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Journal of Financial Intermediation最新文献

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Through the supply chains it may not transmit? A case of monetary policy bottlenecks 它可能不会通过供应链传播？这是货币政策瓶颈的一个例子
IF 2.4 1区 经济学
Journal of Financial Intermediation Pub Date : 2026-07-01 Epub Date: 2026-06-20 DOI: 10.1016/j.jfi.2026.101221
Frédéric Boissay, Emilia Garcia-Appendini, Steven Ongena
{"title":"Through the supply chains it may not transmit? A case of monetary policy bottlenecks","authors":"Frédéric Boissay,&nbsp;Emilia Garcia-Appendini,&nbsp;Steven Ongena","doi":"10.1016/j.jfi.2026.101221","DOIUrl":"10.1016/j.jfi.2026.101221","url":null,"abstract":"<div><div>We investigate the transmission of monetary policy through the supply chains with US data on corporate linkages. Our analysis uncovers three key insights. First, contractionary monetary conditions lead to disruptions in financially constrained firms’ purchases and sales. Second, these disruptions extend to the unconstrained suppliers and customers of such firms. Third, disruptions intensify when financially constrained firms purchase or sell specialized goods. These findings suggest that monetary tightening creates bottlenecks in supply chains, forcing firms to curtail business when they cannot substitute their constrained business partners. “Monetary policy bottlenecks” amplify the impact of monetary policy beyond the standard balance sheet channel of transmission.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"67 ","pages":"Article 101221"},"PeriodicalIF":2.4,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148565452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Debt misreporting and bank lending 误报债务和银行贷款
IF 2.4 1区 经济学
Journal of Financial Intermediation Pub Date : 2026-07-01 Epub Date: 2026-07-07 DOI: 10.1016/j.jfi.2026.101222
Miguel Duro, Germán López-Espinosa, Sergio Mayordomo, Gaizka Ormazabal, María Rodríguez-Moreno
{"title":"Debt misreporting and bank lending","authors":"Miguel Duro,&nbsp;Germán López-Espinosa,&nbsp;Sergio Mayordomo,&nbsp;Gaizka Ormazabal,&nbsp;María Rodríguez-Moreno","doi":"10.1016/j.jfi.2026.101222","DOIUrl":"10.1016/j.jfi.2026.101222","url":null,"abstract":"<div><div>This paper documents debt misreporting in unaudited financial statements and examines its sources and implications for bank lending. Using a unique combination of datasets, we measure debt misreporting as the difference between firms’ bank debt reported on the balance sheet and the corresponding information recorded in the public credit registry. We find that debt misreporting is not randomly distributed and that firms with greater financing needs are more likely to underreport, rather than overreport, their debt. We further show that underreporting is more prevalent when firms approach new lenders, consistent with firms using it in an attempt to obtain credit. In terms of credit supply, these firms receive less credit, particularly from banks with greater prior exposure to misreporting and from banks that verify borrower information through the credit registry. In addition, underreporting firms exhibit subsequent signs of financial weakness, including delays in supplier payments and a higher probability of non-performing loans, charge-offs, and insolvency. Overall, our findings suggest that a substantial part of debt underreporting is strategic and that banks take it into account when making credit decisions.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"67 ","pages":"Article 101222"},"PeriodicalIF":2.4,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148565451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Global bank lending during political conflicts 政治冲突期间的全球银行贷款
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2026-04-01 Epub Date: 2026-03-25 DOI: 10.1016/j.jfi.2026.101208
Piotr Danisewicz , Min Park , Klaus Schaeck , Yitao Zheng
{"title":"Global bank lending during political conflicts","authors":"Piotr Danisewicz ,&nbsp;Min Park ,&nbsp;Klaus Schaeck ,&nbsp;Yitao Zheng","doi":"10.1016/j.jfi.2026.101208","DOIUrl":"10.1016/j.jfi.2026.101208","url":null,"abstract":"<div><div>We examine global bank lending during geopolitical conflicts. Exploiting Russia’s 2014 countersanctions on the European agricultural industry, we analyze global banks’ syndicated lending to affected firms. We document a significant increase in credit supply to the sanctioned industry, accompanied by a significant increase in the shares of loans with lower spreads and longer maturities. The expansion of credit is not driven by incumbent banks alone. Instead, banks with little prior exposure to agriculture—particularly foreign banks headquartered in alternative export destinations where European firms are likely to redirect trade—account for a considerable proportion of the increased lending. This finding suggests banks actively rebalance their loan portfolio and strategic positioning in response to shifting trade flows. Our findings highlight the role of banks as intermediaries that adjust credit allocation across sectors during geopolitical disruptions, thereby cushioning targeted industries and facilitating their transition toward new markets.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"66 ","pages":"Article 101208"},"PeriodicalIF":3.7,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147601042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Corrigendum to ‘The Costs of Corporate Debt Overhang’ “公司债务积压成本”的勘误表
