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Institutional Shareholders and Bank Capital 机构股东与银行资本
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-04-01 DOI: 10.1016/j.jfi.2022.100960
Alexandre Garel , Arthur Petit-Romec , Rudi Vander Vennet
{"title":"Institutional Shareholders and Bank Capital","authors":"Alexandre Garel ,&nbsp;Arthur Petit-Romec ,&nbsp;Rudi Vander Vennet","doi":"10.1016/j.jfi.2022.100960","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.100960","url":null,"abstract":"<div><p>We examine the relationship between institutional ownership and bank capital. Using a large sample of U.S. banks, we show that banks with greater institutional ownership operate with substantially higher capital ratios. The results are robust to controlling for standard determinants of bank capital structure, including market- and accounting-based risk measures. The results hold both for indexers and non-indexers, indicating that the effect of institutional ownership on bank capital cannot be explained by self-selection. We further address endogeneity concerns using an instrumental variable strategy based on the inclusion of banks in the S&amp;P index. We find supporting evidence that the superior monitoring abilities of institutional investors, which reduce the severity of agency costs, is the main explanation for our results.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"50 ","pages":"Article 100960"},"PeriodicalIF":5.2,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71775602","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
Fintech in the time of COVID−19: Technological adoption during crises COVID - 19时代的金融科技:危机期间的技术采用
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-04-01 DOI: 10.1016/j.jfi.2021.100945
Jonathan Fu , Mrinal Mishra
{"title":"Fintech in the time of COVID−19: Technological adoption during crises","authors":"Jonathan Fu ,&nbsp;Mrinal Mishra","doi":"10.1016/j.jfi.2021.100945","DOIUrl":"10.1016/j.jfi.2021.100945","url":null,"abstract":"<div><p>We document the effects of the COVID−19 pandemic on digital finance and fintech adoption. Drawing on mobile application data from a globally representative sample, we find that the spread of COVID− 19 and related government lockdowns led to a sizeable increase in the rate of finance app downloads. We then analyze factors that may have driven this effect on the demand−side and better understand the “winners” from this digital acceleration on the supply−side. Our overall results suggest that traditional incumbents saw the largest growth in their digital offerings during the initial period, but that “BigTech” companies and newer fintech providers ultimately outperformed them over time. Finally, we drill−down further on the adoption of fintech apps pertaining to both the asset and liability side of the traditional bank balance sheet, to explore the implications that the accelerated trends in digitization may have for the future landscape of financial intermediation.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"50 ","pages":"Article 100945"},"PeriodicalIF":5.2,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042957321000462/pdfft?md5=d9705d54fe69a4cf78a114e80edcc41c&pid=1-s2.0-S1042957321000462-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42784397","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: 56
Information disclosure and the feedback effect in capital markets 资本市场的信息披露与反馈效应
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-01-01 DOI: 10.1016/j.jfi.2020.100897
Spyros Terovitis
{"title":"Information disclosure and the feedback effect in capital markets","authors":"Spyros Terovitis","doi":"10.1016/j.jfi.2020.100897","DOIUrl":"10.1016/j.jfi.2020.100897","url":null,"abstract":"<div><p>Are more informative credit ratings always preferred and how should regulators intervene to promote investment efficiency? To answer these questions, we develop a model in which a manager seeks financing for a project. The main frictions are that the manager is privately informed about the project’s quality and cannot commit not to divert resources away from it. This setting gives rise to a feedback effect in which creditors’ beliefs about whether the manager diverts resources can become self-fulfilling. A critical consequence of this feedback effect is that more precise ratings can be detrimental for investment efficiency. Intuitively, by revealing that a firm is of worse quality and increasing its cost of finance, more informative ratings strengthen the manager’s incentive to withdraw resources away from the project and default. We show that the regulation of credit rating agencies should be lenient during good times and strict during bad times.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"49 ","pages":"Article 100897"},"PeriodicalIF":5.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jfi.2020.100897","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47208018","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: 3
Real liquidity and banking 实际流动性和银行业
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-01-01 DOI: 10.1016/j.jfi.2020.100895
Zehao Liu , Ping He
