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Journal of Financial Intermediation最新文献

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Disclosure mandate, trust, and asset securitization
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-04-16 DOI: 10.1016/j.jfi.2025.101145
Lantian Liang , Harold H. Zhang , Feng Zhao , Xiaofei Zhao
{"title":"Disclosure mandate, trust, and asset securitization","authors":"Lantian Liang ,&nbsp;Harold H. Zhang ,&nbsp;Feng Zhao ,&nbsp;Xiaofei Zhao","doi":"10.1016/j.jfi.2025.101145","DOIUrl":"10.1016/j.jfi.2025.101145","url":null,"abstract":"<div><div>Utilizing a unique and novel setting of disclosure mandate threshold under Regulation AB (Reg AB), we investigate the relationship between disclosure and trust in asset securitization. Post-Reg AB enactment, we observe a significant bunching of originators just below the disclosure threshold. Less trustworthy originators are more likely to adjust their portfolio sizes to remain below this threshold, particularly when loan originators and deal sponsors are unaffiliated, which are cases in which disclosure plays a greater role in reducing information asymmetry. Additionally, these originators are more likely to misrepresent loan quality. Our findings reveal a strong relationship between disclosure and trust—trustworthy originators disclose more and originate higher-quality loans, while less trustworthy originators disclose less and produce lower-quality loans.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101145"},"PeriodicalIF":3.1,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143877386","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
Variable deposit betas and bank exposure to interest rate risk
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-04-01 DOI: 10.1016/j.jfi.2025.101147
Mustafa Emin , Christopher James , Tao Li
{"title":"Variable deposit betas and bank exposure to interest rate risk","authors":"Mustafa Emin ,&nbsp;Christopher James ,&nbsp;Tao Li","doi":"10.1016/j.jfi.2025.101147","DOIUrl":"10.1016/j.jfi.2025.101147","url":null,"abstract":"<div><div>Following the global financial crisis, banks lengthened the average maturity of their assets relative to that of their liabilities, principally by increasing their investments in mortgage-related assets. Whether such maturity transformation exposes banks to interest rate risk depends, in part, on the effectiveness of bank deposits as a hedge against interest rate shocks. In this paper we provide evidence that interest pass-through rates on deposits vary significantly with interest rates, which reduces the effectiveness of deposits as a hedge when interest rates increase. The dynamic nature of the deposit betas explains, in part, why the duration of bank equity varies with interest rates and why interest rate risk models need to account for how pass-through rates vary with interest rates.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"62 ","pages":"Article 101147"},"PeriodicalIF":3.1,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143842648","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
The value of renegotiation frictions: Evidence from commercial real estate
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-04-01 DOI: 10.1016/j.jfi.2025.101144
David Glancy , Robert Kurtzman , Lara Loewenstein
{"title":"The value of renegotiation frictions: Evidence from commercial real estate","authors":"David Glancy ,&nbsp;Robert Kurtzman ,&nbsp;Lara Loewenstein","doi":"10.1016/j.jfi.2025.101144","DOIUrl":"10.1016/j.jfi.2025.101144","url":null,"abstract":"<div><div>Loan modifications can ease borrowers’ financial burdens and mitigate loan losses. However, the threat of future strategic renegotiation may cause lenders to tighten ex-ante credit provision. We evaluate this trade-off in a dynamic model of loan underwriting with frictional renegotiation and calibrate it using loan-level CRE data from banks and CMBS. We find that modification frictions can rationalize a number of empirical facts regarding how CRE loan underwriting and performance differ across lenders. Key to this result, high frictions to modifying CMBS loans reduce renegotiation, increase debt capacity, and cause high-leverage-demand borrowers to select into the CMBS market. Consequently, easing CMBS modification frictions reduces welfare by restricting the menu of LTVs available in the market.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"62 ","pages":"Article 101144"},"PeriodicalIF":3.1,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143874552","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
Introduction to virtual special issue in honor of Douglas Gale
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-02-17 DOI: 10.1016/j.jfi.2025.101143
Franklin Allen , João A.C. Santos
{"title":"Introduction to virtual special issue in honor of Douglas Gale","authors":"Franklin Allen ,&nbsp;João A.C. Santos","doi":"10.1016/j.jfi.2025.101143","DOIUrl":"10.1016/j.jfi.2025.101143","url":null,"abstract":"","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"62 ","pages":"Article 101143"},"PeriodicalIF":3.1,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143419456","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
Douglas Gale’s contribution to social learning, decision under risk and uncertainty, monotone games and networks
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-02-11 DOI: 10.1016/j.jfi.2025.101141
Syngjoo Choi , Marco Cipriani , Antonio Guarino , Shachar Kariv
