captured by standard affine models. Our results point to the existence of an unspanned stochastic volatility factor. Both time series and yield curve based forecasts provide utility to a risk averse investor, relative to a random walk. Information from the two sources can be combined to enhance yield volatility forecasting performance.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"155 ","pages":"Article 106973"},"PeriodicalIF":3.7,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50177155","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 real effects of financial technology: Marketplace lending and personal bankruptcy 金融技术的真正影响：市场借贷和个人破产
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2023-10-01 DOI: 10.1016/j.jbankfin.2023.106986
Piotr Danisewicz , Ilaf Elard
{"title":"The real effects of financial technology: Marketplace lending and personal bankruptcy","authors":"Piotr Danisewicz ,&nbsp;Ilaf Elard","doi":"10.1016/j.jbankfin.2023.106986","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2023.106986","url":null,"abstract":"<div><p>We examine how financial technology affects households in terms of personal bankruptcy by leveraging exogenous variation in marketplace credit supply to Connecticut and New York residents. We document a persistent rise in bankruptcies in the affected states following sharp decreases in marketplace lending, particularly among low-income households and in areas where marketplace loans for financing medical bills are severely rationed. Borrowers’ indebtedness or local economic conditions do not explain the results. The supply of other consumer credit by banks and finance companies remains unaffected, suggesting that the observed increase in bankruptcies arises principally from reversing access to marketplace credit.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"155 ","pages":"Article 106986"},"PeriodicalIF":3.7,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50177111","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
Shades of trade: Dark trading and price efficiency 交易的阴影：暗交易和价格效率
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2023-10-01 DOI: 10.1016/j.jbankfin.2023.107004
Jared F. Egginton , Garrett A. McBrayer , Ethan D. Watson
{"title":"Shades of trade: Dark trading and price efficiency","authors":"Jared F. Egginton ,&nbsp;Garrett A. McBrayer ,&nbsp;Ethan D. Watson","doi":"10.1016/j.jbankfin.2023.107004","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2023.107004","url":null,"abstract":"<div><p>Using a comprehensive approach, we investigate how various forms of non-displayed order flow such as hidden orders on exchanges, brokerage internalizations, and orders submitted to off-exchange venues affects price efficiency. By considering the multiple forms of dark trading available to traders, we are able to better understand the nuances of dark trading, its impacts on price efficiency, and mitigate the unobserved variable problems present in studies that examine only one aspect of dark trading. We find that hidden orders on exchange have a deleterious impact on price efficiency. The impacts of other types of pre-trade, non-displayed orders on price efficiency is more nuanced.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"155 ","pages":"Article 107004"},"PeriodicalIF":3.7,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50177116","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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