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Journal of Financial Intermediation最新文献

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Distortionary effects of PPP loans on business competition 购买力平价贷款对商业竞争的扭曲效应
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2024-07-01 DOI: 10.1016/j.jfi.2024.101099
Eva Steiner , Alexei Tchistyi
{"title":"Distortionary effects of PPP loans on business competition","authors":"Eva Steiner ,&nbsp;Alexei Tchistyi","doi":"10.1016/j.jfi.2024.101099","DOIUrl":"https://doi.org/10.1016/j.jfi.2024.101099","url":null,"abstract":"<div><p>We study the effects of PPP loans on business competition. We start by introducing temporary cash subsidies into a model of monopolistic competition with differentiated products and heterogeneous production costs. We test the predictions of our model in a sample of U.S. airport hotels for which we observe daily demand, prices, output, and profits. Consistent with model predictions, less profitable businesses were more likely to apply for PPP loans. Businesses with active PPP loans reduced prices, boosting output and profits relative to non-PPP competitors. Those relative differences were reversed once PPP loans expired. We calculate that, for every dollar of PPP subsidies, PPP hotels earned 72.4 cents in extra profits and non-PPP competitors lost 71.4 cents in aggregate. Our results suggest that the PPP initiative distorted competition, imposing significant costs on businesses that chose to forgo these loans.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"59 ","pages":"Article 101099"},"PeriodicalIF":3.1,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141484100","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 technology and relationship lending: Complements or substitutes? 金融技术与关系借贷：互补还是替代？
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2024-07-01 DOI: 10.1016/j.jfi.2024.101101
Mark J. Kutzbach, Jonathan Pogach
{"title":"Financial technology and relationship lending: Complements or substitutes?","authors":"Mark J. Kutzbach,&nbsp;Jonathan Pogach","doi":"10.1016/j.jfi.2024.101101","DOIUrl":"10.1016/j.jfi.2024.101101","url":null,"abstract":"<div><p>We describe the dimensions along which bank technologies differ from fintech competitors and construct a novel measure of a bank’s technology based upon its overlap with fintech firms in terms of granular product installation data. A one standard deviation increase in our financial technology measure is associated with an 8.3 percentage point increase in Paycheck Protection Program (PPP) loans in 2020Q2. We show that smaller banks benefited more from marginal technology gains, that technology facilitated out-of-area lending, and that technology complemented small banks’ branch-based in-area lending. In a difference-in-differences analysis, we show an outsized increase in small business lending growth in 2020 for high tech small banks relative to their peers.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"59 ","pages":"Article 101101"},"PeriodicalIF":3.1,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142002284","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 informational impact of prudential regulations 审慎监管的信息影响
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2024-05-10 DOI: 10.1016/j.jfi.2024.101091
Kebin Ma , Tamas Vadasz
{"title":"The informational impact of prudential regulations","authors":"Kebin Ma ,&nbsp;Tamas Vadasz","doi":"10.1016/j.jfi.2024.101091","DOIUrl":"10.1016/j.jfi.2024.101091","url":null,"abstract":"<div><p>Banks take costly actions (such as capitalization, liquidity holding, and advanced risk management) to avoid financial distress and creditor runs. While directly affecting a bank’s risks, such actions can also signal the bank’s fundamentals. We show that prudential regulations have an informational impact: sufficiently tight regulations can eliminate inefficient separating equilibria in banks’ signaling game, thereby changing the information available to creditors and their incentives to run. When accounting for this informational impact, tightening regulations can improve banks’ payoffs and be considered bank incentive-compatible. We support this novel, information-based rationale for regulations with evidence from the US liquidity requirement.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"59 ","pages":"Article 101091"},"PeriodicalIF":5.2,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141055910","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 puzzling persistence of financial crises: A selective review of 2000 years of evidence 金融危机令人费解的持续性：对 2000 年证据的选择性回顾
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2024-04-01 DOI: 10.1016/j.jfi.2024.101090
Charles W. Calomiris , Matthew Jaremski
