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Financial development and the effectiveness of macroprudential and capital flow management measures 金融发展与宏观审慎和资本流动管理措施的有效性
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-09-01 Epub Date: 2025-06-27 DOI: 10.1016/j.jbankfin.2025.107504
Yusuf Soner Başkaya , Ilhyock Shim , Philip Turner
{"title":"Financial development and the effectiveness of macroprudential and capital flow management measures","authors":"Yusuf Soner Başkaya ,&nbsp;Ilhyock Shim ,&nbsp;Philip Turner","doi":"10.1016/j.jbankfin.2025.107504","DOIUrl":"10.1016/j.jbankfin.2025.107504","url":null,"abstract":"<div><div>Using quarterly data on macroprudential policy (MaPP) measures and capital flow management measures (CFMs) in 39 economies over 2000–2020, we analyse how domestic credit and cross-border capital flows respond to such measures. We distinguish price- and quantity-based MaPP measures and CFMs, and examine if the level of financial development matters in explaining policy effectiveness. Tightening MaPP measures significantly reduce household credit when the level of financial development is relatively low, and this is driven more by price-based MaPP measures. Also, price- and quantity-based CFMs slow down bank inflows with the former effective at relatively low levels of financial development and the latter at relatively high levels. Finally, we present evidence on leakages associated with quantity-based measures. Tightening quantity-based CFMs increases offshore bond issuance when the level of financial development is relatively low, while tightening quantity-based MaPP measures increase bank and bond inflows when financial development is relatively high.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107504"},"PeriodicalIF":3.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144634327","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
Bank board structure and loan syndication 银行董事会结构和银团贷款
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-09-01 Epub Date: 2025-06-24 DOI: 10.1016/j.jbankfin.2025.107511
Lindsay Baran , Steven A. Dennis , Maneesh K. Shukla
{"title":"Bank board structure and loan syndication","authors":"Lindsay Baran ,&nbsp;Steven A. Dennis ,&nbsp;Maneesh K. Shukla","doi":"10.1016/j.jbankfin.2025.107511","DOIUrl":"10.1016/j.jbankfin.2025.107511","url":null,"abstract":"<div><div>We study the impact of bank board structure as a signaling mechanism in loan syndication. We find that the quality of the lead arranger’s board, and specifically the monitoring quality of the board, has a positive effect on the ability to syndicate a loan. The impact of board quality is separate and distinct from lead arranger reputation. Board monitoring quality plays a more important role when the borrower and lead arranger have no prior relationship, after the bankruptcy of an existing borrower, and during the financial crisis. We posit that one channel for our findings is through board oversight of the CEO, and we provide evidence that CEO quality partially mediates the relationship between board quality and loan syndication. Overall, we conclude the quality of the lead arranger’s board, as a separate and distinct effect to reputation, serves as a credible signal to participant banks, mitigating moral hazard and adverse selection concerns.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107511"},"PeriodicalIF":3.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144580590","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
Gender composition and conflicts of interest in the financial industry: Evidence from analysts’ target price optimism 金融行业的性别构成和利益冲突：来自分析师目标价乐观的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-09-01 Epub Date: 2025-05-18 DOI: 10.1016/j.jbankfin.2025.107484
Andria Charalambous , Alan Duboisée de Ricquebourg , Elvira Scarlat , Karin Shields
{"title":"Gender composition and conflicts of interest in the financial industry: Evidence from analysts’ target price optimism","authors":"Andria Charalambous ,&nbsp;Alan Duboisée de Ricquebourg ,&nbsp;Elvira Scarlat ,&nbsp;Karin Shields","doi":"10.1016/j.jbankfin.2025.107484","DOIUrl":"10.1016/j.jbankfin.2025.107484","url":null,"abstract":"<div><div>A barrage of regulatory requirements has been issued to increase the impartiality of sell-side analysts’ research reports and create a wall between equity research and investment banking departments. Yet studies suggest a persistent organizational culture within the profession that encourages optimistically biased research reports for current and potential investment banking clients. To examine potential solutions to this issue, we focus on sell-side analysts’ target price optimism and find that analysts at brokerages with higher female representation issue significantly less optimistic target prices, especially when they face incentives to inflate forecasts due to their brokerage’s affiliation to the firm being analyzed. To identify the mechanism behind this result, we explore analysts’ optimism bias in situations when mergers between banks change gender composition in a way that is exogenous to the analysts, as well as when analysts voluntarily switch between brokerages with different gender compositions. The results of these analyses, along with a lag and forward test of the relation between the female proportion of analysts and optimism bias, indicate that gender composition plays a significant role in shaping brokerage culture. We rule out that results are driven by the gender of the individual analyst and confirm our results’ robustness to various specifications. Our findings suggest the potential for gender composition of the workforce to aid self-regulation in the financial industry.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107484"},"PeriodicalIF":3.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144518749","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
