Journal of Financial Stability最新文献

英文中文

CFO social networks and corporation taxation 首席财务官社交网络与公司税收

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability

Pub Date : 2025-03-16 DOI: 10.1016/j.jfs.2025.101405

Ming Fang , Qiang Wu , Xin (Emma) Xu , Zejiang Zhou

Despite the significance of social networks in influencing firm behavior, research on their impact on corporate tax behavior is limited. In this paper, we construct social networks of CFOs from U.S. companies based on their employment history, education, and non-professional activities. We find that firms with more socially connected CFOs have lower effective tax rates (ETR) compared to firms with less socially connected CFOs. This effect is more pronounced when corporate governance is weaker and managers have higher incentives. Furthermore, a firm's ETR decreases as CFO centrality increases. We do not observe similar results regarding the connectedness of boards of directors. Additionally, firm pairs exhibit similar ETRs when their CFOs are socially connected, suggesting an exchange of tax-related information among CFOs through their social networks. We also find that the past ETRs of firms with central CFOs predict the ETRs of firms with non-central CFOs. This indicates that less socially connected CFOs tend to follow the tax planning strategies of their more socially connected counterparts. Overall, our findings indicate that more socially connected CFOs possess more relevant information and resources regarding tax planning, leading to the adoption of more aggressive tax strategies compared to their less socially connected counterparts.

尽管社会网络在影响企业行为方面具有重要意义，但对其对企业税收行为影响的研究却有限。本文基于美国公司cfo的就业经历、教育背景和非专业活动，构建了他们的社交网络。我们发现，与社会联系较少的首席财务官相比，社会联系较多的首席财务官的企业有效税率（ETR）较低。当公司治理较弱、管理者激励较高时，这种效应更为明显。此外，企业的ETR随着CFO中心性的增加而降低。我们在董事会的连通性方面没有观察到类似的结果。此外，当公司的首席财务官有社会联系时，公司对也表现出类似的ETRs，这表明首席财务官之间通过他们的社会网络交换与税收相关的信息。我们还发现，拥有中心cfo的公司的过往ETRs可以预测拥有非中心cfo的公司的ETRs。这表明社会联系较少的首席财务官倾向于遵循其社会联系较多的同行的税收筹划策略。总体而言，我们的研究结果表明，与社会联系较少的首席财务官相比，社会联系较多的首席财务官拥有更多有关税收筹划的相关信息和资源，从而采取更积极的税收策略。

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引用次数: 0

Movable assets as collateral in debt financing and effects on trade credit: Evidence from collateral law reforms 债务融资中的动产质押及其对贸易信用的影响：来自质押法改革的证据

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability

Pub Date : 2025-03-16 DOI: 10.1016/j.jfs.2025.101406

Xiao Li , Jeffrey Ng , Walid Saffar

Using the staggered adoption of collateral law reforms across Europe, we examine their effects on trade credit financing. We find that firms in countries that adopt such reforms receive less trade credit, consistent with suppliers viewing these firms as less creditworthy. Moreover, this decrease in trade credit is more pronounced for firms and industries with more movable assets, for financially constrained firms, and for firms in countries with strong legal enforcement, indicating that collateralization of movable assets drives this relation. Our findings suggest that the use of movable assets as collateral in bank borrowing increases supplier risks and decreases demand for trade credit, thus discouraging its use.

利用欧洲各地交错采用的抵押品法改革，我们研究了它们对贸易信贷融资的影响。我们发现，在实施此类改革的国家，企业获得的贸易信贷较少，这与供应商认为这些企业信誉较差的观点是一致的。此外，对于拥有更多流动资产的公司和行业、资金受限的公司以及执法力度强的国家的公司来说，贸易信贷的减少更为明显，这表明流动资产抵押推动了这种关系。我们的研究结果表明，在银行借款中使用流动资产作为抵押品增加了供应商风险，减少了对贸易信贷的需求，从而阻碍了其使用。

引用次数: 0

The origin of financial instability and systemic risk: Do bank business models matter? 金融不稳定和系统性风险的起源：银行业务模式重要吗？

