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Journal of Financial Intermediation最新文献

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Explicit deposit insurance design: International effects on bank lending during the global financial crisis✰ 明确存款保险设计:全球金融危机期间银行贷款的国际效应
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-07-01 DOI: 10.1016/j.jfi.2022.100958
Iftekhar Hasan , Liuling Liu , Anthony Saunders , Gaiyan Zhang
{"title":"Explicit deposit insurance design: International effects on bank lending during the global financial crisis✰","authors":"Iftekhar Hasan ,&nbsp;Liuling Liu ,&nbsp;Anthony Saunders ,&nbsp;Gaiyan Zhang","doi":"10.1016/j.jfi.2022.100958","DOIUrl":"10.1016/j.jfi.2022.100958","url":null,"abstract":"<div><p>Studies find that during the 2007–2009 global financial crisis, loan spreads rose and corporate lending tightened, especially for foreign borrowers (a flight-home effect). We find that banks in countries with explicit deposit insurance (DI) made smaller reductions in total lending and foreign lending, experienced smaller increases in loan spreads, and had quicker post-crisis recoveries. These effects are more pronounced for banks heavily relying on deposit funding. Evidence also reveals that more generous or credible DI design is associated with a stronger stabilization effect on bank lending during the crisis, confirmed by the difference-in-differences analysis based on expansion of DI coverage during the crisis. The stabilization effect is robust to the use of country-specific crisis measures and control of temporary government guarantees.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49203032","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: 7
The Costs and Benefits of Performance Fees in Mutual Funds 共同基金绩效费的成本与收益
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-04-01 DOI: 10.1016/j.jfi.2022.100959
Henri Servaes , Kari Sigurdsson
{"title":"The Costs and Benefits of Performance Fees in Mutual Funds","authors":"Henri Servaes ,&nbsp;Kari Sigurdsson","doi":"10.1016/j.jfi.2022.100959","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.100959","url":null,"abstract":"<div><p>Funds with performance fees have annual net risk-adjusted returns of 0.50% below other funds, a result mostly due to funds without a stochastic benchmark against which performance is measured and funds with a benchmark that is easy to beat. For other funds, there is no evidence of underperformance. Performance fee funds charge total expenses, including the performance fee, that are substantially higher than those of other funds. Investors are more likely to punish poor performance in funds with performance fees than in other funds. Our results indicate that even when fees are less regulated, investors can generally be relied upon to make the right choices, but that there are a subset of funds where performance fees are employed to extract additional fees from investors.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042957322000122/pdfft?md5=23ad3214aea53945cb8f613818e3fe81&pid=1-s2.0-S1042957322000122-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71775604","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
Bank use of sovereign CDS in the Eurozone crisis: Hedging and risk incentives 欧元区危机中银行对主权CDS的使用:对冲和风险激励
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-04-01 DOI: 10.1016/j.jfi.2022.100964
Viral V. Acharya , Yalin Gündüz , Timothy C. Johnson
{"title":"Bank use of sovereign CDS in the Eurozone crisis: Hedging and risk incentives","authors":"Viral V. Acharya ,&nbsp;Yalin Gündüz ,&nbsp;Timothy C. Johnson","doi":"10.1016/j.jfi.2022.100964","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.100964","url":null,"abstract":"<div><p><span>Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008–2013. Banks used the sovereign CDS market to </span><em>extend</em>, rather than hedge, their long exposures to sovereign risk during this period. Lower loan exposure to sovereign risk is associated with greater protection selling in CDS, the effect being weaker when sovereign risk is high. Bank and country risk variables are mostly not associated with protection selling. The findings are driven by the actions of a few non-dealer banks which sold CDS protection aggressively at the onset of the crisis, but started covering their positions at its height while simultaneously shifting their assets towards sovereign bonds and loans. Our findings underscore the importance of accounting for derivatives exposure in building a complete picture and understanding fully the economic drivers of the bank-sovereign nexus of risk.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71775606","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
Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Performance 辛迪加的风险资本协调、公司监控和企业绩效
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-04-01 DOI: 10.1016/j.jfi.2022.100948
Jun-Koo Kang , Yingxiang Li , Seungjoon Oh
