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Mortgage lending through a fintech web platform. The roles of competition, diversification, and automation 通过金融科技网络平台进行抵押贷款。竞争、多样化和自动化的作用
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-04-25 DOI: 10.1016/j.jbankfin.2024.107194
Christoph Basten , Steven Ongena
{"title":"Mortgage lending through a fintech web platform. The roles of competition, diversification, and automation","authors":"Christoph Basten ,&nbsp;Steven Ongena","doi":"10.1016/j.jbankfin.2024.107194","DOIUrl":"10.1016/j.jbankfin.2024.107194","url":null,"abstract":"<div><p>How do banks offer and price mortgages when an online platform enables them to reach regions where they have no branches? With unique data on responses from differently located banks to each applying household and a shift-share instrument for market concentration, we find banks to make more and cheaper offers to more concentrated local markets. We rationalize this as investments in lucrative market shares given customer switching costs. Banks also improve their inter-regional portfolio diversification with more attractive offers to regions more complementary to their home locales. Finally, banks` choices become increasingly automated, reducing their operating costs.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"163 ","pages":"Article 107194"},"PeriodicalIF":3.7,"publicationDate":"2024-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0378426624001110/pdfft?md5=71f9d27c58d8ee5deed1f88f6e3cffdc&pid=1-s2.0-S0378426624001110-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140776652","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
Bank regulation and supervision: A symbiotic relationship 银行监管与监督：共生关系
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-04-25 DOI: 10.1016/j.jbankfin.2024.107185
Isha Agarwal , Tirupam Goel
{"title":"Bank regulation and supervision: A symbiotic relationship","authors":"Isha Agarwal ,&nbsp;Tirupam Goel","doi":"10.1016/j.jbankfin.2024.107185","DOIUrl":"10.1016/j.jbankfin.2024.107185","url":null,"abstract":"<div><p>Supervisory assessments such as stress-tests gauge banks’ riskiness and allow regulators to impose bank-specific capital regulation. This can improve welfare. Yet, regulation based on noisy supervision can decrease welfare by mis-classifying banks, distorting incentives, and crucially, leading to greater risk taking. Regulation should not be bank-specific in such cases. When bank defaults are costlier, supervision should strive for lower probability that riskier banks go undetected, i.e., reduce false-negatives even if this causes more false-positives. When the supervisor can incur a cost to optimally reduce both false-positive and false-negative rates, the regulator should make capital requirements more bank specific.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"163 ","pages":"Article 107185"},"PeriodicalIF":3.7,"publicationDate":"2024-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S037842662400102X/pdfft?md5=b578822a103252bf92d91a71383a2dc2&pid=1-s2.0-S037842662400102X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140796341","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
Timing sentiment with style: Evidence from mutual funds 用风格把握情绪的时机：来自共同基金的证据
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-04-24 DOI: 10.1016/j.jbankfin.2024.107197
Yao Zheng , Eric Osmer , Dingding Zu
{"title":"Timing sentiment with style: Evidence from mutual funds","authors":"Yao Zheng ,&nbsp;Eric Osmer ,&nbsp;Dingding Zu","doi":"10.1016/j.jbankfin.2024.107197","DOIUrl":"10.1016/j.jbankfin.2024.107197","url":null,"abstract":"<div><p>This study analyzes four distinct types of mutual fund sentiment timing skills using a multifactor framework. Our results indicate a diminished significance of market sentiment timing, in contrast to the results of prior studies. Additionally, we reveal that size and value sentiment timing can substantially enhance fund performance. Managers strategically reduce their exposure to small stocks using size sentiment timing and increase exposure to value stocks through value sentiment timing during high sentiment periods. We find no evidence that mutual fund managers engage in momentum sentiment timing.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"164 ","pages":"Article 107197"},"PeriodicalIF":3.7,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140786710","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 policy uncertainty travel across borders? Evidence from MNC subsidiary investment decisions 政策不确定性会跨越国界吗？跨国公司子公司投资决策的证据
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-04-22 DOI: 10.1016/j.jbankfin.2024.107195
Xi Zhou , Min Xiao , Huiying Wu , Jiaxing You
