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Journal of Financial Intermediation最新文献

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The information content from lending relationships across the supply chain 供应链中借贷关系的信息内容
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-10-01 DOI: 10.1016/j.jfi.2023.101057
Theo Cotrim Martins , Rafael Schiozer , Fernando de Menezes Linardi
{"title":"The information content from lending relationships across the supply chain","authors":"Theo Cotrim Martins ,&nbsp;Rafael Schiozer ,&nbsp;Fernando de Menezes Linardi","doi":"10.1016/j.jfi.2023.101057","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101057","url":null,"abstract":"<div><p>Using unique administrative data on firm-to-firm payments and bank-to-firm lending, we investigate how lending to a firm is affected by same-bank lending to the firm's customers and suppliers. We show that the supply of loans to a firm increases when the firm's customers have loans from the same bank. We also find that negative information about a firm's top customer causes banks to tighten the loan supply to the firm, and particularly more so when the firm's sales are concentrated on this customer. These results suggest that lending to firms connected through the supply chain conveys valuable information to banks.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"56 ","pages":"Article 101057"},"PeriodicalIF":5.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50178128","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
Internal ratings and bank opacity: Evidence from analysts’ forecasts 内部评级和银行不透明:来自分析师预测的证据
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-10-01 DOI: 10.1016/j.jfi.2023.101062
Brunella Bruno , Immacolata Marino , Giacomo Nocera
{"title":"Internal ratings and bank opacity: Evidence from analysts’ forecasts","authors":"Brunella Bruno ,&nbsp;Immacolata Marino ,&nbsp;Giacomo Nocera","doi":"10.1016/j.jfi.2023.101062","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101062","url":null,"abstract":"<div><p>We document that reliance on internal ratings-based (IRB) models to compute credit risk and capital requirements reduces bank opacity. Greater reliance on IRB models is associated with lower absolute forecast error and reduced disagreement among analysts regarding expected bank earnings per share. These results are stronger for banks that apply internal ratings to the most opaque loans and adopt the advanced version of IRB models, which entail a more granular risk assessment and greater disclosure of risk parameters. The results stem from the higher earnings informativeness and the more comprehensive disclosure of credit risk in banks adopting internal ratings. We employ an instrumental variables approach to validate our findings.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"56 ","pages":"Article 101062"},"PeriodicalIF":5.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042957323000451/pdfft?md5=6c0f474c8d634eb7273f7eab82aa10d3&pid=1-s2.0-S1042957323000451-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92100483","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
Crowded out from the beginning: Impact of government debt on corporate financing 从一开始就被排挤：政府债务对企业融资的影响
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-10-01 DOI: 10.1016/j.jfi.2023.101046
Cagri Akkoyun , Nuri Ersahin , Christopher M. James
{"title":"Crowded out from the beginning: Impact of government debt on corporate financing","authors":"Cagri Akkoyun ,&nbsp;Nuri Ersahin ,&nbsp;Christopher M. James","doi":"10.1016/j.jfi.2023.101046","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101046","url":null,"abstract":"<div><p>Using hand-collected data on corporate bond and stock offerings, we identify the impact of government debt on corporate financing during World War I. The early twentieth century provides a unique opportunity to identify the impact of government debt on private financing because during this period (1) firms announced the amount they wanted to raise before each security offering and (2) the Treasury issued debt in discrete intervals. We identify the impact of Treasury issues by comparing differences in the amount firms offered to the amount they actually raised when the Treasury was borrowing to when the Treasury was not in the market. We find that long-term government bond offerings negatively affect both amount of long-term corporate bonds and dividend paying stocks issued. In contrast, we find no effect on short-term debt issue. Our findings suggest that investors view stable dividend paying stocks a close substitute for relatively safe long-term bonds.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"56 ","pages":"Article 101046"},"PeriodicalIF":5.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50178126","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
Did doubling reserve requirements cause the 1937–38 recession? New evidence on the impact of reserve requirements on bank reserve demand and lending 准备金率翻倍是否导致了1937-38年的经济衰退？准备金率对银行准备金需求和贷款影响的新证据
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-10-01 DOI: 10.1016/j.jfi.2023.101056
Charles W. Calomiris , Joseph R. Mason , David C. Wheelock