{"title":"Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Performance","authors":"Jun-Koo Kang ,&nbsp;Yingxiang Li ,&nbsp;Seungjoon Oh","doi":"10.1016/j.jfi.2022.100948","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.100948","url":null,"abstract":"<div><p>This paper examines how the coordination of venture capital (VC) investors in their syndicates, as measured by their geographic concentration, affects firm performance and ex ante contractual terms. Using the introduction of new airline routes between the locations of VC investors as a shock to their coordination costs, we find that firms with geographically concentrated VC investors are more likely to exit successfully than other firms. Geographically proximate VC investors are also more likely to form syndicates in follow-up rounds and to use less intensive staged financing and fewer convertible securities.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71775601","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
Institutional Shareholders and Bank Capital 机构股东与银行资本
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-04-01 DOI: 10.1016/j.jfi.2022.100960
Alexandre Garel , Arthur Petit-Romec , Rudi Vander Vennet
{"title":"Institutional Shareholders and Bank Capital","authors":"Alexandre Garel ,&nbsp;Arthur Petit-Romec ,&nbsp;Rudi Vander Vennet","doi":"10.1016/j.jfi.2022.100960","DOIUrl":"https://doi.org/10.1016/j.jfi.2022.100960","url":null,"abstract":"<div><p>We examine the relationship between institutional ownership and bank capital. Using a large sample of U.S. banks, we show that banks with greater institutional ownership operate with substantially higher capital ratios. The results are robust to controlling for standard determinants of bank capital structure, including market- and accounting-based risk measures. The results hold both for indexers and non-indexers, indicating that the effect of institutional ownership on bank capital cannot be explained by self-selection. We further address endogeneity concerns using an instrumental variable strategy based on the inclusion of banks in the S&amp;P index. We find supporting evidence that the superior monitoring abilities of institutional investors, which reduce the severity of agency costs, is the main explanation for our results.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71775602","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 company you keep: Investment adviser clientele and mutual fund performance✰ 投资顾问客户和共同基金业绩
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-04-01 DOI: 10.1016/j.jfi.2021.100947
William Beggs
{"title":"The company you keep: Investment adviser clientele and mutual fund performance✰","authors":"William Beggs","doi":"10.1016/j.jfi.2021.100947","DOIUrl":"https://doi.org/10.1016/j.jfi.2021.100947","url":null,"abstract":"<div><p>This study examines how the composition of an investment adviser's client base (identified via Form ADV filings) relates to the performance of its mutual funds. Investment advisers catering to institutional clients realize statistically and economically superior risk-adjusted mutual fund performance relative to retail-oriented advisers. Subsequent tests identify the channel(s) responsible for the relationship. The evidence is consistent with both a governance mechanism (i.e., Evans and Fahlenbrach 2012) as well as inefficiencies stemming from the costly search mechanism of Gârleanu and Pedersen's (2018) model for asset management. The results suggest that institutional clients can identify better performing investment managers, particularly in market segments where retail mutual fund investors face higher search costs.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71775603","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
Fintech in the time of COVID−19: Technological adoption during crises COVID - 19时代的金融科技:危机期间的技术采用
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-04-01 DOI: 10.1016/j.jfi.2021.100945
Jonathan Fu , Mrinal Mishra
{"title":"Fintech in the time of COVID−19: Technological adoption during crises","authors":"Jonathan Fu ,&nbsp;Mrinal Mishra","doi":"10.1016/j.jfi.2021.100945","DOIUrl":"10.1016/j.jfi.2021.100945","url":null,"abstract":"<div><p>We document the effects of the COVID−19 pandemic on digital finance and fintech adoption. Drawing on mobile application data from a globally representative sample, we find that the spread of COVID− 19 and related government lockdowns led to a sizeable increase in the rate of finance app downloads. We then analyze factors that may have driven this effect on the demand−side and better understand the “winners” from this digital acceleration on the supply−side. Our overall results suggest that traditional incumbents saw the largest growth in their digital offerings during the initial period, but that “BigTech” companies and newer fintech providers ultimately outperformed them over time. Finally, we drill−down further on the adoption of fintech apps pertaining to both the asset and liability side of the traditional bank balance sheet, to explore the implications that the accelerated trends in digitization may have for the future landscape of financial intermediation.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042957321000462/pdfft?md5=d9705d54fe69a4cf78a114e80edcc41c&pid=1-s2.0-S1042957321000462-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42784397","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: 56
Information disclosure and the feedback effect in capital markets 资本市场的信息披露与反馈效应
