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
Restoring confidence in troubled financial institutions after a financial crisis 金融危机后恢复对陷入困境的金融机构的信心
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-01-01 DOI: 10.1016/j.jfi.2022.101012
Charles W. Calomiris, Mark Carlson
{"title":"Restoring confidence in troubled financial institutions after a financial crisis","authors":"Charles W. Calomiris,&nbsp;Mark Carlson","doi":"10.1016/j.jfi.2022.101012","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.101012","url":null,"abstract":"<div><p>After an unprecedented number of banks suspended operations in the during Panic of 1893, the head regulator of banks chartered by the United States government allowed about 100 banks to reopen after certifying their solvency. We evaluate whether actions by bank owners to change management, contract with depositors to extend liability maturity structure, write off bad assets, and/or inject capital affected bank survival and deposit retention. This historical episode is particularly informative because there was no expectation of government intervention. We find that contracting with depositors provided short-term benefits while dealing with bad assets was key for long-run viability.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50181354","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
Small business lending under the PPP and PPPLF programs PPP和PPPLF计划下的小企业贷款
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-01-01 DOI: 10.1016/j.jfi.2022.101017
Jose A. Lopez, Mark M. Spiegel
{"title":"Small business lending under the PPP and PPPLF programs","authors":"Jose A. Lopez,&nbsp;Mark M. Spiegel","doi":"10.1016/j.jfi.2022.101017","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.101017","url":null,"abstract":"<div><p>We use Call Report data to examine the effects of the Paycheck Protection Program (PPP) and the PPP Liquidity Facility (PPPLF) on small business and farm lending by individual commercial banks. As program participation was associated with small business lending, we adopt an instrumental variables approach to identify causal implications based on historical bank relationships with the Small Business Administration and the Federal Reserve’s discount window. Our results indicate that both programs encouraged lending growth over the first half of 2020. However, while the PPP encouraged greater lending across all banks, only small and medium-sized bank lending growth was significantly related to participation in the PPPLF.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50181348","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
Monetary policy effects in times of negative interest rates: What do bank stock prices tell us? 负利率时期的货币政策效应：银行股价告诉我们什么？
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-01-01 DOI: 10.1016/j.jfi.2022.101003
Joost V. Bats , Massimo Giuliodori , Aerdt C.F.J. Houben
{"title":"Monetary policy effects in times of negative interest rates: What do bank stock prices tell us?","authors":"Joost V. Bats ,&nbsp;Massimo Giuliodori ,&nbsp;Aerdt C.F.J. Houben","doi":"10.1016/j.jfi.2022.101003","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.101003","url":null,"abstract":"<div><p><span>This paper investigates bank stock performance following different monetary policy actions in times of positive and negative </span>interest rates. Controlling for the broader stock market, monetary policy announcements that cause an unanticipated downward shift in the yield curve and a flattening of the shorter-end of the yield curve are found to persistently reduce bank stock prices once the interest rate environment is negative. Consistent with the deposits channel of monetary policy, the effects are larger and more persistent for banks that are relatively dependent on deposit funding. By contrast, a surprise movement in the slope of the longer-end of the yield curve does not impact bank stock prices in times of negative interest rates. Accounting data confirm that a parallel drop in the yield curve following a monetary policy decision in a negative interest rate environment hurts banks through shrinking deposit margins.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50181355","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
Gender differences in reward-based crowdfunding 基于奖励的众筹中的性别差异
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2023-01-01 DOI: 10.1016/j.jfi.2022.101001
Tse-Chun Lin , Vesa Pursiainen
{"title":"Gender differences in reward-based crowdfunding","authors":"Tse-Chun Lin ,&nbsp;Vesa Pursiainen","doi":"10.1016/j.jfi.2022.101001","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.101001","url":null,"abstract":"<div><p>We document several gender differences in reward-based crowdfunding by analyzing a large sample of Kickstarter campaigns. We argue that these differences are most plausibly explained by male entrepreneurs’ relative over-optimism. Suggesting a tendency to overestimate the demand for their products, we find that male entrepreneurs set higher goal amounts, resulting in more frequent campaign failures. In successive campaigns, male entrepreneurs’ goal amounts and success rates converge toward those of female entrepreneurs, consistent with entrepreneurial experience mitigating the behavioral bias. Our findings suggest that entrepreneurs learn from experience, and that female first-time entrepreneurs may have more realistic expectations of the demand for their products, increasing their success rates in crowdfunding. Moreover, although serial entrepreneurs exhibit better performance already in their first campaigns, they still improve over successive campaigns, further highlighting the importance of entrepreneurial learning.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50181356","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
Safe but fragile: Information acquisition, liquidity support and redemption runs 安全但脆弱:信息获取、流动性支持和赎回挤兑
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-10-01 DOI: 10.1016/j.jfi.2020.100898
Philipp J. Koenig , David Pothier
{"title":"Safe but fragile: Information acquisition, liquidity support and redemption runs","authors":"Philipp J. Koenig ,&nbsp;David Pothier","doi":"10.1016/j.jfi.2020.100898","DOIUrl":"10.1016/j.jfi.2020.100898","url":null,"abstract":"<div><p>This paper proposes a theory of redemption runs based on strategic information acquisition by fund managers. We argue that liquidity lines provided by third parties can be a source of financial fragility, as they incentivize fund managers to acquire private information about the value of their assets. This strategic information acquisition can lead to inefficient market liquidity dry-ups caused by self-fulfilling fears of adverse selection. By lowering asset prices, information acquisition also reduces the value of funds’ assets-under-management and may spur inefficient redemption runs by investors. Two different regimes can arise: one in which funds’ information acquisition incentives are unaffected by the volume of redemptions, and another where market and funding liquidity risk mutually reinforce each other.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42722659","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
