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Macroprudential policy spillovers in international banking groups. Beggar-thy-neighbour and the role of internal capital markets 国际银行集团的宏观审慎政策溢出效应。以邻为壑和内部资本市场的作用
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.jbankfin.2024.107349
Aurea Ponte Marques , Diego Vila Martín , Carmelo Salleo , Giuseppe Cappelletti
{"title":"Macroprudential policy spillovers in international banking groups. Beggar-thy-neighbour and the role of internal capital markets","authors":"Aurea Ponte Marques ,&nbsp;Diego Vila Martín ,&nbsp;Carmelo Salleo ,&nbsp;Giuseppe Cappelletti","doi":"10.1016/j.jbankfin.2024.107349","DOIUrl":"10.1016/j.jbankfin.2024.107349","url":null,"abstract":"<div><div>Beggar-thy-neighbour in macroprudential policy? This paper studies the impact of macroprudential policies – specifically OSII buffers – on banking groups and their cross-border operations. Using granular data from three confidential databases, we present the first evidence on how banking groups respond to changes in capital requirements. Our findings reveal that: (i) consolidated parent banks constrained by OSII buffers cut back on debt and equity holdings in their foreign subsidiaries, altering global financial structures; (ii) subsidiaries with reduced funding and equity from their parent show a notable decline in lending to non-financial corporations; and (iii) overall, cross-border subsidiaries of OSII-constrained banks exhibit reduced lending and risk-taking towards non-financial corporations, hinting at a role of these subsidiaries in propping up the group’s consolidated capital buffers. While higher capital buffers enhance financial stability by curbing excessive risk-taking, they also constrain the funding and lending capacities of foreign subsidiaries, disrupting local credit markets and creating a “beggar-thy-neighbour” problem. Policymakers need to balance these impacts with the benefits of financial integration.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"171 ","pages":"Article 107349"},"PeriodicalIF":3.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143102349","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
Trading without meeting friends: Empirical evidence from the wuhan lockdown in 2020 不见朋友交易：来自2020年武汉封城的经验证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.jbankfin.2024.107355
Yichu Huang , Udichibarna Bose , Zeguang Li , Frank Hong Liu
{"title":"Trading without meeting friends: Empirical evidence from the wuhan lockdown in 2020","authors":"Yichu Huang ,&nbsp;Udichibarna Bose ,&nbsp;Zeguang Li ,&nbsp;Frank Hong Liu","doi":"10.1016/j.jbankfin.2024.107355","DOIUrl":"10.1016/j.jbankfin.2024.107355","url":null,"abstract":"<div><div>Using a unique proprietary dataset of daily mutual fund trading records and the COVID-19 pandemic-triggered lockdown in Wuhan (China) as a natural experiment, we find that individual mutual fund investors in Wuhan significantly reduced their daily trading frequency, total investment of their portfolios, and risk level of their invested funds during the lockdown period as compared to investors in other cities. The results suggest that the elimination of face-to-face interaction among individual investors during the lockdown reduced their information sharing, which led to more conservatism in their financial trading. We rule out alternative explanations of salience bias due to limited investor attention and temporary changes in personal circumstances such as depression and/or income reduction, during the lockdown period. Finally, consistent with the theory of naïve investor trading, we also find that investors received higher trading returns during the lockdown as they reduced trading aggressively in the absence of face-to-face interactions.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"171 ","pages":"Article 107355"},"PeriodicalIF":3.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143102351","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
Banking prudentials, leverage, and innovation partnership choice in China 中国银行业审慎、杠杆与创新合作伙伴选择
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.jbankfin.2024.107347
Fushu Luan , Yang Chen , Lin Lang , King Yoong Lim
{"title":"Banking prudentials, leverage, and innovation partnership choice in China","authors":"Fushu Luan ,&nbsp;Yang Chen ,&nbsp;Lin Lang ,&nbsp;King Yoong Lim","doi":"10.1016/j.jbankfin.2024.107347","DOIUrl":"10.1016/j.jbankfin.2024.107347","url":null,"abstract":"<div><div>In a theoretical context where innovators borrow loans or settle for state-owned enterprise (SOE) sponsorship for their projects, we examine the effects of banking prudential regulations and their interaction with corporate leverage on the patenting partnership choice in China using a unique matched patent-firm-bank loan dataset for 15,623 observations in the 2013–17 period. We use a unique instrumental variable (IV) strategy to identify idiosyncratic bank prudential reform shocks associated with the post-2012 Basel III regulation and find prudential metrics (corporate leverage) of the financiers (firms) to positively (negatively) influence SOE patenting partnership choice, though prudential regulation mitigates the latter. Prudential reforms therefore come at a cost of further SOE dominance. However, conditional on an innovation project being SOE sponsored, we find positive spillover effect from the SOE’s employment mandate to loan productivity. Our results are robust across different IV strategies, alternative measures, sub-sample and mechanism analyses.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"171 ","pages":"Article 107347"},"PeriodicalIF":3.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143102359","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 reforms and firm employment: Worldwide evidence 董事会改革与企业就业：全球证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.jbankfin.2024.107379