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2026-04-01 Epub Date: 2026-03-23 DOI: 10.1016/j.jfi.2026.101197
Kristian Blickle , João A.C. Santos
{"title":"Corrigendum to ‘The Costs of Corporate Debt Overhang’","authors":"Kristian Blickle ,&nbsp;João A.C. Santos","doi":"10.1016/j.jfi.2026.101197","DOIUrl":"10.1016/j.jfi.2026.101197","url":null,"abstract":"","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"66 ","pages":"Article 101197"},"PeriodicalIF":3.7,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147849882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Mutual-to-stock conversions and depositor welfare: Evidence from U.S. savings banks 互股转换和存款人福利：来自美国储蓄银行的证据
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2026-04-01 DOI: 10.1016/j.jfi.2026.101209
Mattia Girotti , Richard Meade
{"title":"Mutual-to-stock conversions and depositor welfare: Evidence from U.S. savings banks","authors":"Mattia Girotti ,&nbsp;Richard Meade","doi":"10.1016/j.jfi.2026.101209","DOIUrl":"10.1016/j.jfi.2026.101209","url":null,"abstract":"<div><div>We empirically study how banks’ conversions from mutual to stock ownership affect depositor welfare. Using U.S. data and a discrete choice model of deposit account demand, we show that when a bank is mutual, depositors are less sensitive to price, and each unit of cash and liquidity services is valued more positively. We then examine how mutual-to-stock conversions affect deposit account characteristics and combine these changes with our demand estimates to assess conversions’ impact on depositor welfare. Our estimates indicate that conversions increase depositor welfare, challenging the premise that mutual banks operate for the benefit of their members.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"66 ","pages":"Article 101209"},"PeriodicalIF":3.7,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147601041","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
What drives corporate ESG? Disentangling the importance of investors and managers 企业ESG的驱动力是什么？理清投资者和管理者的重要性
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2026-01-01 Epub Date: 2026-02-24 DOI: 10.1016/j.jfi.2026.101194
Vicente J. Bermejo , Antonino Emanuele Rizzo , Mohammed Zakriya
{"title":"What drives corporate ESG? Disentangling the importance of investors and managers","authors":"Vicente J. Bermejo ,&nbsp;Antonino Emanuele Rizzo ,&nbsp;Mohammed Zakriya","doi":"10.1016/j.jfi.2026.101194","DOIUrl":"10.1016/j.jfi.2026.101194","url":null,"abstract":"<div><div>We study the relative importance of institutional investors and managers for corporate ESG policies. We find that investor effects are the strongest predictors of ESG performance. This result holds across individual ESG dimensions, and it is particularly pronounced for the environmental dimension. Long-term investors and those headquartered in Democratic-leaning states are most strongly associated with higher ESG performance. Additional analyses indicate that both investor selection and influence channels are at play. Overall, our findings highlight the central role of institutional investors for corporate ESG outcomes.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"65 ","pages":"Article 101194"},"PeriodicalIF":3.7,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147421058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Beyond the bureau: Interoperable payment data for loan screening and monitoring 超出局：用于贷款筛选和监控的互操作支付数据
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2026-01-01 Epub Date: 2026-02-27 DOI: 10.1016/j.jfi.2026.101196
Kumar Rishabh
{"title":"Beyond the bureau: Interoperable payment data for loan screening and monitoring","authors":"Kumar Rishabh","doi":"10.1016/j.jfi.2026.101196","DOIUrl":"10.1016/j.jfi.2026.101196","url":null,"abstract":"<div><div>Open Banking initiatives aim to make payment data interoperable across institutions. I examine the value of this interoperability in lending using data that link borrowers’ payment histories with non-bank small-business loans in India. Payment data improve lenders’ ability to screen and monitor loans beyond traditional sources, including credit bureaus. These information sources are complementary because they specialize in different determinants of repayment. Subsample analysis shows that payment histories primarily reflect real-time repayment ability, while a natural experiment removing borrower discretion confirms that credit bureaus primarily measure willingness to repay. Shifting to payment-based screening benefits most borrowers but disadvantages those with poor credit scores and thin payment records, highlighting distributional trade-offs in Open Banking implementation.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"65 ","pages":"Article 101196"},"PeriodicalIF":3.7,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147421921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Financing green transition: The role of bank-nonbank partnerships 绿色转型融资：银行与非银行伙伴关系的作用