On stock-based loans 关于股票贷款
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-10-01 DOI: 10.1016/j.jfi.2022.100991
Thomas A. McWalter , Peter H. Ritchken
{"title":"On stock-based loans","authors":"Thomas A. McWalter ,&nbsp;Peter H. Ritchken","doi":"10.1016/j.jfi.2022.100991","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.100991","url":null,"abstract":"<div><p>We investigate the equilibrium interest rate<span> charges on non-recourse and recourse loans secured by stock. In such loans, the client retains the option to prepay and recover the collateral stock. We adopt a structural model of the firm where debt levels, with endogenous bankruptcy, affect equity dynamics. Complicating matters, the link between total equity and the price of a share of stock that forms the collateral depends on the extent of dilutions and buybacks that occur. For levered firms, due to dilution in bad states of nature, stock prices typically fall faster than equity values; and for firms that engage in buybacks in good states of nature, stock prices will rise faster than equity values. Banks that ignore these features underestimate the equilibrium interest rate charge on stock-based loans. We provide an analysis of individual stock-based loans and their portfolio characteristics, the latter of which can be used by banks to ascertain capital requirements.</span></p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71788337","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
Gender quotas and bank risk 性别配额与银行风险
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-10-01 DOI: 10.1016/j.jfi.2022.100998
Rose C. Liao , Gilberto Loureiro , Alvaro G. Taboada
{"title":"Gender quotas and bank risk","authors":"Rose C. Liao ,&nbsp;Gilberto Loureiro ,&nbsp;Alvaro G. Taboada","doi":"10.1016/j.jfi.2022.100998","DOIUrl":"10.1016/j.jfi.2022.100998","url":null,"abstract":"<div><p>We assess the effects of board gender quota laws using a sample of banks from 39 countries. We document an increase in both stand-alone and systemic risk post-quota among banks that did not meet the quota pre-reform; the effect is stronger for banks in countries with a smaller pool of women in finance and low gender equality. We find that the propagation of poor governance practices by overlapping female directors and deterioration in the information environment post quota are likely channels driving the results. The evidence is consistent with some banks “gaming” the reform by strategically appointing insiders, which weakens the board's monitoring function. Our results have policy implications and suggest that supply-side factors are key determinants of the outcome of mandated quotas.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46071442","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
Securitization and aggregate investment efficiency 证券化与总投资效率
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-10-01 DOI: 10.1016/j.jfi.2020.100894
Afrasiab Mirza , Eric Stephens
{"title":"Securitization and aggregate investment efficiency","authors":"Afrasiab Mirza ,&nbsp;Eric Stephens","doi":"10.1016/j.jfi.2020.100894","DOIUrl":"https://doi.org/10.1016/j.jfi.2020.100894","url":null,"abstract":"<div><p>This paper studies the efficiency of competitive equilibria in economies where the expansion of investment is facilitated by securitization. We show that the use of securitization is generally associated with constrained inefficient aggregate investment, thereby potentially justifying regulatory intervention in markets for securitized assets. We examine the effectiveness of two real-world policy instruments to address this inefficiency: ex-ante capital / leverage requirements, as well as skin-in-the game (retention) requirements. We find that leverage/capital restrictions can increase welfare in our environment, but that forcing originators to hold additional skin-in-the game is not welfare improving.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jfi.2020.100894","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71788336","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
Housing booms and bank growth 房地产繁荣和银行增长
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-10-01 DOI: 10.1016/j.jfi.2022.100993
Mark J. Flannery , Leming Lin , Luxi Wang
{"title":"Housing booms and bank growth","authors":"Mark J. Flannery ,&nbsp;Leming Lin ,&nbsp;Luxi Wang","doi":"10.1016/j.jfi.2022.100993","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.100993","url":null,"abstract":"<div><p>The rapid increase in U.S. house prices<span> during the 2001–2006 period was accompanied by a historically rapid expansion of bank assets. We exploit cross-regional variation in local housing booms to study how housing demand shocks affected the growth of the banking sector. We estimate the effect of housing demand shocks that are orthogonal to observed non-housing demand shocks and credit supply shocks in each bank’s market area. We employ several instrumental variables that plausibly identify variation in local housing demand that is exogenous to local banks. We find that the housing boom had a large effect on bank asset growth—the cross-regional elasticity of bank growth with respect to housing demand shocks is around 0.6. The regional elasticity estimate suggests that housing demand shocks can potentially account for a large fraction of the growth of the banking sector during this period.</span></p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71788338","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
Finance and inequality: The distributional impacts of bank credit rationing 金融与不平等:银行信贷配给的分配影响
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-10-01 DOI: 10.1016/j.jfi.2022.100997
M. Ali Choudhary , Anil Jain
{"title":"Finance and inequality: The distributional impacts of bank credit rationing","authors":"M. Ali Choudhary ,&nbsp;Anil Jain","doi":"10.1016/j.jfi.2022.100997","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.100997","url":null,"abstract":"<div><p>We analyze reductions in bank credit using a natural experiment where unprecedented flooding in Pakistan differentially affected banks that were more exposed to the floods. Using a unique data set that covers the universe of consumer loans in Pakistan and this exogenous shock to bank funding, we find two key results. First, following an increase in their funding costs, banks disproportionately reduce credit to borrowers with little education, little credit history, and seasonal occupations. Second, the credit reduction is not compensated by relatively more lending by less-affected banks. The empirical evidence suggests that a reduction in bank monitoring incentives caused the large relative decreases in lending to these borrowers.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71788382","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
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