{"title":"Douglas Gale’s contribution to social learning, decision under risk and uncertainty, monotone games and networks","authors":"Syngjoo Choi ,&nbsp;Marco Cipriani ,&nbsp;Antonio Guarino ,&nbsp;Shachar Kariv","doi":"10.1016/j.jfi.2025.101141","DOIUrl":"10.1016/j.jfi.2025.101141","url":null,"abstract":"","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"62 ","pages":"Article 101141"},"PeriodicalIF":3.1,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143437006","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
Douglas Gale’s contribution to bargaining and markets
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-02-06 DOI: 10.1016/j.jfi.2025.101139
Piero Gottardi
{"title":"Douglas Gale’s contribution to bargaining and markets","authors":"Piero Gottardi","doi":"10.1016/j.jfi.2025.101139","DOIUrl":"10.1016/j.jfi.2025.101139","url":null,"abstract":"","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"62 ","pages":"Article 101139"},"PeriodicalIF":3.1,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143373105","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
Douglas Gale's contribution to money and equilibrium
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-01-30 DOI: 10.1016/j.jfi.2025.101142
Ernst-Ludwig von Thadden
{"title":"Douglas Gale's contribution to money and equilibrium","authors":"Ernst-Ludwig von Thadden","doi":"10.1016/j.jfi.2025.101142","DOIUrl":"10.1016/j.jfi.2025.101142","url":null,"abstract":"<div><div>No abstract required</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"62 ","pages":"Article 101142"},"PeriodicalIF":3.1,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143101396","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
Douglas Gale's contribution to banking, financial economics and financial crises
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-01-29 DOI: 10.1016/j.jfi.2025.101140
Tanju Yorulmazer
{"title":"Douglas Gale's contribution to banking, financial economics and financial crises","authors":"Tanju Yorulmazer","doi":"10.1016/j.jfi.2025.101140","DOIUrl":"10.1016/j.jfi.2025.101140","url":null,"abstract":"","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"62 ","pages":"Article 101140"},"PeriodicalIF":3.1,"publicationDate":"2025-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143519405","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
Moral hazard and debt maturity
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-01-01 DOI: 10.1016/j.jfi.2024.101121
Gur Huberman , Rafael Repullo
{"title":"Moral hazard and debt maturity","authors":"Gur Huberman ,&nbsp;Rafael Repullo","doi":"10.1016/j.jfi.2024.101121","DOIUrl":"10.1016/j.jfi.2024.101121","url":null,"abstract":"<div><div>We present a model of the maturity of a bank’s uninsured debt. The bank borrows to invest in a long-term asset with endogenous and nonverifiable risk. This moral hazard problem leads to excessive risk-taking. Short-term debt may have a disciplining effect on risk-taking, but it may lead to overborrowing and/or inefficient liquidation. We characterize the conditions under which short- and long-term debt are feasible, and show circumstances where only short-term debt is feasible and where short-term debt dominates long-term debt when both are feasible. The results are consistent with some features of the period preceding the 2007-2009 global financial crisis.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"61 ","pages":"Article 101121"},"PeriodicalIF":3.1,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143141067","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
The cultural legacy of historical ethnic violence: The impact on access to finance and innovation
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-01-01 DOI: 10.1016/j.jfi.2024.101119
Jianan Lu , Wenxuan Hou , Brian G.M. Main
{"title":"The cultural legacy of historical ethnic violence: The impact on access to finance and innovation","authors":"Jianan Lu ,&nbsp;Wenxuan Hou ,&nbsp;Brian G.M. Main","doi":"10.1016/j.jfi.2024.101119","DOIUrl":"10.1016/j.jfi.2024.101119","url":null,"abstract":"<div><div>Using the case of the pogroms that took place in the historical region of the 'Pale of Settlement' in Eastern Europe, this paper analyzes the cultural legacy of ethnic violence and its long-term economic impact on access to finance and on corporate innovation. We find that firms in regions with a higher historical intensity of ethnic persecution face greater financial constraints, relying more on internal finance and experiencing reduced access to external finance. These financial limitations are linked to sluggish innovation activities among present-day firms. We propose that a mechanism of financial antipathy, rooted in a persistent anti-market culture fostered by historical ethnic animosity, explains these effects and reflects a long-term degradation of local social capital. Our results are supported by causal evidence using instrumental variables based on the precursors of historical inter-ethnic violence. The animosity and discrimination against the minority group appear to transfer to the broader economic activities in which that group was involved, creating lasting economic consequences for the majority population – consequences that continue to affect financial development and innovation to the present day.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"61 ","pages":"Article 101119"},"PeriodicalIF":3.1,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143141068","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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