Trade liberalization and municipal financing costs 贸易自由化与市政融资成本
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-09-01 Epub Date: 2025-07-18 DOI: 10.1016/j.jbankfin.2025.107524
Chunbo Liu , Liang Xu , Liuming Yang , Yang Zhou
{"title":"Trade liberalization and municipal financing costs","authors":"Chunbo Liu ,&nbsp;Liang Xu ,&nbsp;Liuming Yang ,&nbsp;Yang Zhou","doi":"10.1016/j.jbankfin.2025.107524","DOIUrl":"10.1016/j.jbankfin.2025.107524","url":null,"abstract":"<div><div>This study examines the effects of trade liberalization on municipal financing costs. Using the granting of permanent normal trade relations (PNTR) to China as an exogenous shock, we find that U.S. counties that are more exposed to trade liberalization issue bonds with significantly higher tax-adjusted yield spreads. Moreover, these counties pay higher gross spreads and are less likely to issue bonds after PNTR. We also show that secondary market yield spreads increase significantly in response to the U.S. granting of PNTR to China. In addition, we provide evidence that a reduction in debt serving capacity serves as a channel underlying the trade shock effects. Our findings highlight the costs of trade liberalization for public finance.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107524"},"PeriodicalIF":3.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144703901","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 for good: How active mutual funds influence corporate social responsibility through stock trading 为善交易：活跃的共同基金如何通过股票交易影响企业的社会责任
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-09-01 Epub Date: 2025-07-18 DOI: 10.1016/j.jbankfin.2025.107523
Jie Jiao , Lin Tong , An Yan
{"title":"Trading for good: How active mutual funds influence corporate social responsibility through stock trading","authors":"Jie Jiao ,&nbsp;Lin Tong ,&nbsp;An Yan","doi":"10.1016/j.jbankfin.2025.107523","DOIUrl":"10.1016/j.jbankfin.2025.107523","url":null,"abstract":"<div><div>We hypothesize that active mutual funds can promote corporate social responsibility (CSR) in their portfolio firms through stock trading activities. Leveraging mutual fund family mergers to identify causal effects, we find that a firm’s CSR commitment increases when its mutual funds exhibit stronger CSR preferences through trading. This effect is stronger when mutual fund investors are more active or when the firm’s stock exhibits higher liquidity. Additionally, our results suggest that the trading channel complements non-trading mechanisms through which active mutual funds influence firm CSR.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107523"},"PeriodicalIF":3.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144711426","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
Motivated beliefs about stock returns 对股票收益的动机信念
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-09-01 Epub Date: 2025-06-24 DOI: 10.1016/j.jbankfin.2025.107510
Carlos Cueva , Iñigo Iturbe-Ormaetxe
{"title":"Motivated beliefs about stock returns","authors":"Carlos Cueva ,&nbsp;Iñigo Iturbe-Ormaetxe","doi":"10.1016/j.jbankfin.2025.107510","DOIUrl":"10.1016/j.jbankfin.2025.107510","url":null,"abstract":"<div><div>Systematic biases in return expectations can distort stock prices and lead to inefficient capital allocation. In this paper, we report experimental evidence that buying a stock induces optimistically biased expectations when its price drops below the purchase price. We find this effect across two experimental settings, a controlled laboratory experiment and a six-week-long online experiment involving real equities traded in the stock market in real time. Our results are consistent with the idea that investors form “motivated beliefs” about stocks returns. In addition, motivated beliefs explain a substantial part of the reluctance to sell losing stocks, as in the well-known disposition effect.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107510"},"PeriodicalIF":3.8,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144722132","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
Sovereign loan guarantees and financial stability 主权贷款担保和金融稳定
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-09-01 Epub Date: 2025-06-13 DOI: 10.1016/j.jbankfin.2025.107483
Ivan De Lorenzo Buratta , Tiago Pinheiro
{"title":"Sovereign loan guarantees and financial stability","authors":"Ivan De Lorenzo Buratta ,&nbsp;Tiago Pinheiro","doi":"10.1016/j.jbankfin.2025.107483","DOIUrl":"10.1016/j.jbankfin.2025.107483","url":null,"abstract":"<div><div>We analyze the effects of sovereign loan guarantees on financial stability in Portugal using a DSGE model. Sovereign loan guarantees decrease the default rate of banks and increase credit. On the other hand, guarantees increase the leverage and default rate of firms. These effects are larger the lower the sensitivity of the capital of banks to capital requirements. Behind these results are the reduction in regulatory risk-weights and the transfer of loan losses from banks to the sovereign brought by sovereign loan guarantees. A decomposition of the impact of sovereign loan guarantees suggests that insuring banks against loan losses can complement and enhance conventional macroprudential policy.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107483"},"PeriodicalIF":3.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144365526","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