Yi Si , Minfeng Yu , Lei Zhang , Qing (Clara) Zhou
{"title":"Board reforms and firm employment: Worldwide evidence","authors":"Yi Si ,&nbsp;Minfeng Yu ,&nbsp;Lei Zhang ,&nbsp;Qing (Clara) Zhou","doi":"10.1016/j.jbankfin.2024.107379","DOIUrl":"10.1016/j.jbankfin.2024.107379","url":null,"abstract":"<div><div>Managers often overreact to revenue fluctuations, leading to unnecessary workforce adjustments and increased training costs. This study examines how board governance influences firms’ employment sensitivity to revenue fluctuations. Analyzing global board reforms, we find that board reforms significantly reduce managerial overreaction to revenue fluctuations. Utilizing recent difference-in-differences estimators that address heterogeneous treatment effects, we ensure the robustness of our results. The reduction in employment sensitivity is more pronounced when board reforms strengthen the independence of boards and audit committees, particularly in jurisdictions with weaker board efficacy, shareholder, and employment protection legislation. Enhanced effects are observed in firms with initially lower board independence and rapid reform compliance, in entities experiencing greater information asymmetry, marked by higher labor intensity, higher pre-reform agency costs and financial constraints, and in firms led by less experienced CEOs or boards with higher male representation.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"171 ","pages":"Article 107379"},"PeriodicalIF":3.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143102370","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
Political relations and media coverage 政治关系和媒体报道
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.jbankfin.2024.107364
Jun Myung Song , Bohui Zhang , Thomas Ruf
{"title":"Political relations and media coverage","authors":"Jun Myung Song ,&nbsp;Bohui Zhang ,&nbsp;Thomas Ruf","doi":"10.1016/j.jbankfin.2024.107364","DOIUrl":"10.1016/j.jbankfin.2024.107364","url":null,"abstract":"<div><div>We study the impact of political relations on media coverage. Using a sample of 3,290 American Depository Receipts (ADRs) from 45 countries, we find that deteriorating political relations between the US and an ADR firm's home country induce negative coverage by the US media of the ADR firm. To alleviate endogeneity, we adopt France's and Germany's opposition to the Iraq War and the inauguration of the US president as two shocks to bilateral political relations between the US and foreign countries. In placebo tests, we show no negative effect of political relations on ADR firms’ press releases or non-US media coverage. We further document the three economic mechanisms underlying the impact of political relations on media coverage: US journalists’ country sentiment, a country's popularity among US readers, and the US media's political beliefs. Finally, we document two consequences of negative coverage by the US media: investors respond less to negative news of firms from countries with deteriorating political relations with the US, and negative coverage leads to a greater likelihood of firms terminating their ADRs.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"171 ","pages":"Article 107364"},"PeriodicalIF":3.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143102350","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
Information Dissemination and the Monetary Policy Uncertainty Premium: Evidence from China 信息传播与货币政策不确定性溢价：来自中国的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.jbankfin.2024.107371
Jianhao Lin , Jiacheng Fan , Yifan Zhang
{"title":"Information Dissemination and the Monetary Policy Uncertainty Premium: Evidence from China","authors":"Jianhao Lin ,&nbsp;Jiacheng Fan ,&nbsp;Yifan Zhang","doi":"10.1016/j.jbankfin.2024.107371","DOIUrl":"10.1016/j.jbankfin.2024.107371","url":null,"abstract":"<div><div>This paper proposes a novel monetary policy uncertainty (MPU) measure aggregating information from policy communication, policy operation and news coverage. We find that the aggregate MPU measure significantly commands a negative risk premium in the cross-section of the Chinese stock market. Stocks with higher (lower) MPU beta, favored (avoided) for hedging against MPU shocks, contribute to the premium through their under-performance (outperformance). Our results remain robust after controlling for economic uncertainty, economic policy uncertainty, and monetary policy surprises. We further show that the aggregate MPU measure outperforms its individual components in both portfolio- and stock-level asset pricing tests.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"171 ","pages":"Article 107371"},"PeriodicalIF":3.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143102390","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
Local boy does good: The effect of CSR activities on firm value 本地男孩做好事：企业社会责任活动对企业价值的影响
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-31 DOI: 10.1016/j.jbankfin.2025.107398
Zicheng Lei , Dimitris Petmezas , P. Raghavendra Rau , Chen Yang