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability

Pub Date : 2025-03-15 DOI: 10.1016/j.jfs.2025.101403

Rym Ayadi , Paola Bongini , Barbara Casu , Doriana Cucinelli

Using a large sample of European listed banks, we investigate the relationship between a bank’s business model and systemic risk between 2005 and 2020, a period which includes various episodes of instability. Our findings indicate that, during tranquil periods, banks with different business models exhibit similar sensitivity to systemic risk. However, during periods of instability, the type of business model becomes critical: investment banks contribute more to and are more exposed to systemic risk. Distinguishing between endogenous and exogenous crises, our results reveal that market-oriented banks contribute more to systemic risk when instability is endogenous to the financial sector. Conversely, focused retail banks consistently show lower contributions and exposures to systemic risk. Additionally, our findings highlight the importance of business model migrations in reducing systemic risk. Banks transitioning from diversified to more retail-oriented models reduce their systemic risk, whereas migrations in the opposite direction do not exhibit the same benefit. These findings underscore the importance of maintaining diverse business models in the banking sector to enhance financial stability.

本文以欧洲上市银行为大样本，研究了2005年至2020年间银行业务模式与系统性风险之间的关系，这一时期包括各种不稳定事件。我们的研究结果表明，在平静时期，不同商业模式的银行对系统性风险表现出相似的敏感性。然而，在不稳定时期，商业模式的类型变得至关重要：投资银行对系统性风险的贡献更大，也更容易受到系统性风险的影响。通过区分内生危机和外生危机，我们的研究结果表明，当金融部门的不稳定性是内生的时，以市场为导向的银行对系统性风险的贡献更大。相反，专注的零售银行对系统性风险的贡献和敞口一直较低。此外，我们的发现强调了业务模型迁移在降低系统风险中的重要性。银行从多元化模式过渡到更以零售为导向的模式，降低了它们的系统性风险，而相反方向的迁移则没有表现出同样的好处。这些发现强调了在银行业保持多样化商业模式对加强金融稳定的重要性。

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引用次数: 0

Bank recovery and resolution planning, liquidity management and fragility 银行恢复和处置计划、流动性管理和脆弱性

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability

Pub Date : 2025-02-25 DOI: 10.1016/j.jfs.2025.101395

Luca G. Deidda , Ettore Panetti

We study how regulation shapes the interaction between financial fragility and bank liquidity management, and propose a rationale for the complementarity between bank recovery and resolution planning. To this end, we analyze an economy in which a resolution authority arranges a bank resolution plan to suspend deposit withdrawals and create a “good bank” at a cost in the event of a depositors’ run. In such a framework, banks find it optimal to establish recovery plans in advance, specifying how to manage liquidity during runs. However, such plans are time inconsistent, and resolution authorities need powers to force their implementation at times of financial fragility.

我们研究了监管如何塑造金融脆弱性和银行流动性管理之间的相互作用，并提出了银行恢复和解决方案计划之间互补性的基本原理。为此，我们分析了这样一种经济，在这种经济中，决议机构安排了一项银行决议计划，以暂停存款取款，并在储户挤兑的情况下以一定代价创建一家“好银行”。在这样的框架下，银行发现最好是提前制定恢复计划，明确在挤兑期间如何管理流动性。然而，这些计划在时间上并不一致，在金融脆弱时期，处置机构需要权力来强制实施这些计划。

引用次数: 0

Determinants of global loan pricing: Creditor rights or country size? 全球贷款定价的决定因素：债权人权利还是国家规模？

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability

Pub Date : 2025-02-18 DOI: 10.1016/j.jfs.2025.101396

Manthos D. Delis , Maria Iosifidi

Using global data on syndicated loans, we show that any negative effect of stronger creditor rights on loan spreads, as identified in the prior literature (Qian and Strahan, 2007; Bae and Goyal, 2009), disappears once we include a single country characteristic: country size. This finding is robust to several identification methods, both global samples and within-country changes in creditor rights, different panel spans, and hundreds of control variables. We identify that key origins of the effect of country size on loan pricing are ethnic fractionalization and within-country heterogeneity in economic preferences, which create country risk.