{"title":"The puzzling persistence of financial crises: A selective review of 2000 years of evidence","authors":"Charles W. Calomiris ,&nbsp;Matthew Jaremski","doi":"10.1016/j.jfi.2024.101090","DOIUrl":"https://doi.org/10.1016/j.jfi.2024.101090","url":null,"abstract":"<div><p>The high social costs of financial crises imply that economists, policymakers, businesses, and households have a tremendous incentive to understand, and try to prevent them. And yet, so far we have failed to learn how to avoid them. In this article, we take a novel approach to studying financial crises. We first build ten case studies of financial crises that stretch over two millennia, and then consider their salient points of differences and commonalities. We see this as the beginning of developing a useful taxonomy of crises – an understanding of the most important factors that reappear across the many examples, which also allows (as in any taxonomy) some examples to be more similar to each other than others. From the perspective of our review of the ten crises, we consider the question of why it has proven so difficult to learn from past crises to avoid future ones.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"58 ","pages":"Article 101090"},"PeriodicalIF":5.2,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140622390","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
Managerial structure in the hedge fund industry 对冲基金行业的管理结构
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2024-04-01 DOI: 10.1016/j.jfi.2024.101089
Yuhao Chen , Huan Kuang , Bing Liang
{"title":"Managerial structure in the hedge fund industry","authors":"Yuhao Chen ,&nbsp;Huan Kuang ,&nbsp;Bing Liang","doi":"10.1016/j.jfi.2024.101089","DOIUrl":"https://doi.org/10.1016/j.jfi.2024.101089","url":null,"abstract":"<div><p>This paper provides the first study on how management structure influences hedge fund performance and risk. We document that hedge funds less tied to traditional assets often choose solo management structures. Solo-managed funds outperform team-managed funds, exhibit better skills in market return, volatility, and crisis timing, and demonstrate greater activity in beta management, but have higher idiosyncratic and tail risks. They are also less likely to be liquidated, with fund flows less performance sensitive. Using a sample of switched funds, we find that fund performance, assets, and risk correlate with the management structure switching decision.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"58 ","pages":"Article 101089"},"PeriodicalIF":5.2,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140557918","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
Getting tired of your friends: The dynamics of venture capital relationships 厌倦你的朋友风险投资关系的动态变化
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2024-03-15 DOI: 10.1016/j.jfi.2024.101088
Qianqian Du , Thomas Hellmann
{"title":"Getting tired of your friends: The dynamics of venture capital relationships","authors":"Qianqian Du ,&nbsp;Thomas Hellmann","doi":"10.1016/j.jfi.2024.101088","DOIUrl":"10.1016/j.jfi.2024.101088","url":null,"abstract":"<div><p>We empirically examine how venture capitalists adjust coinvestor relationships over time. We identify a fundamental trade-off where the benefits of familiarity are weighed against the opportunity costs of coinvesting with other syndication partners. Using US data, we find that venture capitalists dynamically adjust their relationship intensities by gradually disengaging from overly deep relationships. More centrally networked investors are more cautious with disengaging. In hot investment markets investors disengage more readily from existing relationships, but new relationships forged in hot market are less enduring. Perhaps surprisingly, we find a negative relationship between deeper prior relationships and investment performance.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"58 ","pages":"Article 101088"},"PeriodicalIF":5.2,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042957324000160/pdfft?md5=7187d7eeac5775dc2431647e705f9426&pid=1-s2.0-S1042957324000160-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140147243","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
Window dressing of regulatory metrics: Evidence from repo markets 监管指标的橱窗装饰：回购市场的证据
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2024-03-10 DOI: 10.1016/j.jfi.2024.101086
Claudio Bassi , Markus Behn , Michael Grill , Martin Waibel
{"title":"Window dressing of regulatory metrics: Evidence from repo markets","authors":"Claudio Bassi ,&nbsp;Markus Behn ,&nbsp;Michael Grill ,&nbsp;Martin Waibel","doi":"10.1016/j.jfi.2024.101086","DOIUrl":"10.1016/j.jfi.2024.101086","url":null,"abstract":"<div><p>This paper investigates both the magnitude and the drivers of bank window dressing behavior in euro-denominated repo markets. Using a confidential transaction-level data set, our analysis illustrates that banks engineer an economically sizeable contraction in their repo transactions around regulatory reporting dates. We establish a causal link between these reductions and banks’ incentives to window dress and document the role of the leverage ratio and the G-SIB framework as the most relevant drivers of window dressing behavior. Our findings suggest that regulatory action is warranted to limit banks’ ability to window dress.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"58 ","pages":"Article 101086"},"PeriodicalIF":5.2,"publicationDate":"2024-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140147431","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