{"title":"Did doubling reserve requirements cause the 1937–38 recession? New evidence on the impact of reserve requirements on bank reserve demand and lending","authors":"Charles W. Calomiris ,&nbsp;Joseph R. Mason ,&nbsp;David C. Wheelock","doi":"10.1016/j.jfi.2023.101056","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101056","url":null,"abstract":"<div><p>In 1936–37, the Federal Reserve doubled member banks’ reserve requirements. Friedman and Schwartz (1963) famously argued that the doubling increased reserve demand and forced the money supply to contract, which they argued caused the recession of 1937–38. Using a new database on individual banks, we find that higher reserve requirements did not generally increase banks’ reserve demand or contract lending because reserve requirements were not binding for most banks. Aggregate effects on credit supply from reserve requirement increases were therefore economically small and statistically zero.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"56 ","pages":"Article 101056"},"PeriodicalIF":5.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50178129","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
Determinants of strategic behavior: Evidence from a foreclosure moratorium 战略行为的决定因素：止赎禁令的证据
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-10-01 DOI: 10.1016/j.jfi.2023.101059
Nikolaos Artavanis , Ioannis Spyridopoulos
{"title":"Determinants of strategic behavior: Evidence from a foreclosure moratorium","authors":"Nikolaos Artavanis ,&nbsp;Ioannis Spyridopoulos","doi":"10.1016/j.jfi.2023.101059","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101059","url":null,"abstract":"<div><p>We study mortgagors’ attitudes toward strategic behavior following a foreclosure moratorium in Greece. To identify strategic delinquencies, we exploit the concurrent introduction of a debt discharge process that provides generous debt relief for borrowers who prove their inability to pay but entails high costs for those who can afford their mortgages. This setting creates distinct optimal strategies for delinquent borrowers: non-strategic mortgagors participate in the debt discharge process, whereas strategic borrowers use the moratorium to protect their homes. Our results indicate that borrower sophistication, aversion to moral hazard, banking relationships, and preference for liquidity play an important role in strategic behavior.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"56 ","pages":"Article 101059"},"PeriodicalIF":5.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50178062","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
Did Doubling Reserve Requirements Cause the 1937-38 Recession? New Evidence on the Impact of Reserve Requirements on Bank Reserve Demand and Lending 两倍的储备要求是1937-38年经济衰退的原因吗？准备金要求对银行准备金需求和贷款影响的新证据
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-09-01 DOI: 10.20955/wp.2022.011
David C. Wheelock, J. Mason, Charles W. Calomiris
{"title":"Did Doubling Reserve Requirements Cause the 1937-38 Recession? New Evidence on the Impact of Reserve Requirements on Bank Reserve Demand and Lending","authors":"David C. Wheelock, J. Mason, Charles W. Calomiris","doi":"10.20955/wp.2022.011","DOIUrl":"https://doi.org/10.20955/wp.2022.011","url":null,"abstract":"In 1936-37, the Federal Reserve doubled member banks’ reserve requirements. Friedman and Schwartz (1963) famously argued that the doubling increased reserve demand and forced the money supply to contract, which they argued caused the recession of 1937-38. Using a new database on individual banks, we show that higher reserve requirements did not generally increase banks’ reserve demand or contract lending because reserve requirements were not binding for most banks. Aggregate effects on credit supply from reserve requirement increases were therefore economically small and statistically zero. The authors thank Jason Dunn, Jamie Kurash, Hong Lee, David Lopez, Peter McCrory, and Paul Morris for research assistance, and Matt Jaremski and Allan Meltzer for helpful discussions. Views expressed in this paper do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis or the Federal Reserve System.","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"1 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43345369","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
Shadow banking of non-financial firms: Arbitrage between formal and informal credit markets in China 非金融企业的影子银行:中国正规和非正规信贷市场之间的套利
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-07-01 DOI: 10.1016/j.jfi.2023.101032
Julan Du , Chang Li , Yongqin Wang