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2026-01-01 Epub Date: 2025-12-30 DOI: 10.1016/j.jfi.2025.101193
Angela Gallo , Min Park
{"title":"Financing green transition: The role of bank-nonbank partnerships","authors":"Angela Gallo ,&nbsp;Min Park","doi":"10.1016/j.jfi.2025.101193","DOIUrl":"10.1016/j.jfi.2025.101193","url":null,"abstract":"<div><div>We document a significant role for nonbanks in financing the green transition following the Paris Agreement, primarily through lending partnerships with banks. Using textual analysis to identify green loans, we show that nonbanks participate in a greater number of green syndicated loans and commit larger amounts in response to corporate demand for green financing. Such nonbank investment in green loans is associated with more favorable loan terms and is consistent with a nonbank-led expansion in credit supply rather than bank-driven risk offloading. Nonbank investment is highly sensitive to policy signals, suggesting that regulatory transition risk is a key driver. Overall, our findings show the potential for nonbanks to support the transition but only under credible political commitment to climate goals.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"65 ","pages":"Article 101193"},"PeriodicalIF":3.7,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145871731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Borrower expectations and mortgage performance: Evidence from the COVID-19 pandemic 借款人预期和抵押贷款表现：来自COVID-19大流行的证据
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-10-01 Epub Date: 2025-11-04 DOI: 10.1016/j.jfi.2025.101181
William D. Larson , Christos A. Makridis , Chad A. Redmer
{"title":"Borrower expectations and mortgage performance: Evidence from the COVID-19 pandemic","authors":"William D. Larson ,&nbsp;Christos A. Makridis ,&nbsp;Chad A. Redmer","doi":"10.1016/j.jfi.2025.101181","DOIUrl":"10.1016/j.jfi.2025.101181","url":null,"abstract":"<div><div>We estimate the causal effects of changing borrower expectations on the execution of options embedded in mortgage contracts during the COVID-19 pandemic. Borrowers who were most optimistic about future appreciation at the onset of the pandemic quickly entered forbearance, but then exited as expectations improved. However, borrowers who expected unemployment entered and remained in forbearance throughout the weak labor market. We also find expectations are determined via both local experiences and social networks, and correlate with both leverage and debt burdens. Overall, these findings highlight an important source of private information and adverse selection in the mortgage market.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"64 ","pages":"Article 101181"},"PeriodicalIF":3.7,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466149","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
TARP from the banks’ perspective: Evidence from conference calls 银行视角下的问题资产救助计划：来自电话会议的证据
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-10-01 Epub Date: 2025-10-25 DOI: 10.1016/j.jfi.2025.101180
Jean Helwege , Xin Liu
{"title":"TARP from the banks’ perspective: Evidence from conference calls","authors":"Jean Helwege ,&nbsp;Xin Liu","doi":"10.1016/j.jfi.2025.101180","DOIUrl":"10.1016/j.jfi.2025.101180","url":null,"abstract":"<div><div>Using earnings conference calls, we investigate banks’ views of the Troubled Asset Relief Program (TARP) to understand why TARP generated so few loans. We find that banks generally regarded TARP favorably and many mentioned using TARP funds to make loans. However, actual loan growth fell well below expectations based on prior capital ratios, even among banks that publicly committed to lending. Other banks highlighted that the funds would improve their capital ratios. We show that these perspectives are largely unrelated to banks’ ex-ante financial characteristics, but instead reflect the evolving conditions during the crisis period. These shifts are consistent with a large decline in the fraction of banks that commented on the favorable pricing of the preferred stock over time. Our findings suggest that banks primarily used TARP funds to strengthen capital ratios, partly driven by CEO career concerns. Weak loan demand and evolving market conditions also contributed to the sluggish loan growth following the TARP injections.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"64 ","pages":"Article 101180"},"PeriodicalIF":3.7,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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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