{"title":"Local boy does good: The effect of CSR activities on firm value","authors":"Zicheng Lei ,&nbsp;Dimitris Petmezas ,&nbsp;P. Raghavendra Rau ,&nbsp;Chen Yang","doi":"10.1016/j.jbankfin.2025.107398","DOIUrl":"10.1016/j.jbankfin.2025.107398","url":null,"abstract":"<div><div>We examine the relation between home CEOs and corporate social responsibility (CSR). Our analysis shows home CEOs are associated with higher CSR engagement and increased firm value. These firms exhibit higher asset turnover, lower cost of equity, improved productivity, sales, and profit margins. Home CEOs focus more on community, environmental, and employee-related CSR, and are linked to reduced carbon emissions. This relationship is stronger in firms with higher local business concentration and investor monitoring. Firms led by home CEOs earn higher returns during recent crises. Our results suggest the value increase is not primarily due to agency effects and remain robust to endogeneity concerns. The study indicates a CEO’s community connection may influence CSR effectiveness, suggesting that mere CSR engagement may not suffice to boost trust and value. These results highlight the potential importance of local ties in corporate leadership and CSR strategy.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"173 ","pages":"Article 107398"},"PeriodicalIF":3.6,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143388495","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
Corporate voluntary disclosure via WeChat 通过微信进行企业自愿信息披露
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-27 DOI: 10.1016/j.jbankfin.2025.107393
Ying Li , Qianqian Huang , Tao Yuan
{"title":"Corporate voluntary disclosure via WeChat","authors":"Ying Li ,&nbsp;Qianqian Huang ,&nbsp;Tao Yuan","doi":"10.1016/j.jbankfin.2025.107393","DOIUrl":"10.1016/j.jbankfin.2025.107393","url":null,"abstract":"<div><div>This paper examines how Chinese firms use WeChat for voluntary disclosure. Using a topic model, we classify over 1.6 million WeChat articles into two categories: “relevant” and “noise” articles. We find that on days when firms publish value-relevant articles, there is a significant increase in abnormal returns and stock liquidity. Further analyses reveal that WeChat serves as an alternative disclosure channel for providing new information. Firms also use WeChat to complement mandatory disclosure. However, we find that firms with negative earnings tend to issue more noise articles around earnings announcements. These noise articles are associated with higher short-term announcement returns in cases of significantly negative earnings events. These results suggest that firms may engage in opportunistic WeChat disclosure behavior. Collectively, our study highlights the significant role of WeChat in the voluntary disclosure practices of Chinese companies.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107393"},"PeriodicalIF":3.6,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143825503","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 FinTech coverage improve the pricing efficiency of capital market? Evidence from China 金融科技覆盖是否提高了资本市场的定价效率？来自中国的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-25 DOI: 10.1016/j.jbankfin.2025.107396
Kam C. Chan , Liangyin Chen , Jun Huang , Ya Li
{"title":"Does FinTech coverage improve the pricing efficiency of capital market? Evidence from China","authors":"Kam C. Chan ,&nbsp;Liangyin Chen ,&nbsp;Jun Huang ,&nbsp;Ya Li","doi":"10.1016/j.jbankfin.2025.107396","DOIUrl":"10.1016/j.jbankfin.2025.107396","url":null,"abstract":"<div><div>Analyzing a sample of Chinese firms, we find that when companies receive more coverage from FinTech advisory firms, their stock prices move less in tandem with the overall market. This suggests that FinTech coverage improves how accurately stock prices reflect firm-specific information. Our results hold true across multiple testing methods and alternative ways of measuring stock price synchronicity. Further analysis shows that FinTech coverage reduces stock price synchronicity primarily by addressing information gaps between companies and investors. Additionally, greater FinTech coverage improves stock liquidity and lowers the costs of raising debt or equity financing. When examining the topics covered by FinTech firms, we find that diverse coverage topics are linked to lower stock price synchronicity, with discussions on finance, corporate governance, and negative sentiment playing a particularly effective role. Finally, a textual analysis reveals that FinTech coverage includes significantly more firm-specific information than traditional analyst reports.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"172 ","pages":"Article 107396"},"PeriodicalIF":3.6,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143097842","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
Air pollution and household stock market participation 空气污染与家庭股票市场参与
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-25 DOI: 10.1016/j.jbankfin.2025.107397
Hongwu Gan , Mengmeng Guo , Jian Li , Geng Niu , Yang Zhou
{"title":"Air pollution and household stock market participation","authors":"Hongwu Gan ,&nbsp;Mengmeng Guo ,&nbsp;Jian Li ,&nbsp;Geng Niu ,&nbsp;Yang Zhou","doi":"10.1016/j.jbankfin.2025.107397","DOIUrl":"10.1016/j.jbankfin.2025.107397","url":null,"abstract":"<div><div>We investigate whether air pollution affects household stock market participation. Using representative household survey data in China, we find that households significantly reduce their financial risk taking when exposed to heavy air pollution. This finding is robust to an instrumental variable analysis and a regression discontinuity test based on the Huai River policy. To explore the underlying mechanisms, we find that air pollution significantly impairs health, increases unemployment risk, impedes cognitive performance, and dampens mood. We further show that these channels explain a non-trivial proportion of the relationship between air pollution and stock market participation. Our study sheds light on the far-reaching influence of air pollution on households’ well-being from the perspective of portfolio choice.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"172 ","pages":"Article 107397"},"PeriodicalIF":3.6,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143097839","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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