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Journal of Financial Intermediation最新文献

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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
Providing safety in a rush: How did shadow banks respond to a $1 trillion shock? 匆忙提供安全保障：影子银行如何应对1万亿美元的冲击？
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-10-01 Epub Date: 2025-11-10 DOI: 10.1016/j.jfi.2025.101183
Stefan Gissler , Marco Macchiavelli , Borghan Narajabad
{"title":"Providing safety in a rush: How did shadow banks respond to a $1 trillion shock?","authors":"Stefan Gissler ,&nbsp;Marco Macchiavelli ,&nbsp;Borghan Narajabad","doi":"10.1016/j.jfi.2025.101183","DOIUrl":"10.1016/j.jfi.2025.101183","url":null,"abstract":"<div><div>To provide a safe haven for investors at all times, government money market funds face several challenges, which received little attention in prior studies. When Treasury bills are scarce, they need a flexible supplier of safe assets as a substitute for T-bills. The challenge compounds when government funds also experience large inflows. Conversely, when T-bills are abundant but with long maturities, government funds need complements to T-bills to manage interest rate risk. Federal Home Loan Banks satisfy both needs, offering large amounts of safe assets on short notice and with flexible repricing which allows funds to manage interest rate risk.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"64 ","pages":"Article 101183"},"PeriodicalIF":3.7,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520231","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
Do bank insiders impede equity issuances? 银行内部人士是否会阻碍股票发行？
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-10-01 Epub Date: 2025-11-01 DOI: 10.1016/j.jfi.2025.101182
Martin R. Goetz , Luc Laeven , Ross Levine
{"title":"Do bank insiders impede equity issuances?","authors":"Martin R. Goetz ,&nbsp;Luc Laeven ,&nbsp;Ross Levine","doi":"10.1016/j.jfi.2025.101182","DOIUrl":"10.1016/j.jfi.2025.101182","url":null,"abstract":"<div><div>We construct a novel panel of insider ownership for roughly 600 U.S. bank holding companies from 2003 to 2014 to test whether ownership structure shaped recapitalizations around the Global Financial Crisis (GFC). Insider ownership shows no discrete shift around the GFC. Using a difference-in-differences design with BHC and time fixed effects, we find that, after Q3 2008, banks with higher pre-crisis insider stakes issued significantly less common equity than otherwise similar peers. This effect is more pronounced where insiders enjoy greater private benefits of control, as proxied by insider lending and earnings opacity—consistent with dilution reluctance as the mechanism. The findings hold in propensity score matched regressions and when employing instrumental variables for insider ownership. These results reveal that ownership structure affects banks’ equity issuances in crises, underscoring the importance of accounting for ownership structure in bank stress tests and capital-regulation frameworks.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"64 ","pages":"Article 101182"},"PeriodicalIF":3.7,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466148","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
Frontier risks, financial innovation and prudential regulation of banks: Introduction 前沿风险、金融创新与银行审慎监管：导论
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-10-01 Epub Date: 2025-07-25 DOI: 10.1016/j.jfi.2025.101168
Paolo Fulghieri , Anjan Thakor
{"title":"Frontier risks, financial innovation and prudential regulation of banks: Introduction","authors":"Paolo Fulghieri ,&nbsp;Anjan Thakor","doi":"10.1016/j.jfi.2025.101168","DOIUrl":"10.1016/j.jfi.2025.101168","url":null,"abstract":"<div><div>This paper provides a summary of the five papers published in this special issue. It also indicates the themes that connect these papers and highlights the major insights uncovered by the research. The overall message is that banks adapt in often-unexpected ways to the dynamic nature of regulation and the complex interaction of regulation and the evolving market forces that spawn frontier risks and amplify traditional risks, thereby creating daunting regulatory challenges.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"64 ","pages":"Article 101168"},"PeriodicalIF":3.7,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145579515","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
Open data and API adoption of U.S. banks 美国银行的开放数据和API采用
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 Epub Date: 2025-06-19 DOI: 10.1016/j.jfi.2025.101162
Xiangyu Lin , S. Sarah Zhang , Markos Zachariadis
{"title":"Open data and API adoption of U.S. banks","authors":"Xiangyu Lin ,&nbsp;S. Sarah Zhang ,&nbsp;Markos Zachariadis","doi":"10.1016/j.jfi.2025.101162","DOIUrl":"10.1016/j.jfi.2025.101162","url":null,"abstract":"<div><div>Bank adoption of external application programming interfaces (APIs) enables bank customers to share their data more efficiently and securely with other third-party financial institutions and FinTechs, thus enabling open banking and bank data portability. Analyzing determinants of API adoption by U.S. banks from 2007 to 2022, we show that banks that adopt APIs tend to be larger and face lower competitive pressures. The announcement of President Biden’s executive order in July 2021 encouraged increased bank data portability and led to an acceleration in bank API adoption. Banks that adopt APIs experience an increase in Return on Assets (<em>ROA</em>) and <em>Tobin’s Q</em> and a decrease in loan loss provisions, particularly after President Biden’s executive order. We find that APIs’ ability to facilitate data access and sharing improves bank information flows and supports banks’ loan and deposit services which form the foundation of notable improvements in bank performance. Overall, our results on the determinants and implications of API adoption have important policy implications for the discussion on open banking regulation and bank data portability.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101162"},"PeriodicalIF":3.1,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144321246","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
Value creation and stability in financial services: How should we regulate banks? 金融服务的价值创造与稳定：我们应该如何监管银行？