利用银团贷款的全球数据，我们表明，如先前文献所述，更强的债权对贷款利差的任何负面影响(Qian和Strahan, 2007；Bae和Goyal， 2009)，一旦我们包括一个单一的国家特征：国家规模就消失了。这一发现适用于几种识别方法，包括全球样本和国内债权变化、不同面板跨度和数百个控制变量。我们发现，国家规模对贷款定价影响的主要来源是民族分块化和国家内部经济偏好的异质性，这两方面都会产生国家风险。

引用次数: 0

The digital dilemma: Corporate digital transformation and default risk 数字化困境：企业数字化转型与违约风险

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability

Pub Date : 2025-02-14 DOI: 10.1016/j.jfs.2025.101393

Kai Wu, Yufei Lu

This study investigates the association between corporate digital transformation and default risk for a sample of Chinese-listed firms from 2009 to 2022. We find a robust positive association between digital transformation and corporate default risk. Further tests reveal the destabilizing impact of digital adoption strengthens under greater competition, human capital intensity, shareholder expropriation, and weak monitoring. The additional analysis points to resource misallocation and managerial manipulations as two potential channels propagating distress. We show that digital transformation correlates with escalated asset impairments and financial frauds. Our study provides evidence that digital transformation strategies entail underappreciated risks to financial stability.

本文以2009 - 2022年中国上市公司为样本，研究了企业数字化转型与违约风险之间的关系。我们发现数字化转型与企业违约风险之间存在显著的正相关关系。进一步的测试表明，在竞争加剧、人力资本密集度提高、股东被征用和监管薄弱的情况下，采用数字技术的不稳定影响会增强。额外的分析指出，资源分配不当和管理操纵是传播困境的两个潜在渠道。我们表明，数字化转型与资产减值和财务欺诈的升级相关。我们的研究提供的证据表明，数字化转型战略会给金融稳定带来被低估的风险。

引用次数: 0

Bank diversity and financial contagion 银行多元化和金融传染

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability

Pub Date : 2025-02-14 DOI: 10.1016/j.jfs.2025.101392

Emmanuel Caiazzo , Alberto Zazzaro

This paper analyzes financial contagion in a banking system where banks are linked to each other by interbank claims and common assets. We find that asset commonality makes banking systems more vulnerable to idiosyncratic liquidity shocks and helps to determine which interbank network structures are resistant to contagion. When the degree of commonality is homogeneous across banks, the complete interbank network, in which each bank borrows evenly from all the others, displays the usual robust-yet-fragile property. However, in the more general case of heterogeneous common asset holdings the complete interbank network is less resilient than other incomplete networks but not necessarily the most fragile. We also show that the degree and variability of asset commonality between banks and the way this intertwines with the cross-holdings of interbank deposits have important implications for macroprudential regulation.

本文分析了银行间债权和共同资产相互联系的银行体系中的金融传染问题。我们发现，资产共性使银行体系更容易受到特殊流动性冲击的影响，并有助于确定哪些银行间网络结构能够抵御传染。当银行间的共性程度相同时，每个银行从所有其他银行平均借款的完整银行间网络显示出通常的强健但脆弱的特性。然而，在更普遍的异质共同资产持有情况下，完整的银行间网络的弹性不如其他不完整网络，但不一定是最脆弱的。我们还表明，银行之间资产共性的程度和可变性，以及这种共性与银行间存款交叉持有的相互交织的方式，对宏观审慎监管具有重要意义。

引用次数: 0

Suspensions of payments and their consequences 暂停付款及其后果

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability

Pub Date : 2025-02-14 DOI: 10.1016/j.jfs.2025.101391

Qian Chen , Christoffer Koch , Gary Richardson , Padma Sharma

Ongoing financial innovation raises the specter of banking and payment crises. Little aggregate evidence exists on the repercussions of substantial suspensions of payments. State-level experiments fill this gap. Four times in the last forty years, U.S. governors suspended payments from state-insured depositories. Rhode Island’s deposits crisis (1991), which was large, prolonged, and occurred during a recession, substantially lengthened and deepened the downturn. Deposits freezes in Nebraska (1983), Ohio (1985), and Maryland (1985), which were short and occurred during expansions, had little macroeconomic impact. Data sparsity inhibits analysis of these events with standard methods. To perform inference, we develop a novel Bayesian method for synthetic control, which generates output useful for policymakers and theorists. Our findings suggest policies that ensure institutions continue to process payments on a business-as-usual basis at all times have substantial value.

