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Firms’ Bond Market Access and Impact on Bank Borrowing Costs 企业进入债券市场及其对银行借款成本的影响
IF 1.4 4区 经济学
Journal of Financial Services Research Pub Date : 2024-03-12 DOI: 10.1007/s10693-024-00424-y
{"title":"Firms’ Bond Market Access and Impact on Bank Borrowing Costs","authors":"","doi":"10.1007/s10693-024-00424-y","DOIUrl":"https://doi.org/10.1007/s10693-024-00424-y","url":null,"abstract":"<h3>Abstract</h3> <p>This paper documents that companies with bond issuance are larger, are more leveraged, and have higher financing needs, but have lower observed syndicated loan spreads. Using endogenous treatment and outcome estimations, we find that companies would potentially face an average of 114 to 185 basis points (bps) higher loan spreads in counterfactual absence of bond market access, significantly larger than observational difference (57 bps) or existing estimates in the literature. This finding underscores the importance of bond markets for corporate financing and overcoming lending constraints or market power of banks, and also casts doubt on valued banking services as the explanation why loans are more costly to bonds. We also find bond issuance as information release a partial explanation only.</p>","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140117242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Enterprise Risk Management, Risk-Taking, and Macroeconomic Implications: Evidence from Bank Mortgage Loan Management 企业风险管理、风险承担和宏观经济影响：银行抵押贷款管理的证据
IF 1.4 4区 经济学
Journal of Financial Services Research Pub Date : 2024-01-31 DOI: 10.1007/s10693-024-00422-0
Shiang Liu, Jianren Xu
{"title":"Enterprise Risk Management, Risk-Taking, and Macroeconomic Implications: Evidence from Bank Mortgage Loan Management","authors":"Shiang Liu, Jianren Xu","doi":"10.1007/s10693-024-00422-0","DOIUrl":"https://doi.org/10.1007/s10693-024-00422-0","url":null,"abstract":"<p>We investigate how enterprise risk management (ERM) reshapes firm risk-taking behaviors. Using loan-level data, we find that ERM does not affect bank mortgage loan origination but increases loan sales. To strengthen identification, we employ a staggered difference-in-differences approach in matched samples and instrumental variables. The channel analysis reveals a stronger ERM impact on mortgage sales for high default-risk loans and when macroeconomic risk is greater, suggesting a risk-transfer effect. ERM influences firms by identifying risky business and external risks, thereby altering risk transfer/retention policies. Additionally, banks with ERM incorporate macroeconomic conditions when setting loan loss provisions, reducing credit market procyclicality.</p>","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2024-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139646091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
How FinTech Affects Bank Systemic Risk: Evidence from China 金融科技如何影响银行系统性风险：来自中国的证据
IF 1.4 4区 经济学
Journal of Financial Services Research Pub Date : 2023-12-14 DOI: 10.1007/s10693-023-00421-7
Qian Chen, Chuang Shen
{"title":"How FinTech Affects Bank Systemic Risk: Evidence from China","authors":"Qian Chen, Chuang Shen","doi":"10.1007/s10693-023-00421-7","DOIUrl":"https://doi.org/10.1007/s10693-023-00421-7","url":null,"abstract":"","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139001756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
What Triggers Consumer Adoption of Central Bank Digital Currency? 是什么促使消费者采用央行数字货币?
IF 1.4 4区 经济学
Journal of Financial Services Research Pub Date : 2023-11-28 DOI: 10.1007/s10693-023-00420-8
Michiel Bijlsma, Carin van der Cruijsen, Nicole Jonker, Jelmer Reijerink
{"title":"What Triggers Consumer Adoption of Central Bank Digital Currency?","authors":"Michiel Bijlsma, Carin van der Cruijsen, Nicole Jonker, Jelmer Reijerink","doi":"10.1007/s10693-023-00420-8","DOIUrl":"https://doi.org/10.1007/s10693-023-00420-8","url":null,"abstract":"<p>Central banks around the world are examining the possibility of introducing Central Bank Digital Currency (CBDC). The public’s preferences concerning the usage of CBDC for paying and saving are important determinants of the success of CBDC. However, little is known yet about consumers’ attitudes towards CBDC. Using data from a representative panel of Dutch consumers we find that roughly half of the public says it would open a CBDC current account. The same holds for a CBDC savings account. Thus, we find clear potential for CBDC in the Netherlands. This suggests that consumers perceive CBDC as distinct from current and savings accounts offered by traditional banks. Intended CBDC usage is positively related to respondents’ knowledge of CBDC and trust in the central bank. Price incentives matter as well. The amount respondents say they would want to deposit in the CBDC savings account depends on the interest rate offered. Furthermore, intended usage of the CBDC current account is highest among people who find privacy and security important and among consumers with low trust in banks in general. These results suggest that central banks can steer consumers’ adoption of CBDC via the interest rate, by a design of CBDC that takes into account the public’s need for security and privacy, and by clear communication about what CBDC entails.</p>","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138508675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Investing in Your Alumni: Endowments’ Investment Choices in Private Equity 投资校友:捐赠基金在私募股权中的投资选择
IF 1.4 4区 经济学
Journal of Financial Services Research Pub Date : 2023-11-21 DOI: 10.1007/s10693-023-00419-1
Roland Füss, Stefan Morkoetter, Maria Oliveira
{"title":"Investing in Your Alumni: Endowments’ Investment Choices in Private Equity","authors":"Roland Füss, Stefan Morkoetter, Maria Oliveira","doi":"10.1007/s10693-023-00419-1","DOIUrl":"https://doi.org/10.1007/s10693-023-00419-1","url":null,"abstract":"<p>We investigate the role of alumni ties in university endowments’ decision to invest into private equity funds. Based on a sample of 1,590 commitments made by 189 U.S. endowments into 613 funds during the period of 1995 to 2017, we show that endowments are more likely to invest into funds that are managed by the alumni of their own alma mater. This finding is more pronounced for less prestigious and less private equity experienced university endowments. Thus, our results are not only dominated by institutions with a larger proportion of active alumni in the private equity industry. Furthermore, we observe that alumni ties are not associated with better performance compared to other endowment investments where such a tie does not exist.</p>","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138508650","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Do Co-opted Boards Affect the Financial Performance of Insurance Firms? 增选董事会是否影响保险公司的财务表现?