Trade policy sensitivity and global stock returns: Evidence from the 2016 U.S. Presidential election 贸易政策敏感性与全球股市回报：来自2016年美国总统大选的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-09-01 Epub Date: 2025-07-10 DOI: 10.1016/j.jbankfin.2025.107517
Dien Giau Bui , Iftekhar Hasan , Chih-Yung Lin , Ngoc Thuy Mai , Chris Vaike
{"title":"Trade policy sensitivity and global stock returns: Evidence from the 2016 U.S. Presidential election","authors":"Dien Giau Bui ,&nbsp;Iftekhar Hasan ,&nbsp;Chih-Yung Lin ,&nbsp;Ngoc Thuy Mai ,&nbsp;Chris Vaike","doi":"10.1016/j.jbankfin.2025.107517","DOIUrl":"10.1016/j.jbankfin.2025.107517","url":null,"abstract":"<div><div>This paper introduces a novel measure to quantify firms’ sensitivity to shifts in bilateral trade flows between the United States and its trading partners. We exploit the 2016 U.S. presidential election as an exogenous shock to trade policy expectations and assess the stock market reactions of firms across 52 countries. Our findings indicate that firms with higher trade policy sensitivity experienced significantly more negative stock returns surrounding the election. These results are robust to variations in event windows, return model specifications, and alternative estimations of trade policy sensitivity.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107517"},"PeriodicalIF":3.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144661981","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 bank intervention and bank liquidity: Evidence from the paycheck protection program 中央银行干预和银行流动性：来自薪水保护计划的证据
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-09-01 Epub Date: 2025-07-24 DOI: 10.1016/j.jbankfin.2025.107522
Parush Arora , Derek Tran
{"title":"Central bank intervention and bank liquidity: Evidence from the paycheck protection program","authors":"Parush Arora ,&nbsp;Derek Tran","doi":"10.1016/j.jbankfin.2025.107522","DOIUrl":"10.1016/j.jbankfin.2025.107522","url":null,"abstract":"<div><div>This paper explores the role of monetary systems when fiscal policy is implemented through the financial sector during a liquidity shock. We use loan-level transactions from the Paycheck Protection Program (PPP) to understand how a bank’s decision to borrow funds from the discount window (DW) affected its lending behavior during the COVID-19 crisis. Using an instrumental variable approach, we find a causal relationship between DW access/borrowing and the number of PPP loans extended by large banks, indicating that access to DW increased the effectiveness of the PPP. Although both large and small banks accessed the DW in the absence of a long-term funding source, accessing the DW almost doubled the PPP lending for large banks, but did not have a statistically significant effect for smaller banks. However, during the period without long-term funding, the DW played an important role in relaxing liquidity constraints for large banks and increasing the overall efficiency of the PPP. Beyond PPP loans, we find that DW access led banks to increase their non-PPP lending by 70 % relative to their reserves, suggesting broader benefits to credit provision. The DW effect on PPP lending disappeared after the introduction of PPP Lending Facility as the banks substituted towards the long-term funding, however its impact on non-PPP lending remained significant in both phases.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107522"},"PeriodicalIF":3.8,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724980","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
Life insurance convexity 人寿保险的凸性
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-09-01 Epub Date: 2025-06-23 DOI: 10.1016/j.jbankfin.2025.107502
Christian Kubitza , Nicolaus Grochola , Helmut Gründl
{"title":"Life insurance convexity","authors":"Christian Kubitza ,&nbsp;Nicolaus Grochola ,&nbsp;Helmut Gründl","doi":"10.1016/j.jbankfin.2025.107502","DOIUrl":"10.1016/j.jbankfin.2025.107502","url":null,"abstract":"<div><div>Life insurers sell savings contracts with surrender options, which allow policyholders to prematurely receive guaranteed surrender values. These surrender options move toward the money when interest rates rise. Hence, higher interest rates raise surrender rates, as we document empirically by exploiting plausibly exogenous variation in monetary policy. Using a calibrated model, we examine the impact of surrender options on insurers’ liquidity and portfolio rebalancing during an interest rate rise. We show how asset sales result from insurer balance sheet dynamics and explore their interaction with investment strategies and surrender value guarantees.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107502"},"PeriodicalIF":3.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144523066","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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