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 Epub Date: 2025-08-05 DOI: 10.1016/j.jfi.2025.101169
Jan Pieter Krahnen , Ted Lindblom , Deborah Lucas , Magnus Olsson , Paolo Fulghieri , Anjan Thakor
{"title":"Value creation and stability in financial services: How should we regulate banks?","authors":"Jan Pieter Krahnen ,&nbsp;Ted Lindblom ,&nbsp;Deborah Lucas ,&nbsp;Magnus Olsson ,&nbsp;Paolo Fulghieri ,&nbsp;Anjan Thakor","doi":"10.1016/j.jfi.2025.101169","DOIUrl":"10.1016/j.jfi.2025.101169","url":null,"abstract":"<div><div>This paper is based on a panel discussion at the international bank conference on <em>Frontier Risks, Financial Innovation and Prudential Regulation of Banks</em> in Gothenburg, Sweden, June 2–4, 2024. The panelists were Deborah Lucas, Jan Pieter Krahnen, and Magnus Olsson, with Ted Lindblom moderating. This paper contains the panel presentations, along with a unifying discussion by Paolo Fulghieri and Anjan Thakor. The main themes in the paper focus on how society should balance costs and benefits in designing the prudential regulation of banks. Optimal regulation should take into account how banks and markets interact, the dangers of both under-regulation that spawns excessive risk-taking and over-regulation that depresses value-enhancing innovation in financial services, the somewhat fragmented nature of national-sovereignty-constrained European banking and financial markets regulation relative to bank regulation in the US, and how prudential regulation can be improved by more explicitly dealing with interest rate risk.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101169"},"PeriodicalIF":3.7,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144852122","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
Financial regulatory cycles: A political economy model 金融监管周期：一个政治经济学模型
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 Epub Date: 2025-07-18 DOI: 10.1016/j.jfi.2025.101164
Pooya Almasi , Jihad Dagher , Carlo Prato
{"title":"Financial regulatory cycles: A political economy model","authors":"Pooya Almasi ,&nbsp;Jihad Dagher ,&nbsp;Carlo Prato","doi":"10.1016/j.jfi.2025.101164","DOIUrl":"10.1016/j.jfi.2025.101164","url":null,"abstract":"<div><div>A historical look at financial boom-bust cycles shows that pro-cyclicality in financial regulation is a common and recurring pattern. This paper shows that inefficient regulatory cycles can naturally arise when electoral concerns are introduced into a simple model of financial intermediation. We explore how financial innovations, public opinion and policymakers’ incentives shape financial regulation within this framework. We show that in the presence of incompetent politicians, competent politicians take regulatory risks to signal their competence. This amplifies the influence of public opinion on policy, leading to an <em>ex ante</em> inefficient pro-cyclicality in financial regulation.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101164"},"PeriodicalIF":3.7,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724653","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
Sideshow or center stage? Information transmission between CDS and equity markets 杂耍还是中心舞台？CDS与股票市场之间的信息传递
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 Epub Date: 2025-05-10 DOI: 10.1016/j.jfi.2025.101151
Alexandre Rubesam, Paul Zimmermann
{"title":"Sideshow or center stage? Information transmission between CDS and equity markets","authors":"Alexandre Rubesam,&nbsp;Paul Zimmermann","doi":"10.1016/j.jfi.2025.101151","DOIUrl":"10.1016/j.jfi.2025.101151","url":null,"abstract":"<div><div>Recent studies provide strong evidence that credit default swap (CDS) markets play a leading role in information intermediation. This paper proposes a model to rationalize the information transmission mechanism between the CDS and equity markets. In our model, informed traders with an informational advantage obtained from monitoring credit markets engage in capital structure arbitrage and trade strategically to exploit mispricings between individual stocks and CDS. In line with our model’s prediction, our empirical results provide evidence of a contemporaneous channel transmitting structural CDS shocks to equities. A positive shock to CDS decreases stock returns contemporaneously and over the long run. This credit-to-equity channel dominates the reverse transmission channel from stocks to CDS. Robustness tests confirm the role of the CDS market as a preferred venue for informed trading, independently of credit rating events or business sectors.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101151"},"PeriodicalIF":3.1,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144068387","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
Why DeFi lending? Evidence from Aave V2 为什么是DeFi贷款？来自Aave V2的证据
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 Epub Date: 2025-08-08 DOI: 10.1016/j.jfi.2025.101166
Giulio Cornelli , Leonardo Gambacorta , Rodney Garratt , Alessio Reghezza
{"title":"Why DeFi lending? Evidence from Aave V2","authors":"Giulio Cornelli ,&nbsp;Leonardo Gambacorta ,&nbsp;Rodney Garratt ,&nbsp;Alessio Reghezza","doi":"10.1016/j.jfi.2025.101166","DOIUrl":"10.1016/j.jfi.2025.101166","url":null,"abstract":"<div><div>Decentralised finance (DeFi) lending protocols have experienced significant growth recently, yet the motivations driving investors remain largely unexplored. We use granular, transaction-level data from Aave, a leading player in the DeFi lending market, to study these motivations. Our theoretical and empirical findings reveal that the search for yield predominantly drives liquidity provision in DeFi lending pools, whereas borrowing activity is mainly influenced by speculative and, to some extent, governance motives. Both retail and large investors seek potential high returns through market movements and price speculation, however the latter engage in DeFi borrowing relatively more than the former also to influence protocol decisions and accrue more significant governance rights.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101166"},"PeriodicalIF":3.7,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144852123","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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