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The impact of public corruption on marketplace lending outcomes 公共腐败对市场借贷结果的影响
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-05-05 DOI: 10.1016/j.jbankfin.2025.107472
Abdulkader Kaakeh , Simon C. Parker
{"title":"The impact of public corruption on marketplace lending outcomes","authors":"Abdulkader Kaakeh ,&nbsp;Simon C. Parker","doi":"10.1016/j.jbankfin.2025.107472","DOIUrl":"10.1016/j.jbankfin.2025.107472","url":null,"abstract":"<div><div>This study investigates the impact of public corruption on lending outcomes in the context of Marketplace Lending (MPL) platforms such as LendingClub. Utilizing data on over one million loans and state-level corruption metrics from the US Department of Justice, this research uniquely examines within-country variations in corruption. Our findings reveal a significant correlation between public corruption and loan defaults, with a 3 % increase in default rates per unit increase in corruption. Interest rates also rise by 9 basis points under similar conditions. These effects persist across various model specifications and robustness checks. We demonstrate that trust mediates the relationship between corruption and loan defaults, and that neither governance nor enforcement explains the observed impacts. This study contributes to the literature by linking corruption to individual financial behavior in fintech lending, highlighting the crucial role of trust in financial transactions.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"177 ","pages":"Article 107472"},"PeriodicalIF":3.6,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144098875","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
Quality of political information and return predictability: Evidence from investor sentiment and risk aversion 政治信息的质量和回报的可预测性：来自投资者情绪和风险厌恶的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-28 DOI: 10.1016/j.jbankfin.2025.107469
Jędrzej Białkowski , Xiaopeng Wei
{"title":"Quality of political information and return predictability: Evidence from investor sentiment and risk aversion","authors":"Jędrzej Białkowski ,&nbsp;Xiaopeng Wei","doi":"10.1016/j.jbankfin.2025.107469","DOIUrl":"10.1016/j.jbankfin.2025.107469","url":null,"abstract":"<div><div>In this study, we examine how political information quality influences the predictive effects of investor sentiment and risk aversion on stock market returns. Our analysis reveals that low-quality information significantly diminishes the predictive power of investor sentiment while amplifying that of risk aversion. Moreover, incorporating a proxy for political information quality into predictive regression models significantly enhances their explanatory power. Overall, our results provide compelling evidence that the quality of information plays a critical role in shaping the dynamics of financial markets.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"177 ","pages":"Article 107469"},"PeriodicalIF":3.6,"publicationDate":"2025-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084401","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
Private Equity Fund Performance: A Time-Series Approach 私募股权基金业绩：时间序列方法
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-28 DOI: 10.1016/j.jbankfin.2025.107470
Apollon Fragkiskos , Olga Krasotkina , Harold D. Spilker III , Russ Wermers
{"title":"Private Equity Fund Performance: A Time-Series Approach","authors":"Apollon Fragkiskos ,&nbsp;Olga Krasotkina ,&nbsp;Harold D. Spilker III ,&nbsp;Russ Wermers","doi":"10.1016/j.jbankfin.2025.107470","DOIUrl":"10.1016/j.jbankfin.2025.107470","url":null,"abstract":"<div><div>We introduce an estimator that measures factor exposures and alphas of <em>individual</em> private equity funds, with minimal assumptions about the fund return data-generating process (DGP). Simulations using varying assumptions about the DGP indicate that our estimator exhibits lower mean-squared-error (bias plus variance) than competing time-series estimators. Applying our model to a newly available commercial dataset, PitchBook, we uncover new findings of economic importance: buyout managers have higher average skill levels than claimed by past studies; portfolios are marked with forward-looking and lagged multiples of factors; and skill and systematic exposures vary significantly over time.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"177 ","pages":"Article 107470"},"PeriodicalIF":3.6,"publicationDate":"2025-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144168605","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 side of black swans: Tail risk and corporate investment 黑天鹅的真实一面：尾部风险和企业投资
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-26 DOI: 10.1016/j.jbankfin.2025.107468
Jun Yuan , Liuyong Yang , Qi Xu
