银行市值和贷款供应

IF 1.5 4区 经济学 Q3 BUSINESS, FINANCE
Mattia Girotti, Guillaume Horny
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引用次数: 0

摘要

我们通过研究 2010Q1 至 2019Q4 欧元区 11 个国家 83 家银行的专有数据,研究了银行估值错误如何影响其贷款供应。我们用托宾 Q 值来衡量银行市值,并用可观察到的银行基本面、分析师对未来银行业绩的预测以及若干固定效应对我们的规格进行饱和处理,从而确定银行市值非基本面变化的影响。我们的研究表明,即使银行的资本结构约束不存在,市场价值的非基本面上升也会导致银行增加对企业和家庭的贷款供应。我们的研究结果与银行经理迎合股市投资者误解的机制是一致的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Bank Market Value and Loan Supply

Bank Market Value and Loan Supply

We study how the misvaluation of banks affects their loan supply by considering proprietary data on 83 banks from 11 euro-area countries from 2010Q1 to 2019Q4. We measure bank market value by the Tobin’s Q and identify the impact of nonfundamental changes in bank market value by saturating our specifications with observable bank fundamentals and analyst forecasts on future bank performance as well as several fixed effects. We show that nonfundamental rises in market value lead a bank to increase its loan supply to firms and households, even when the bank’s capital structure constraint is not binding. Our findings are consistent with a mechanism in which bank managers cater to the misperceptions of stock market investors.

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来源期刊
CiteScore
3.00
自引率
7.10%
发文量
22
期刊介绍: The Journal of Financial Services Research publishes high quality empirical and theoretical research on the demand, supply, regulation, and pricing of financial services. Financial services are broadly defined to include banking, risk management, capital markets, mutual funds, insurance, venture capital, consumer and corporate finance, and the technologies used to produce, distribute, and regulate these services. Macro-financial policy issues, including comparative financial systems, the globalization of financial services, and the impact of these phenomena on economic growth and financial stability, are also within the JFSR’s scope of interest. The Journal seeks to promote research that enriches the profession’s understanding of financial services industries, to elevate industry and product efficiencies, as well as to inform the debate and promote the formulation of sound public policies.   Officially cited as: J Financ Serv Res
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