Intergenerational bankruptcy risks: Learning from parents’ mistakes 代际破产风险：从父母的错误中学习
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2024-03-05 DOI: 10.1016/j.jfi.2024.101087
Sumit Agarwal , Tien Foo Sing , Xiaoyu Zhang
{"title":"Intergenerational bankruptcy risks: Learning from parents’ mistakes","authors":"Sumit Agarwal ,&nbsp;Tien Foo Sing ,&nbsp;Xiaoyu Zhang","doi":"10.1016/j.jfi.2024.101087","DOIUrl":"10.1016/j.jfi.2024.101087","url":null,"abstract":"<div><p>This study investigates inter-generational transmissions of parental bankruptcy shock on children's financial behavior in adulthood. Our results show that younger children who were 9 years or below when their parents declared bankruptcy were 2–3 % points less likely to declare bankruptcy than their older siblings who were 10 years and older when the parents’ bankruptcy event occurred. We rule out alternative hypotheses, including birth order, cohort effects, and truncated sample bias. We find corroborative evidence for the “parent socialization” channel, where bankrupt parents, through interactions with children during childhood years, influence their financial behavior and reduce the risks of their children repeating the same mistakes in adulthood.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"59 ","pages":"Article 101087"},"PeriodicalIF":5.2,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140076338","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
Inter-firm relationships and the special role of common banks 公司间关系和普通银行的特殊作用
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2024-02-28 DOI: 10.1016/j.jfi.2024.101084
Emanuela Giacomini , Nitish Kumar , Andy Naranjo
{"title":"Inter-firm relationships and the special role of common banks","authors":"Emanuela Giacomini ,&nbsp;Nitish Kumar ,&nbsp;Andy Naranjo","doi":"10.1016/j.jfi.2024.101084","DOIUrl":"10.1016/j.jfi.2024.101084","url":null,"abstract":"<div><p>Using a novel dataset that combines information on customer-supplier trade relationships with information on firm-bank lending relationships, we show that common banks that lend to firms at both ends of a trade link grow and strengthen such trade relationships. To establish causality, we use bank mergers, which generate exogenous variations in the presence of common banks, and show that common bank relationships between customers and suppliers increase trade relationships by 49.6%. We find that the role of a common bank is greater when it is more informed and when supply chains suffer from larger information and holdup problems. We also document that suppliers with common banks face lower spillover risks from a distressed customer. Overall, our findings show the unique role of banks in driving inter-firm growth and investment by mitigating information and holdup problems, which arguably leads to greater economic growth.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"58 ","pages":"Article 101084"},"PeriodicalIF":5.2,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140018500","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
Intermediary frictions and convertible bond pricing 中介摩擦与可转换债券定价
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2024-02-21 DOI: 10.1016/j.jfi.2024.101085
Bruce D. Grundy , Patrick Verwijmeren , Antti Yang
{"title":"Intermediary frictions and convertible bond pricing","authors":"Bruce D. Grundy ,&nbsp;Patrick Verwijmeren ,&nbsp;Antti Yang","doi":"10.1016/j.jfi.2024.101085","DOIUrl":"10.1016/j.jfi.2024.101085","url":null,"abstract":"<div><p>Buy-and-hedge intermediaries are important investors in the convertible bond market as they intermediate between firms that require capital quickly and investors requiring time to assess the security. Their strategy requires them to manage the trade-offs involved with the costs and benefits of hedging. We find that prices of convertible securities reflect the costs that intermediaries incur when managing their positions. Especially cross-sectional and within-bond variation of intermediaries’ loan costs helps explain variation in convertible bond underpricing.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"58 ","pages":"Article 101085"},"PeriodicalIF":5.2,"publicationDate":"2024-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042957324000135/pdfft?md5=3b92abdefdabd75e2239ad2db12eee61&pid=1-s2.0-S1042957324000135-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139955157","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
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