{"title":"The real side of black swans: Tail risk and corporate investment","authors":"Jun Yuan ,&nbsp;Liuyong Yang ,&nbsp;Qi Xu","doi":"10.1016/j.jbankfin.2025.107468","DOIUrl":"10.1016/j.jbankfin.2025.107468","url":null,"abstract":"<div><div>We investigate the real effects of tail risk on firm-level capital investment. Using an option-implied tail measure, we find that tail risk impedes investment, controlling for investment opportunities and existing uncertainty measures. This relation is stronger for firms with higher tail exposure and crash risk. The tail risk effect is more pronounced for firms with higher investment irreversiblility and demand uncertainty, consistent with the real options mechanism. Corporate resilience built by hedging activities attenuates the effect, while stressed debt financing conditions weaken the resilience and amplify the effect. Tail risk also delays investment spikes. Two instrumental variables enhance the causal interpretation. Overall, we highlight the distinctive role of tail risk in shaping real investment.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107468"},"PeriodicalIF":3.6,"publicationDate":"2025-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143918016","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
Banking market deregulation and firm innovation: Evidence from foreign bank entry 银行市场放松管制与企业创新：来自外资银行进入的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-26 DOI: 10.1016/j.jbankfin.2025.107471
Hua Shang , Yanlin Xing
{"title":"Banking market deregulation and firm innovation: Evidence from foreign bank entry","authors":"Hua Shang ,&nbsp;Yanlin Xing","doi":"10.1016/j.jbankfin.2025.107471","DOIUrl":"10.1016/j.jbankfin.2025.107471","url":null,"abstract":"<div><div>This study investigates the impact of banking market deregulation on firm innovation, focusing on foreign bank entry. Exploiting the staggered deregulation of China’s banking sector to foreign banks following its accession to the World Trade Organization, we find a significant positive relationship between foreign bank entry and firm innovation. We further show that foreign bank entry could promote firm innovation directly by providing more and higher-quality banking services to customers, and indirectly by inducing domestic banks to extend more credit to firms with more soft information, enhancing their capacity to support innovative firms, and generating technology spillovers through an increased presence of foreign-invested firms.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107471"},"PeriodicalIF":3.6,"publicationDate":"2025-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143903645","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
Differential effects of macroprudential policy 宏观审慎政策的差异效应
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-25 DOI: 10.1016/j.jbankfin.2025.107456
Nina Biljanovska, Sophia Chen
{"title":"Differential effects of macroprudential policy","authors":"Nina Biljanovska,&nbsp;Sophia Chen","doi":"10.1016/j.jbankfin.2025.107456","DOIUrl":"10.1016/j.jbankfin.2025.107456","url":null,"abstract":"<div><div>We construct a comprehensive dataset linking macroprudential policy instruments to household survey data from European Union countries. We show that two commonly used lender-based macroprudential policy instruments — levy on financial institutions and minimum capital requirement — affect new mortgage loans depending on the household’s income levels. Following higher levies on financial institutions, higher-income households on average experience a larger reduction in mortgage loan size compared to lower-income households. In contrast, following higher minimum capital requirements, lower-income households on average experience a larger reduction in loan size. We provide evidence of the different channels through which these differential effects operate.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107456"},"PeriodicalIF":3.6,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143918017","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 short-duration premium and news announcements 短期溢价和新闻公告
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-21 DOI: 10.1016/j.jbankfin.2025.107445
Heiner Beckmeyer, Paul Meyerhof
{"title":"The short-duration premium and news announcements","authors":"Heiner Beckmeyer,&nbsp;Paul Meyerhof","doi":"10.1016/j.jbankfin.2025.107445","DOIUrl":"10.1016/j.jbankfin.2025.107445","url":null,"abstract":"<div><div>We study the dynamics of the short-duration premium around pre-scheduled news announcements. For macroeconomic news, long-duration stocks earn higher returns than short-duration stocks. On the flip side, returns for short-duration stocks are significantly elevated on earnings announcement days. Focusing on earnings announcement as a laboratory for the pricing of firm-specific news, we differentiate between four competing explanations. We find strong support for the idea that investors are overly optimistic about long-term cash-flows, leading to an overvaluation of long-duration stocks. This overvaluation is in part corrected at earnings announcements, explaining the lower return response of long- compared to short-duration stocks. We also present empirical evidence against the three competing explanations, and show that the effect is not present in the corporate bond market.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107445"},"PeriodicalIF":3.6,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868650","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