持续的金融创新引发了银行和支付危机的幽灵。关于大量暂停支付的影响，几乎没有综合证据。州级实验填补了这一空白。在过去的40年里，美国州长曾四次暂停支付国家担保的存款。罗德岛州的存款危机（1991年）规模巨大，持续时间长，发生在经济衰退期间，大大延长并加深了经济低迷。内布拉斯加州（1983年）、俄亥俄州（1985年）和马里兰州（1985年）的存款冻结时间较短，发生在经济扩张期间，对宏观经济影响不大。数据稀疏性限制了使用标准方法对这些事件进行分析。为了进行推理，我们开发了一种新的贝叶斯综合控制方法，该方法产生的输出对政策制定者和理论家有用。我们的研究结果表明，确保机构在任何时候都能照常处理支付的政策具有重大价值。

引用次数: 0

The performance of FDIC-identified community banks 联邦存款保险公司认定的社区银行的业绩

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability

Pub Date : 2025-02-12 DOI: 10.1016/j.jfs.2025.101394

Athina Petropoulou , Vasileios Pappas , Steven Ongena , Dimitrios Gounopoulos , Richard Fairchild

In recognizing the uniqueness of their business model, the FDIC launched a new community bank definition in 2012 (reaffirmed in 2020) that changed its approach to identifying this bank group. This paper examines the impact of this re-defined community bank status on bank performance. Using a quasi-difference-in-differences approach, the study finds that banks that obtain the community bank status exhibit greater financial stability and lower risk, with lending and deposit structures mediating these effects. These findings offer new insights into a "warm glow" effect brought by the re-classification, affecting the performance of these institutions. By assigning the community bank status, the FDIC may have tapped into the social and emotional significance tied to the word "community" for various stakeholders.

在认识到其商业模式的独特性后，FDIC于2012年推出了新的社区银行定义（在2020年再次确认），改变了识别该银行集团的方法。本文考察了这种重新定义的社区银行地位对银行绩效的影响。采用准差中差方法，研究发现获得社区银行地位的银行表现出更大的财务稳定性和更低的风险，贷款和存款结构中介了这些影响。这些发现为重新分类带来的“暖光”效应提供了新的见解，影响了这些机构的绩效。通过赋予社区银行地位，FDIC可能挖掘到了“社区”一词对各种利益相关者的社会和情感意义。

引用次数: 0

Macroprudential policy and systemic risk: The role of corporate and household credit booms 宏观审慎政策和系统性风险：企业和家庭信贷繁荣的作用

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability

Pub Date : 2025-02-08 DOI: 10.1016/j.jfs.2025.101390

Peter Karlström

Recent financial crises have once again underscored the critical role of credit booms in driving systemic risk and financial instability in both advanced and developing countries. In this study, I examine whether macroprudential policies can attenuate systemic risk by mitigating the effects of booms in credit. The robust results show that macroprudential instruments are effective in curbing the build-up of systemic risk during household credit booms, which pose significant concerns for financial stability, though not for booms in credit to firms. Moreover, the findings suggest that limits on banks’ sectoral exposures are particularly effective in reducing systemic risk during booms in credit to the household sector. I further discover that leverage is a key transmission channel through which household credit booms contribute to systemic risk.

最近的金融危机再次突显了信贷繁荣在发达国家和发展中国家推动系统性风险和金融不稳定方面的关键作用。在这项研究中，我考察了宏观审慎政策是否可以通过减轻信贷繁荣的影响来减弱系统性风险。强有力的结果表明，宏观审慎工具在抑制家庭信贷繁荣期间系统性风险的积累方面是有效的，这对金融稳定构成了重大担忧，尽管对公司信贷繁荣没有影响。此外，研究结果表明，在家庭部门信贷繁荣时期，限制银行的行业敞口在降低系统性风险方面尤其有效。我进一步发现，杠杆是家庭信贷繁荣导致系统性风险的关键传导渠道。

引用次数: 0

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Journal of Financial Stability

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