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-01-01 DOI: 10.1016/j.jfi.2020.100897
Spyros Terovitis
{"title":"Information disclosure and the feedback effect in capital markets","authors":"Spyros Terovitis","doi":"10.1016/j.jfi.2020.100897","DOIUrl":"10.1016/j.jfi.2020.100897","url":null,"abstract":"<div><p>Are more informative credit ratings always preferred and how should regulators intervene to promote investment efficiency? To answer these questions, we develop a model in which a manager seeks financing for a project. The main frictions are that the manager is privately informed about the project’s quality and cannot commit not to divert resources away from it. This setting gives rise to a feedback effect in which creditors’ beliefs about whether the manager diverts resources can become self-fulfilling. A critical consequence of this feedback effect is that more precise ratings can be detrimental for investment efficiency. Intuitively, by revealing that a firm is of worse quality and increasing its cost of finance, more informative ratings strengthen the manager’s incentive to withdraw resources away from the project and default. We show that the regulation of credit rating agencies should be lenient during good times and strict during bad times.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jfi.2020.100897","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47208018","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: 3
Real liquidity and banking 实际流动性和银行业
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-01-01 DOI: 10.1016/j.jfi.2020.100895
Zehao Liu , Ping He
{"title":"Real liquidity and banking","authors":"Zehao Liu ,&nbsp;Ping He","doi":"10.1016/j.jfi.2020.100895","DOIUrl":"https://doi.org/10.1016/j.jfi.2020.100895","url":null,"abstract":"<div><p><span>In an economy where banks take numeraire goods, so called money, as deposits, money allows depositors suffering preference shocks to withdraw from banks prematurely without liquidation of real investment. If real liquidity, defined as the real value of the monetary base, is low, the amount of payment liquidity, constrained by the velocity of money<span>, limits the short-term price level of investment goods before banks can settle their long-term loan contracts. This leads to an attractive nominal long-term investment return and over-investment. Allowing for inside money, that is, bank deposits, to be used for payment can improve social welfare but cannot fully resolve the liquidity shortage problem as the short-term </span></span>interest rate<span> offered by banks is constrained by the threat of bank runs. In the presence of systemic liquidity shocks, the price-adjustment mechanism cannot take full effects with insufficient payment liquidity, which can lead to non-zero profits for banks. Exchanging investment goods for numeraire goods through international trade can improve social welfare.</span></p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jfi.2020.100895","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71784564","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
Banking integration and growth: Role of banks' previous industry exposure 银行业整合与成长:银行以往行业敞口的作用
IF 5.2 1区 经济学
Journal of Financial Intermediation Pub Date : 2022-01-01 DOI: 10.1016/j.jfi.2021.100944
Neslihan Karakaya , Tomasz K. Michalski , Evren Örs
{"title":"Banking integration and growth: Role of banks' previous industry exposure","authors":"Neslihan Karakaya ,&nbsp;Tomasz K. Michalski ,&nbsp;Evren Örs","doi":"10.1016/j.jfi.2021.100944","DOIUrl":"https://doi.org/10.1016/j.jfi.2021.100944","url":null,"abstract":"<div><p>Using U.S. interstate banking deregulations, we identify the effect of market-entering banks’ prior industry<span> exposures on the manufacturing sector growth in the new state that they enter. We create banking integration and industry specialization measures that consider both direct (state-pair) as well as indirect (tertiary-state) links created by expanding multi-bank holding company networks. First, consistent with the economic mechanism we have in mind, we observe that banks’ home state's industrial specialization is positively correlated with their lending specialization when participating to in-state as well as out-of-state syndicated loan markets. Then, focusing on industry value added at the state-industry-level, we find evidence consistent with the positive impact of market-entering banks’ prior exposure to a sector on the growth of that industry in the newly-entered state. The observed effect is larger when the state-pair-level discrepancy in sector-specialization is greater. Our findings are robust and hold in capital-related components of industry-level value added. We observe that the above results are more prominent in sectors that are more external finance dependent, have lower amounts of physical capital that can be pledged as collateral, generate more valuable patents, are durables-producers, and have a higher risk. Our findings suggest that a bank integration channel helps shape states’ industrial landscape.</span></p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71784562","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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