发布求助
文献互助 智能选刊 最新文献

Journal of Financial Intermediation最新文献

筛选
英文 中文
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":"55 ","pages":"Article 101031"},"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":"55 ","pages":"Article 101045"},"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":"55 ","pages":"Article 101043"},"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
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":"54 ","pages":"Article 101029"},"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
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":"54 ","pages":"Article 101025"},"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
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":"54 ","pages":"Article 101026"},"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":"54 ","pages":"Article 101028"},"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
The agency costs of tranching: Evidence from RMBS 培训的代理成本：来自RMB S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.2023.101030
Sanket Korgaonkar
{"title":"The agency costs of tranching: Evidence from RMBS","authors":"Sanket Korgaonkar","doi":"10.1016/j.jfi.2023.101030","DOIUrl":"10.1016/j.jfi.2023.101030","url":null,"abstract":"<div><p>This paper documents the agency costs resulting from the deeper tranching of subprime residential mortgage pools. Mortgage servicers are less likely to renegotiate delinquent loans collateralizing a greater number and variety of tranches. We find that an interquartile increase in tranching reduces mortgage servicers’ probability of loan renegotiation by 14% relative to the mean. This effect is concentrated in mortgages with greater ambiguity surrounding the loan value maximizing action. Overall, our results support the notion that tranching worsens agency frictions by increasing coordination costs among investors and impeding their monitoring of the agent.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"54 ","pages":"Article 101030"},"PeriodicalIF":5.2,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46264054","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
Bank stability and the price of loan commitments 银行稳定性与贷款承诺价格
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-04-01 DOI: 10.1016/j.jfi.2023.101027
Asad Rauf
{"title":"Bank stability and the price of loan commitments","authors":"Asad Rauf","doi":"10.1016/j.jfi.2023.101027","DOIUrl":"https://doi.org/10.1016/j.jfi.2023.101027","url":null,"abstract":"<div><p>Firms insure themselves from liquidity shocks by contracting on credit lines from banks. I document novel empirical evidence on how the risk of contract nonperformance by banks is priced. Firms pay a higher price for loan commitments from safer banks. A one standard deviation increase in the cross-sectional mean of bank capital increases the commitment fees by 5%. To investigate a potential causal effect of lender stability on commitment fees, I exploit exogenous variation in the market value of banks’ assets from natural disasters. The sensitivity of the fees is higher for firms with higher short-term liabilities and higher income uncertainty.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"54 ","pages":"Article 101027"},"PeriodicalIF":5.2,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187028","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 role of culture in firm-bank matching 文化在企业-银行匹配中的作用
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-01-01 DOI: 10.1016/j.jfi.2023.101018
Antonio Accetturo , Giorgia Barboni , Michele Cascarano , Emilia Garcia-Appendini
{"title":"The role of culture in firm-bank matching","authors":"Antonio Accetturo ,&nbsp;Giorgia Barboni ,&nbsp;Michele Cascarano ,&nbsp;Emilia Garcia-Appendini","doi":"10.1016/j.jfi.2023.101018","DOIUrl":"10.1016/j.jfi.2023.101018","url":null,"abstract":"<div><p>We assemble a unique dataset containing population-level information on loan applications in a region hosting two cultural groups to study the role of culture in firm borrowing decisions. We find that firms are more likely to apply for loans from culturally close banks. This effect is stronger for opaque firms, but not for less performing firms, indicating that firms do not expect preferential treatment from same-culture banks. Loan applications to culturally distant banks increase sharply with firms’ size and age, suggesting a role of information asymmetry in firm-bank matching. In contrast, we find no effect of cultural proximity on loan supply. Overall, our results show that demand-side factors play a key role in the formation of same-culture lending relationships.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"53 ","pages":"Article 101018"},"PeriodicalIF":5.2,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44108089","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信