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Journal of Financial Intermediation最新文献

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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":"53 ","pages":"Article 101001"},"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":"52 ","pages":"Article 100898"},"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":"52 ","pages":"Article 100991"},"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
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":"52 ","pages":"Article 100894"},"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":"52 ","pages":"Article 100993"},"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":"52 ","pages":"Article 100997"},"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
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":"52 ","pages":"Article 100998"},"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
Stiffing the creditor: Asset verifiability and bankruptcy 强化债权人：资产可验证性与破产
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-10-01 DOI: 10.1016/j.jfi.2022.100962
Erasmo Giambona , Florencio Lopez-de-Silanes , Rafael Matta
{"title":"Stiffing the creditor: Asset verifiability and bankruptcy","authors":"Erasmo Giambona ,&nbsp;Florencio Lopez-de-Silanes ,&nbsp;Rafael Matta","doi":"10.1016/j.jfi.2022.100962","DOIUrl":"10.1016/j.jfi.2022.100962","url":null,"abstract":"<div><p>Evidence suggests that asset pledgeability, debt complexity, and control rights of dispersed debt influence financial distress resolution. We model how courts’ imperfect verifiability<span> of assets and valuable control of misaligned creditors shape firms’ debt structure and create coordination problems that determine distress outcomes and financing. A key result is that an increase in verifiability allows financially constrained firms to fund projects by pledging more assets to misaligned creditors, making contract renegotiation in distress times more difficult and increasing the probability of bankruptcy. Since equity receives less in the event of distress, constrained firms choose riskier projects with higher returns. Consistent with our model, bankruptcy filings increase after the U.S. Supreme Court decision imposing a “market test” to assess the value of stockholders’ interest in debtor proposals. The effect is stronger for firms with low asset verifiability. These firms also experienced an increase in recovery rates, debt capacity, and risk-taking. Our findings suggest that reforms improving the verifiability of assets substantially impact credit access. However, our results also point out that improving asset verifiability may be insufficient for constrained firms with aligned creditors. Therefore, complementary reforms that facilitate firms’ access to creditors from different market segments may be necessary.</span></p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"52 ","pages":"Article 100962"},"PeriodicalIF":5.2,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49455481","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
Private deposit insurance, deposit flows, bank lending, and moral hazard 私人存款保险、存款流动、银行贷款和道德风险
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-10-01 DOI: 10.1016/j.jfi.2022.100967
Piotr Danisewicz , Chun Hei Lee , Klaus Schaeck
{"title":"Private deposit insurance, deposit flows, bank lending, and moral hazard","authors":"Piotr Danisewicz ,&nbsp;Chun Hei Lee ,&nbsp;Klaus Schaeck","doi":"10.1016/j.jfi.2022.100967","DOIUrl":"10.1016/j.jfi.2022.100967","url":null,"abstract":"<div><p>We examine the role of private unlimited deposit insurance as a complement to federal deposit insurance for deposit flows, bank lending, and moral hazard during a crisis. We find that banks whose deposits are federally and privately fully insured obtain more deposits and expand lending, in contrast to banks whose deposits are only federally insured. We also document that privately insured banks remain prudent in the loan origination process during the subprime crisis. Our results offer novel insights into depositor and bank behavior in the presence of multiple deposit insurance schemes with differential design features. They also illustrate how private sector solutions incentivize prudent bank behavior to strengthen the financial safety net.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"52 ","pages":"Article 100967"},"PeriodicalIF":5.2,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47370576","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 dark side of liquidity regulation: Bank opacity and funding liquidity risk 流动性监管的黑暗面：银行不透明和融资流动性风险
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-10-01 DOI: 10.1016/j.jfi.2022.100990
Arisyi F. Raz, Danny McGowan, Tianshu Zhao
{"title":"The dark side of liquidity regulation: Bank opacity and funding liquidity risk","authors":"Arisyi F. Raz,&nbsp;Danny McGowan,&nbsp;Tianshu Zhao","doi":"10.1016/j.jfi.2022.100990","DOIUrl":"10.1016/j.jfi.2022.100990","url":null,"abstract":"<div><p>We evaluate how the liquidity coverage rule affects US banks’ opacity and funding liquidity risk. Banks subject to the rule become significantly more opaque and funding liquidity risk increases by $245 million per quarter. Higher funding liquidity risk is more pronounced among banks that are subject to the rule’s more stringent liquidity buffers, and systemically riskier banks. Rising opacity reflects an increase in banks’ holdings of complex assets whose value is difficult to communicate to investors. The evidence highlights the unintended consequences of liquidity regulation and is consistent with theoretical models’ predictions of a trade-off between liquidity buffers and bank opacity that exacerbates funding liquidity risk.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"52 ","pages":"Article 100990"},"PeriodicalIF":5.2,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042957322000432/pdfft?md5=6a917d71a28439412ddba4003a5b5b8c&pid=1-s2.0-S1042957322000432-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47894222","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: 8
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