{"title":"Does policy uncertainty travel across borders? Evidence from MNC subsidiary investment decisions","authors":"Xi Zhou ,&nbsp;Min Xiao ,&nbsp;Huiying Wu ,&nbsp;Jiaxing You","doi":"10.1016/j.jbankfin.2024.107195","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107195","url":null,"abstract":"<div><p>Using a large-scale proprietary data set from China, we examine the cross-border transmission of policy uncertainty within multinational corporations (MNCs). Our results show that policy uncertainty in MNCs’ home countries negatively affects the capital investment of their foreign subsidiaries. Our analyses of cross-sectional heterogeneity reveal that the effect is strengthened by subsidiary-level investment irreversibility and the dependence of subsidiaries on parent firms, and weakened by bilateral meetings and psychic closeness between the home and host countries. Together these findings suggest that policy uncertainty travels across borders and has a spillover effect on foreign subsidiary investment.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"163 ","pages":"Article 107195"},"PeriodicalIF":3.7,"publicationDate":"2024-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140649294","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
Limit-hitting exciting effects: Modeling jump dependencies in stock markets adhering to daily price-limit rules 限价刺激效应：遵守每日限价规则的股票市场跳跃依赖性建模
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-04-21 DOI: 10.1016/j.jbankfin.2024.107184
Jian Chen , Shuyuan Qi
{"title":"Limit-hitting exciting effects: Modeling jump dependencies in stock markets adhering to daily price-limit rules","authors":"Jian Chen ,&nbsp;Shuyuan Qi","doi":"10.1016/j.jbankfin.2024.107184","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107184","url":null,"abstract":"<div><p>Price limits are widely implemented in stock markets worldwide; however, they are rarely considered in financial models. In this study, we propose a model specifically designed for asset prices that adhere to daily price-limit mechanisms. Our model captures the interdependence among limit-hitting events and other small price jumps by using a multivariate mutually-exciting point process. It is applicable to any stock market with a multi-layer price limit mechanism. By analyzing data from all publicly listed A-share stocks in China from 2007 to 2021, we demonstrate that our model outperforms other classic models in terms of goodness of fit. Additionally, we find that limit-hitting jumps, as opposed to inconspicuous small price jumps, have a higher propensity to attract investors' attention and result in subsequent price jumps. We further construct a clustering index based on the model parameters and investigate its determinants.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"163 ","pages":"Article 107184"},"PeriodicalIF":3.7,"publicationDate":"2024-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140646386","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
Curse and blessing: The effect of the dividend ban on euro area bank valuations and syndicated lending 诅咒与祝福：股息禁令对欧元区银行估值和银团贷款的影响
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-04-18 DOI: 10.1016/j.jbankfin.2024.107190
Emiel Sanders, Mathieu Simoens, Rudi Vander Vennet
{"title":"Curse and blessing: The effect of the dividend ban on euro area bank valuations and syndicated lending","authors":"Emiel Sanders,&nbsp;Mathieu Simoens,&nbsp;Rudi Vander Vennet","doi":"10.1016/j.jbankfin.2024.107190","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107190","url":null,"abstract":"<div><p>At the outbreak of the Covid-19 pandemic, the European Central Bank issued a strong recommendation towards banks to halt dividend payouts. The goal of this de facto dividend ban was to boost banks' capital to ensure the supply of credit. However, given the importance of dividends for investors, this unprecedented measure is likely to have impacted bank valuations. Hence, banks may have chosen to preserve their higher capital buffers to boost payouts after the lifting of the ban, rendering the intended positive effect on credit supply a priori uncertain. We first investigate the effect of the dividend ban announcement on euro area banks' valuations and find a significantly negative impact. Second, we show that banks significantly expanded credit supply in the syndicated loan market, without counteracting effect of the negative stock market reaction. Our findings are corroborated when we exploit the multi-bank nature of syndicated loans in a within-loan setup.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"163 ","pages":"Article 107190"},"PeriodicalIF":3.7,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140633136","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
Interest rates across the world: Global, regional, and idiosyncratic factors 全球利率：全球、地区和特殊因素
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-04-18 DOI: 10.1016/j.jbankfin.2024.107192
Jay C. Shambaugh , Hang Zhou
{"title":"Interest rates across the world: Global, regional, and idiosyncratic factors","authors":"Jay C. Shambaugh ,&nbsp;Hang Zhou","doi":"10.1016/j.jbankfin.2024.107192","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107192","url":null,"abstract":"<div><p>This paper employs a dynamic factor model with endogenous regional clustering and extreme value adjustment properties to construct a world interest rate, as well as regional factors, based on country-specific short-run real interest rates from 43 markets. We find that global and regional factors play crucial roles in determining local rates among advanced countries, while local factors are more important among emerging markets. Further, convenience yields essentially affect both global and regional rates, especially in the longer run. Moreover, the relationship between global and local rates depends crucially on capital account openness, while the choice of exchange rate regime is a critical determinant of the transmission of regional factors. Lastly, we show that a U.S. nominal rate shock would raise the global real rate a quarter later, with a stronger impact observed before the U.S. rate hits the zero lower bound in 2008.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"163 ","pages":"Article 107192"},"PeriodicalIF":3.7,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140633137","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