Borrowing on the wrong side of the tracks: Evidence from mortgage loan discontinuities 错误的借贷：来自抵押贷款不连续性的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-17 DOI: 10.1016/j.jbankfin.2025.107438
Anthony W. Orlando, Gerd Welke
{"title":"Borrowing on the wrong side of the tracks: Evidence from mortgage loan discontinuities","authors":"Anthony W. Orlando,&nbsp;Gerd Welke","doi":"10.1016/j.jbankfin.2025.107438","DOIUrl":"10.1016/j.jbankfin.2025.107438","url":null,"abstract":"<div><div>How much does the liquidity of the secondary market matter for the pricing of the housing market? In this paper, we investigate a discontinuity in the supply of mortgages called the “conforming loan limit.” Mortgage loans smaller than this limit are eligible to be purchased by Fannie Mae and Freddie Mac—and therefore, they are more easily underwritten and more readily supplied by lenders. Using county-level variation in this limit and a border discontinuity model with transaction-level data, we estimate that a 10% increase in this limit leads to a 3% to 4% increase in housing prices. We identify the transmission mechanism primarily at the intensive margins, as the higher conforming loan limit leads to larger individual loans and therefore a greater volume of total lending. We show evidence that this effect is likely driven by greater availability, rather than lower interest pricing, of conforming loans.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107438"},"PeriodicalIF":3.6,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143864581","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
Micro-assessment of macroprudential borrower-based measures 基于借款人的宏观审慎措施的微观评估
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-15 DOI: 10.1016/j.jbankfin.2025.107455
Mantas Dirma , Jaunius Karmelavičius
{"title":"Micro-assessment of macroprudential borrower-based measures","authors":"Mantas Dirma ,&nbsp;Jaunius Karmelavičius","doi":"10.1016/j.jbankfin.2025.107455","DOIUrl":"10.1016/j.jbankfin.2025.107455","url":null,"abstract":"<div><div>This paper presents an assessment of macroprudential borrower-based measures (BBMs). Despite such measures being in place, several countries saw renewed increases in house prices and indebtedness when rates were low after the Global Financial Crisis. Against this background, we develop a novel modeling framework that allows to explore the link between multiple BBM limits and lifetime credit risk parameters. While our analysis is based on Lithuania’s household loan data, we draw three general lessons that have broader implications. First, we find that BBMs significantly reduce individual mortgage credit risk, thereby providing aggregate resilience. Second, our model indicates that the stance of an income-based measure, specifically the DSTI limit, may have been loose during the low-rate era, highlighting a potential weakness of the tool. Third, we provide empirical evidence supporting more stringent regulation of investor loans and propose a calibration approach.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107455"},"PeriodicalIF":3.6,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143843191","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 long-term effects of bank bailouts on corporate financing policies 银行救助对企业融资政策的长期影响
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-12 DOI: 10.1016/j.jbankfin.2025.107454
Nobuyuki Kanazawa
{"title":"The long-term effects of bank bailouts on corporate financing policies","authors":"Nobuyuki Kanazawa","doi":"10.1016/j.jbankfin.2025.107454","DOIUrl":"10.1016/j.jbankfin.2025.107454","url":null,"abstract":"<div><div>This study examines the long-term effects of the 1990s Japanese bank bailouts on borrower firms’ financing policies. Using a two-way fixed effects model on data from Japanese banks and listed companies, I find that these interventions significantly influenced firms’ financial strategies. Firms associated with banks that received bailouts exhibited persistent increases in their long-term debt-to-asset ratios and decreases in their cash-to-asset ratios. The effects diverged between zombie and non-zombie firms: while non-zombie firms exhibited minimal capital structure changes, zombie firms demonstrated pronounced increases in long-term debt ratios, decreases in cash ratios and retained earnings, and were more likely to maintain relationships with their main banks. These findings suggest that bank bailouts can influence capital allocation patterns, potentially favoring less efficient zombie firms, with implications for economic efficiency and financial stability.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107454"},"PeriodicalIF":3.6,"publicationDate":"2025-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143825502","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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