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Journal of Financial Intermediation最新文献

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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
Corporate environmental footprint and product market competition 企业环境足迹与产品市场竞争
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-10-01 Epub Date: 2025-09-25 DOI: 10.1016/j.jfi.2025.101178
Yaniv Grinstein , Yelena Larkin
{"title":"Corporate environmental footprint and product market competition","authors":"Yaniv Grinstein ,&nbsp;Yelena Larkin","doi":"10.1016/j.jfi.2025.101178","DOIUrl":"10.1016/j.jfi.2025.101178","url":null,"abstract":"<div><div>Banks face pressure to integrate a wider range of risks into lending decisions, including both traditional product-market risks and the increasingly important environmental risk. Yet how these two types of risk interact remains unclear. We show that production technology is pivotal in shaping the impact of product-market competition on environmental risk. Focusing on the restructuring of the US electric utility industry, which introduced product-market competition into a highly polluting sector, we find that technological capacity is key. When technology enables cost-saving production decisions that also improve environmental performance, competition reduces environmental footprint. Otherwise, it exacerbates it. These findings suggest that lenders must assess not only individual risk factors of borrowers but also their potential interactions, with firms’ technological capacity playing a crucial role.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"64 ","pages":"Article 101178"},"PeriodicalIF":3.7,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145270411","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
‘Invest!’: Liberty bonds and stock ownership over the twentieth century “投资!：二十世纪的自由债券和股票所有权
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-10-01 Epub Date: 2025-09-09 DOI: 10.1016/j.jfi.2025.101179
Gillian Brunet , Eric Hilt , Matthew Jaremski
{"title":"‘Invest!’: Liberty bonds and stock ownership over the twentieth century","authors":"Gillian Brunet ,&nbsp;Eric Hilt ,&nbsp;Matthew Jaremski","doi":"10.1016/j.jfi.2025.101179","DOIUrl":"10.1016/j.jfi.2025.101179","url":null,"abstract":"<div><div>The Liberty Bond drives of World War I were nation-wide interventions aimed at increasing financial literacy and associating bond ownership with patriotism. Using data from the first year of the Survey of Consumer Finances, 1947, through 1971, we investigate whether exposure to the drives shaped investing behavior over the long run. We find that households residing in counties that had high Liberty Bond participation had greater stock and bond ownership rates in later decades, and held more favorable opinions towards retirement saving and stock investment. These effects are present only among cohorts actually exposed to the bond drives, and not among younger cohorts in the same counties, and are robust to an instrumental variables specification that takes advantage of differences in the way the bond drives were conducted. Our estimates imply that household stock ownership rates would have been about 21 % lower in the late 1960s if the bond drives had not been conducted.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"64 ","pages":"Article 101179"},"PeriodicalIF":3.7,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145195803","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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