Demand for financial advice: Evidence from a randomized choice experiment 对财务咨询的需求：来自随机选择实验的证据
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-04-16 DOI: 10.1016/j.jbankfin.2024.107193
Boudewijn de Bruin , Olha Cherednychenko , Niels Hermes , Marc Kramer , Marco Meyer
{"title":"Demand for financial advice: Evidence from a randomized choice experiment","authors":"Boudewijn de Bruin ,&nbsp;Olha Cherednychenko ,&nbsp;Niels Hermes ,&nbsp;Marc Kramer ,&nbsp;Marco Meyer","doi":"10.1016/j.jbankfin.2024.107193","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107193","url":null,"abstract":"<div><p>How does the salience and structure of costs for financial advice influence consumer demand? This study conducts a randomized choice experiment exploring possible consequences of introducing a commission ban in the retail mortgage market. A sample of more than 2100 participants of the Dutch Household Survey panel reveals that in a fee-based regime, in which the costs of advice are salient and must be paid upfront, demand for advice decreases by 25 % compared with a situation in which the same costs are embedded in mortgage payments. We do not find evidence that such demand effects for financial advice varies across less versus more sophisticated customers. At the same time, we do find that customers with a stronger focus on the present express less willingness to pay for advice upfront.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"163 ","pages":"Article 107193"},"PeriodicalIF":3.7,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140631519","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
Of fogs and bogs: Does litigation risk make financial reports less readable? 雾与沼：诉讼风险是否会降低财务报告的可读性？
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-04-16 DOI: 10.1016/j.jbankfin.2024.107180
Mark Humphery-Jenner , Yun Liu , Vikram Nanda , Sabatino Silveri , Minxing Sun
{"title":"Of fogs and bogs: Does litigation risk make financial reports less readable?","authors":"Mark Humphery-Jenner ,&nbsp;Yun Liu ,&nbsp;Vikram Nanda ,&nbsp;Sabatino Silveri ,&nbsp;Minxing Sun","doi":"10.1016/j.jbankfin.2024.107180","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107180","url":null,"abstract":"<div><p>We predict that firms’ attempts to reduce litigation risk can inadvertently worsen financial report readability by increasing reports’ size, complexity, and altering their linguistic characteristics. We find that litigation risk reduces report readability. Readability worsens after firms experience a securities class action. This persists for several years after lawsuit resolution. To alleviate endogeneity concerns, we show that the litigation experience of a firm's managers and directors at <em>other</em> firms impacts readability. We also find that firms adjust readability around litigation flashpoints. Using an SEC rule change as an exogenous shock, we show that adjustments to readability can moderate firm litigation risk.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"163 ","pages":"Article 107180"},"PeriodicalIF":3.7,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140619395","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
Supplier–customer cultural similarity and supplier performance 供应商-客户文化相似性与供应商绩效
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-04-16 DOI: 10.1016/j.jbankfin.2024.107188
Guolei Ding , Jin Lei , Yunxiao Liu , Zhen Wang
{"title":"Supplier–customer cultural similarity and supplier performance","authors":"Guolei Ding ,&nbsp;Jin Lei ,&nbsp;Yunxiao Liu ,&nbsp;Zhen Wang","doi":"10.1016/j.jbankfin.2024.107188","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107188","url":null,"abstract":"<div><p>Using a corporate culture measure based on the textual analysis of the Q&amp;A section of earnings conference calls, we document robust evidence that similar corporate cultural values between supply chain partners improve the financial performance of suppliers. Consistent with the view that supplier–customer cultural similarity facilitates communication, promotes altruistic attitudes, and builds trust between trading partners, we find that culturally similar suppliers experience higher cost efficiency, fewer problems with underinvestment, and better innovation performance. Our results also indicate that cultural similarity benefits customers, although to a lesser extent. Overall, our study sheds new light on how inter-firm cultural similarity influences firm performance along the supply chain.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"163 ","pages":"Article 107188"},"PeriodicalIF":3.7,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140619393","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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