4区 经济学
Journal of Financial Services Research Pub Date : 2023-09-13 DOI: 10.1007/s10693-023-00418-2
Michael Adams, Zafeira Kastrinaki
{"title":"Do Co-opted Boards Affect the Financial Performance of Insurance Firms?","authors":"Michael Adams, Zafeira Kastrinaki","doi":"10.1007/s10693-023-00418-2","DOIUrl":"https://doi.org/10.1007/s10693-023-00418-2","url":null,"abstract":"Abstract We examine the performance-effects of Chief Executive Officer (CEO) co-opted boards in United Kingdom (UK) property-casualty insurers. We report that board insiders appointed in the aftermath of CEO succession reduce profitability, but bolster solvency. Enhanced solvency also results when the CEO is a financial expert and when proportionately more inside directors are selected by a CEO who is a financial expert. We further find enhanced profitability-effects for insurance experienced co-opted outside directors, while large investors improve solvency. However, the internal or external origin of the CEO does not affect financial outcomes. We consider that our results could have commercial and/or public policy implications.","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135740778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
What Determines Enterprise Borrowing from Self Help Groups? An Interpretable Supervised Machine Learning Approach 是什么决定了企业向自助团体借贷?一种可解释监督机器学习方法
4区 经济学
Journal of Financial Services Research Pub Date : 2023-09-12 DOI: 10.1007/s10693-023-00416-4
Madhura Dasgupta, Samarth Gupta
{"title":"What Determines Enterprise Borrowing from Self Help Groups? An Interpretable Supervised Machine Learning Approach","authors":"Madhura Dasgupta, Samarth Gupta","doi":"10.1007/s10693-023-00416-4","DOIUrl":"https://doi.org/10.1007/s10693-023-00416-4","url":null,"abstract":"","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135879290","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Window Dressing and the Designation of Global Systemically Important Banks 粉饰窗口与全球系统重要性银行的认定
IF 1.4 4区 经济学
Journal of Financial Services Research Pub Date : 2023-09-07 DOI: 10.1007/s10693-023-00417-3
Luis Garcia, Ulf Lewrick, Taja Sečnik
{"title":"Window Dressing and the Designation of Global Systemically Important Banks","authors":"Luis Garcia, Ulf Lewrick, Taja Sečnik","doi":"10.1007/s10693-023-00417-3","DOIUrl":"https://doi.org/10.1007/s10693-023-00417-3","url":null,"abstract":"","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48738980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Competition and Innovation in the Financial Sector: Evidence from the Rise of FinTech Start-ups 金融领域的竞争与创新:来自金融科技初创企业崛起的证据
4区 经济学
Journal of Financial Services Research Pub Date : 2023-08-10 DOI: 10.1007/s10693-023-00413-7
Doina Caragea, Theodor Cojoianu, Mihai Dobri, Andreas Hoepner, Oana Peia, Davide Romelli
{"title":"Competition and Innovation in the Financial Sector: Evidence from the Rise of FinTech Start-ups","authors":"Doina Caragea, Theodor Cojoianu, Mihai Dobri, Andreas Hoepner, Oana Peia, Davide Romelli","doi":"10.1007/s10693-023-00413-7","DOIUrl":"https://doi.org/10.1007/s10693-023-00413-7","url":null,"abstract":"Abstract This paper provides new evidence on the effects of entry on incumbents’ incentives to innovate by examining the rise of FinTech innovations over the period 2000-2016. We employ machine learning algorithms to classify a large sample of patent applications into five types of FinTech innovations. We then show that greater competition from innovators outside the financial sector increases the probability that incumbent financial firms will innovate. Our identification strategy exploits the variation over time in the share of FinTech patent applications by non-financial start-ups relative to incumbent financial firms, as a proxy for competitive pressures from outside the financial industry. We also find that this increased competition results in a higher number of FinTech patent applications by financial incumbents relative to non-financial ones, especially when the FinTech innovations are more important, as proxied by the number of their future patent citations.","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135491928","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Interest Received by Banks during the Financial Crisis: LIBOR vs Hypothetical SOFR Loans 金融危机期间银行收到的利息:LIBOR与假设的SOFR贷款
4区 经济学
Journal of Financial Services Research Pub Date : 2023-07-27 DOI: 10.1007/s10693-023-00415-5
Urban Jermann
{"title":"Interest Received by Banks during the Financial Crisis: LIBOR vs Hypothetical SOFR Loans","authors":"Urban Jermann","doi":"10.1007/s10693-023-00415-5","DOIUrl":"https://doi.org/10.1007/s10693-023-00415-5","url":null,"abstract":"","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135702164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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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