{"title":"Real liquidity and banking","authors":"Zehao Liu ,&nbsp;Ping He","doi":"10.1016/j.jfi.2020.100895","DOIUrl":"https://doi.org/10.1016/j.jfi.2020.100895","url":null,"abstract":"<div><p><span>In an economy where banks take numeraire goods, so called money, as deposits, money allows depositors suffering preference shocks to withdraw from banks prematurely without liquidation of real investment. If real liquidity, defined as the real value of the monetary base, is low, the amount of payment liquidity, constrained by the velocity of money<span>, limits the short-term price level of investment goods before banks can settle their long-term loan contracts. This leads to an attractive nominal long-term investment return and over-investment. Allowing for inside money, that is, bank deposits, to be used for payment can improve social welfare but cannot fully resolve the liquidity shortage problem as the short-term </span></span>interest rate<span> offered by banks is constrained by the threat of bank runs. In the presence of systemic liquidity shocks, the price-adjustment mechanism cannot take full effects with insufficient payment liquidity, which can lead to non-zero profits for banks. Exchanging investment goods for numeraire goods through international trade can improve social welfare.</span></p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"49 ","pages":"Article 100895"},"PeriodicalIF":5.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jfi.2020.100895","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71784564","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
Banking integration and growth: Role of banks' previous industry exposure 银行业整合与成长:银行以往行业敞口的作用
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-01-01 DOI: 10.1016/j.jfi.2021.100944
Neslihan Karakaya , Tomasz K. Michalski , Evren Örs
{"title":"Banking integration and growth: Role of banks' previous industry exposure","authors":"Neslihan Karakaya ,&nbsp;Tomasz K. Michalski ,&nbsp;Evren Örs","doi":"10.1016/j.jfi.2021.100944","DOIUrl":"https://doi.org/10.1016/j.jfi.2021.100944","url":null,"abstract":"<div><p>Using U.S. interstate banking deregulations, we identify the effect of market-entering banks’ prior industry<span> exposures on the manufacturing sector growth in the new state that they enter. We create banking integration and industry specialization measures that consider both direct (state-pair) as well as indirect (tertiary-state) links created by expanding multi-bank holding company networks. First, consistent with the economic mechanism we have in mind, we observe that banks’ home state's industrial specialization is positively correlated with their lending specialization when participating to in-state as well as out-of-state syndicated loan markets. Then, focusing on industry value added at the state-industry-level, we find evidence consistent with the positive impact of market-entering banks’ prior exposure to a sector on the growth of that industry in the newly-entered state. The observed effect is larger when the state-pair-level discrepancy in sector-specialization is greater. Our findings are robust and hold in capital-related components of industry-level value added. We observe that the above results are more prominent in sectors that are more external finance dependent, have lower amounts of physical capital that can be pledged as collateral, generate more valuable patents, are durables-producers, and have a higher risk. Our findings suggest that a bank integration channel helps shape states’ industrial landscape.</span></p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"49 ","pages":"Article 100944"},"PeriodicalIF":5.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71784562","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
Who Values Economist Forecasts? Evidence From Trading in Treasury Markets 谁看重经济学家的预测?来自国债市场交易的证据
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-01-01 DOI: 10.1016/j.jfi.2021.100934
Robert James , Elvis Jarnecic , Henry Leung
{"title":"Who Values Economist Forecasts? Evidence From Trading in Treasury Markets","authors":"Robert James ,&nbsp;Elvis Jarnecic ,&nbsp;Henry Leung","doi":"10.1016/j.jfi.2021.100934","DOIUrl":"https://doi.org/10.1016/j.jfi.2021.100934","url":null,"abstract":"<div><p><span>While economic forecasting is ubiquitous within the </span>industry, its role in the trading process has received little attention in the literature. We examine how economist forecasts are related to trading activity in the OTC treasury bond market at the participant level. Consistent with models of heterogeneous opinions, we show that the forecasting economists employing institution places a disproportionately large reliance on the forecast. There is pervasive evidence that this reliance is asymmetric. Only forecasts which imply a fall in future treasury bond prices are associated with an abnormal trading reaction consistent with the forecast. Reference dependence and loss aversion offer one possible explanation for this asymmetric trading response.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"49 ","pages":"Article 100934"},"PeriodicalIF":5.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71783549","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 spread of deposit insurance and the global rise in bank asset risk since the 1970s 自上世纪70年代以来，存款保险的普及和全球银行资产风险的上升
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-01-01 DOI: 10.1016/j.jfi.2020.100881
Charles W. Calomiris , Sophia Chen