{"title":"Shadow banking of non-financial firms: Arbitrage between formal and informal credit markets in China","authors":"Julan Du ,&nbsp;Chang Li ,&nbsp;Yongqin Wang","doi":"10.1016/j.jfi.2023.101032","DOIUrl":"10.1016/j.jfi.2023.101032","url":null,"abstract":"<div><p>In China's credit markets with financial repression, state-controlled non-financial firms (SOEs) are privileged in gaining access to bank credit, while non-SOEs, especially those small- and medium-sized firms, are disadvantaged. Corporate re-lending emerges as a response wherein the former secure bank loans and then re-lend to the latter. We document the characteristics of inter-corporate loans from a sample of legal cases. We employ four empirical strategies to conduct a forensic study of re-lending by detecting abnormal relations between financial accounts of listed firms. State-controlled companies conduct more re-lending, and firms with better growth opportunities, stronger corporate governance, and more financial constraints engage less. We compare re-lending with entrusted loans and find that firms extending nonaffiliated entrusted loans conduct re-lending actively, while firms offering affiliated entrusted loans do not. We also compare inter-corporate loans with micro-credit company loans in a review of legal cases.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"55 ","pages":"Article 101032"},"PeriodicalIF":5.2,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46610651","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: 3
The impact of bank regulation on the cost of credit: Evidence from a discontinuity in capital requirements 银行监管对信贷成本的影响:来自资本要求不连续性的证据
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-07-01 DOI: 10.1016/j.jfi.2023.101040
Emilia Bonaccorsi di Patti , Mirko Moscatelli , Stefano Pietrosanti
{"title":"The impact of bank regulation on the cost of credit: Evidence from a discontinuity in capital requirements","authors":"Emilia Bonaccorsi di Patti ,&nbsp;Mirko Moscatelli ,&nbsp;Stefano Pietrosanti","doi":"10.1016/j.jfi.2023.101040","DOIUrl":"10.1016/j.jfi.2023.101040","url":null,"abstract":"<div><p>We study the effect on credit relationships of the Small and Medium Enterprises Supporting Factor (SME-SF), a regulatory risk weight reduction on small loans to SMEs. Employing a regression discontinuity design<span> and matched bank-firm data from Italy, we find that a 1 percent drop in capital requirements causes an average 13 basis points reduction in the cost of credit. Moreover, with a novel measure of bank regulatory capital scarcity, we show that the drop is larger for banks facing tighter constraints. Furthermore, the drop is larger for firms with low switching costs, while the sharp assignment rule may have led to the rationing of marginal borrowers. Such findings indicate that the entire distribution of firms and banks’ characteristics plays a crucial role in determining the impact of regulatory capital changes.</span></p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"55 ","pages":"Article 101040"},"PeriodicalIF":5.2,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46736947","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: 5
Pricing, issuance volume, and design of innovative securities: The role of investor information 创新证券的定价、发行量和设计：投资者信息的作用
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-07-01 DOI: 10.1016/j.jfi.2023.101041
Manuel Ammann , Marc Arnold , Simon Straumann
{"title":"Pricing, issuance volume, and design of innovative securities: The role of investor information","authors":"Manuel Ammann ,&nbsp;Marc Arnold ,&nbsp;Simon Straumann","doi":"10.1016/j.jfi.2023.101041","DOIUrl":"10.1016/j.jfi.2023.101041","url":null,"abstract":"<div><p>This study investigates the role of asymmetric information for the pricing, issuance volume, and design of innovative securities. By analyzing the information that structured product issuers provide to the investors of those products, we can identify specific sources of asymmetric information between the issuers and investors in this market. We show that issuers exploit this information friction to offer products to investors that appear more profitable for the issuer. In addition, we find that the friction induces issuers to design products with higher information asymmetry<span>. Our results suggest that product issuers’ behavior increases information frictions in the financial system.</span></p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"55 ","pages":"Article 101041"},"PeriodicalIF":5.2,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43549016","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: 2
The effect of the Federal Reserve’s lending facility on PPP lending by commercial banks 美联储借贷便利对商业银行PPP借贷的影响
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-07-01 DOI: 10.1016/j.jfi.2023.101042
Sriya Anbil, Mark Carlson, Mary-Frances Styczynski
{"title":"The effect of the Federal Reserve’s lending facility on PPP lending by commercial banks","authors":"Sriya Anbil,&nbsp;Mark Carlson,&nbsp;Mary-Frances Styczynski","doi":"10.1016/j.jfi.2023.101042","DOIUrl":"10.1016/j.jfi.2023.101042","url":null,"abstract":"<div><p>We investigate whether the Federal Reserve’s Paycheck Protection Program Liquidity Facility (PPPLF) boosted commercial bank Paycheck Protection Program (PPP) lending. To determine whether this facility had a causal effect, we use pre-existing familiarity with the Federal Reserve’s discount window as an instrumental variable. We show that the PPPLF materially bolstered bank PPP lending and provided a meaningful funding backstop for banks that did not use the facility. Our paper is one of the first to quantitatively illustrate the effectiveness of a central bank facility as a funding backstop.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"55 ","pages":"Article 101042"},"PeriodicalIF":5.2,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43660721","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: 1
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