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Journal of Financial Intermediation最新文献

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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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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
Purpose, profit and social pressure 目的、利润和社会压力
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-07-01 DOI: 10.1016/j.jfi.2023.101031
Fenghua Song , Anjan Thakor , Robert Quinn
{"title":"Purpose, profit and social pressure","authors":"Fenghua Song ,&nbsp;Anjan Thakor ,&nbsp;Robert Quinn","doi":"10.1016/j.jfi.2023.101031","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101031","url":null,"abstract":"<div><p><span>We develop a model in which there are firms and employees who care about profit-sacrificing higher purpose (HP) and those who do not. Firms and employees search for each other in the labor market. Each firm chooses its HP investment. When there is no social pressure on firms to adopt a purpose, HP dissipates agency frictions, lowers wage costs, yet elicits higher employee effort in firms that intrinsically value the purpose. However, social pressure to invest in HP can distort the HP investments of </span><em>all</em> firms and reduce welfare by making all agents worse off. Applications of these results to banking are discussed.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50197540","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
Mitigating fire sales with a central clearing counterparty 缓解与中央结算对手的火灾销售
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-07-01 DOI: 10.1016/j.jfi.2023.101045
Guillaume Vuillemey
{"title":"Mitigating fire sales with a central clearing counterparty","authors":"Guillaume Vuillemey","doi":"10.1016/j.jfi.2023.101045","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101045","url":null,"abstract":"<div><p>Theoretically, one rationale for central clearing counterparties is the mitigation of inefficiencies associated with distressed asset sales. With novel archival data, I empirically study the first event in economic history during which a CCP successfully played this role: the global wool crisis of 1900. In the leading wool futures market in France, an inefficient equilibrium with fire sales and cascading defaults could be avoided due to price support provided by surviving CCP members. Cooperation to achieve price support–which is nowadays the main element of CCP auctions–could arise due to family relationships and cultural proximity between traders.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50197532","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
Florida (Un)chained 佛罗里达州（Un）
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-07-01 DOI: 10.1016/j.jfi.2023.101043
Charles W. Calomiris , Matthew Jaremski
{"title":"Florida (Un)chained","authors":"Charles W. Calomiris ,&nbsp;Matthew Jaremski","doi":"10.1016/j.jfi.2023.101043","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101043","url":null,"abstract":"<div><p>Excessively easy bank credit – visible in unusually small credit risk spreads and rapid loan growth – is often posited as a root cause of unsustainable asset price booms. This paper considers whether an increase in bank risk tolerance drove high loan growth that coincided with Florida's land boom of the mid-1920s, the first Florida housing boom in which buyers from around the nation participated. Estimates suggest that an astounding 20 million lots were offered for sale in Florida at that time. Our detailed narrative and empirical evidence suggest that the facts do not require the assumption of increased risk appetite during the boom. We find that most Florida banks that failed were associated with the Manley-Anthony chain and did not exhibit increases in observable indicators of risk during the boom. Instead, their increases in risk mainly reflected hidden choices either to lend to bank insiders on a preferential basis or to fund other banks that were engaged in such risky and often fraudulent activities. Bank regulators seem to have been complicit in the hidden risk-taking. Even informed investors would have been left in the dark about the amount of risk that was growing in Florida.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50197539","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
Fund ownership, wealth, and risk-taking: Evidence on private equity managers 基金所有权、财富和风险承担：私募股权经理的证据
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-04-01 DOI: 10.1016/j.jfi.2023.101025
Carsten Bienz , Karin S. Thorburn , Uwe Walz
{"title":"Fund ownership, wealth, and risk-taking: Evidence on private equity managers","authors":"Carsten Bienz ,&nbsp;Karin S. Thorburn ,&nbsp;Uwe Walz","doi":"10.1016/j.jfi.2023.101025","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101025","url":null,"abstract":"<div><p>Private equity (PE) managers are required to invest their own money in the funds they manage. We examine the incentive effects of this ownership on the delegated acquisition decision. A simple model shows that PE managers select less risky firms and use more debt, the higher their ownership. We test these predictions for a sample of Norwegian PE funds, using managers’ wealth to capture their relative risk aversion. As predicted, the target company’s cash-flow risk decreases and leverage increases with the manager’s ownership scaled by wealth. Moreover, the overall portfolio risk decreases with ownership, mitigating widespread concerns about excessive risk-taking.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50186980","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
Credit default swaps and debt specialization 信用违约掉期和债务专业化†
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-04-01 DOI: 10.1016/j.jfi.2023.101029
Brian Clark , James Donato , Bill B. Francis
{"title":"Credit default swaps and debt specialization","authors":"Brian Clark ,&nbsp;James Donato ,&nbsp;Bill B. Francis","doi":"10.1016/j.jfi.2023.101029","DOIUrl":"10.1016/j.jfi.2023.101029","url":null,"abstract":"<div><p>We examine the effect of credit default swaps<span><span> (CDSs) on debt specialization. We argue that reference firms in CDS contracts, seeking to minimize creditor conflicts and bankruptcy costs, exhibit higher debt concentration than firms on which no CDSs are traded. Our results show that firms engage in greater debt specialization and are more likely to specialize following the inception of CDS trading. Additionally, we find that, while lender concentration in firms increases, the number of bank lenders drops, lead arranger share rises, and the probability that lead arrangers and lenders are repeated increases following the onset of CDS trading. Our results are robust to </span>instrumental variable estimation, propensity-score matching, different model specifications, and different subsamples.</span></p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48794309","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
The fintech gender gap 金融科技性别差距
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-04-01 DOI: 10.1016/j.jfi.2023.101026
S. Chen , S. Doerr , J. Frost , L. Gambacorta , H.S. Shin
{"title":"The fintech gender gap","authors":"S. Chen ,&nbsp;S. Doerr ,&nbsp;J. Frost ,&nbsp;L. Gambacorta ,&nbsp;H.S. Shin","doi":"10.1016/j.jfi.2023.101026","DOIUrl":"10.1016/j.jfi.2023.101026","url":null,"abstract":"<div><p>Can fintech close the gender gap in access to financial services? Using novel survey data for 28 countries, this paper finds a large and ubiquitous ‘fintech gender gap’: while 29% of men use fintech products, only 21% of women do. This difference exceeds the gender gap in bank account ownership at traditional financial institutions. While country characteristics and individual-level controls explain about a third of the fintech gender gap, the residual gap declines by 60% when accounting for gender differences in the willingness to use new financial technology, the suitability of fintech products, and the willingness to use fintech entrants if they offer cheaper products. The paper concludes by discussing drivers of differences in attitudes and implications for policy to foster financial inclusion with new technology.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45083506","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: 4
Financial intermediation and the funding of biomedical innovation: A review 金融中介与生物医学创新融资：综述
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-04-01 DOI: 10.1016/j.jfi.2023.101028
Andrew W. Lo , Richard T. Thakor
{"title":"Financial intermediation and the funding of biomedical innovation: A review","authors":"Andrew W. Lo ,&nbsp;Richard T. Thakor","doi":"10.1016/j.jfi.2023.101028","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101028","url":null,"abstract":"<div><p>We review the literature on financial intermediation in the process by which new medical therapeutics are financed, developed, and delivered. We discuss the contributing factors that lead to a key finding in the literature—underinvestment in biomedical R&amp;D—and focus on the role that banks and other intermediaries can play in financing biomedical R&amp;D and potentially closing this funding gap. We conclude with a discussion of the role of financial intermediation in the delivery of healthcare to patients.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50186981","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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