{"title":"The spread of deposit insurance and the global rise in bank asset risk since the 1970s","authors":"Charles W. Calomiris ,&nbsp;Sophia Chen","doi":"10.1016/j.jfi.2020.100881","DOIUrl":"https://doi.org/10.1016/j.jfi.2020.100881","url":null,"abstract":"<div><p>We construct a new measure of deposit insurance generosity for many countries, empirically model the exogenous international influences on the adoption and generosity of deposit insurance and use a novel econometric method to explore the causal chain from the expansion of deposit insurance generosity to increased overall lending, increased lending to households, increased banking system leverage, and more severe and frequent banking crises. Greater deposit insurance generosity robustly produces greater overall lending relative to bank assets and more lending to households relative to both bank assets and GDP, and results in higher banking system leverage. Our estimates, however, are not conclusive regarding whether greater deposit insurance generosity resulted in greater total loans relative to GDP or in more frequent or severe banking crises.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"49 ","pages":"Article 100881"},"PeriodicalIF":5.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jfi.2020.100881","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71784561","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: 22
Economic policy uncertainty and bank liquidity hoarding 经济政策不确定性与银行流动性囤积
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-01-01 DOI: 10.1016/j.jfi.2020.100893
Allen N. Berger , Omrane Guedhami , Hugh H. Kim , Xinming Li
{"title":"Economic policy uncertainty and bank liquidity hoarding","authors":"Allen N. Berger ,&nbsp;Omrane Guedhami ,&nbsp;Hugh H. Kim ,&nbsp;Xinming Li","doi":"10.1016/j.jfi.2020.100893","DOIUrl":"https://doi.org/10.1016/j.jfi.2020.100893","url":null,"abstract":"<div><p><span>We examine the impact of economic policy uncertainty (</span><em>EPU</em><span>) on bank liquidity hoarding. We create a comprehensive measure of bank liquidity hoarding that takes into account asset-, liability-, and off-balance sheet activities. Using over one million bank-quarter observations, we find that in response to </span><em>EPU</em><span>, banks hoard liquidity overall and through all three components. This behavior is more pronounced for banks with less liquidity, more peer-bank spillover effects, and more </span><em>EPU</em> exposure. Additional analyses of interest rate spreads on several bank products suggest that our findings reflect at least in part bank choices, rather than just the reactions of customers.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"49 ","pages":"Article 100893"},"PeriodicalIF":5.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jfi.2020.100893","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71784563","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
Securitization and optimal foreclosure 证券化和最佳止赎权
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2021-10-01 DOI: 10.1016/j.jfi.2020.100885
John Chi-Fong Kuong , Jing Zeng
{"title":"Securitization and optimal foreclosure","authors":"John Chi-Fong Kuong ,&nbsp;Jing Zeng","doi":"10.1016/j.jfi.2020.100885","DOIUrl":"https://doi.org/10.1016/j.jfi.2020.100885","url":null,"abstract":"<div><p>Does securitization distort the foreclosure decisions of non-performing mortgages? In a model of mortgage-backed securitization with an endogenous foreclosure policy, we find that the securitizing bank adopts a tougher foreclosure policy than the first-best, despite resulting in higher loan losses. This is optimal because foreclosure mitigates the adverse selection problem in securitization by making the optimal security, a risky debt, less information-sensitive. We further show that policies that limit mortgage foreclosure would discourage the bank’s ex ante screening effort, reducing the quality of securitized mortgages. Our model yields novel testable predictions on the effect of mortgage securitization on foreclosure rates, loan performance, and mortgage servicing.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"48 ","pages":"Article 100885"},"PeriodicalIF":5.2,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jfi.2020.100885","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71868115","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
COVID-19, policy interventions and credit: The Brazilian experience 新冠肺炎、政策干预和信贷：巴西的经验
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2021-10-01 DOI: 10.1016/j.jfi.2021.100933
Lars Norden , Daniel Mesquita , Weichao Wang
{"title":"COVID-19, policy interventions and credit: The Brazilian experience","authors":"Lars Norden ,&nbsp;Daniel Mesquita ,&nbsp;Weichao Wang","doi":"10.1016/j.jfi.2021.100933","DOIUrl":"10.1016/j.jfi.2021.100933","url":null,"abstract":"<div><p>The COVID-19 pandemic caused a global health and economic crisis to which governments responded with massive policy interventions. Using Brazil as a testing ground, we investigate the influence of the pandemic and ensuing policy interventions on local credit markets. First, we find that the pandemic has a significantly negative impact on local credit. Second, using a novel manually collected database on the staggered municipal government policy interventions, we show heterogenous effects of interventions: positive effects of soft interventions (e.g., social distancing and mass gathering restrictions) and late reopening, and negative effects of hard interventions (e.g., closure of non-essential services) and early reopening. Third, we find that state-owned banks grant more local credit than privately owned banks during the COVID-19 crisis but this difference is less pronounced than it was in the 2008 Financial Crisis. We confirm our results using pre-pandemic local political preference as instrument for policy interventions and orthogonalized policy intervention indicators, and in placebo tests.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"48 ","pages":"Article 100933"},"PeriodicalIF":5.2,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jfi.2021.100933","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49665744","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: 14
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