Pub Date : 2025-10-09DOI: 10.1016/j.jbankfin.2025.107563
Christine Jiang , Yiyin Wu , John Qi Zhu
An initial public offering (IPO) can have diverse impacts on incumbent firms. We identify a valuation channel using a pairwise measure of technological proximity between the new entrant and incumbent firms. By analyzing the patent data of firms listed on the Shanghai Stock Exchange’s STAR Board, we find a significant increase in the valuation of the incumbent firm when its patent portfolio exhibits a higher degree of similarity to the IPO firm. This positive spillover effect differs from other well-documented peer effects of IPO shocks, suggesting a novel mechanism that operates through technological linkages, particularly among technology-intensive firms.
{"title":"A revisit to the IPO spillover effect: On the importance of technological proximity","authors":"Christine Jiang , Yiyin Wu , John Qi Zhu","doi":"10.1016/j.jbankfin.2025.107563","DOIUrl":"10.1016/j.jbankfin.2025.107563","url":null,"abstract":"<div><div>An initial public offering (IPO) can have diverse impacts on incumbent firms. We identify a valuation channel using a pairwise measure of technological proximity between the new entrant and incumbent firms. By analyzing the patent data of firms listed on the Shanghai Stock Exchange’s STAR Board, we find a significant increase in the valuation of the incumbent firm when its patent portfolio exhibits a higher degree of similarity to the IPO firm. This positive spillover effect differs from other well-documented peer effects of IPO shocks, suggesting a novel mechanism that operates through technological linkages, particularly among technology-intensive firms.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"181 ","pages":"Article 107563"},"PeriodicalIF":3.8,"publicationDate":"2025-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This research proposes a novel firm-based model for pricing cyber insurance. Our model considers two types of cyber risk: virus attacks and data breaches. Virus attacks deliver adverse shocks to the firm’s productivity, while data breaches cause premium customer departures that worsen the prospect of the firm’s product demand. We derive the endogenous structural form of cyber losses in firms and utilize it to solve the formula for cyber insurance premiums. Our quantitative results show that the consensus prediction about a strictly positive premium-risk nexus is no longer valid. Asymmetries in the sub-premium’s sensitivity to cyber risks from different sources and the premium customer loss rates jointly shape the complexity of the relation between cyber insurance premiums and cyber risks. Improvements in the product demand conditions enhance firms’ incentives to hedge cyber losses and push premiums higher. Lastly, we discuss the influence of product price competition on premiums.
{"title":"Cyber insurance valuation with endogenous cyber loss","authors":"Chang-Chih Chen , Chia-Chien Chang , Ying Rui , Min-Teh Yu","doi":"10.1016/j.jbankfin.2025.107564","DOIUrl":"10.1016/j.jbankfin.2025.107564","url":null,"abstract":"<div><div>This research proposes a novel firm-based model for pricing cyber insurance. Our model considers two types of cyber risk: virus attacks and data breaches. Virus attacks deliver adverse shocks to the firm’s productivity, while data breaches cause premium customer departures that worsen the prospect of the firm’s product demand. We derive the endogenous structural form of cyber losses in firms and utilize it to solve the formula for cyber insurance premiums. Our quantitative results show that the consensus prediction about a strictly positive premium-risk nexus is no longer valid. Asymmetries in the sub-premium’s sensitivity to cyber risks from different sources and the premium customer loss rates jointly shape the complexity of the relation between cyber insurance premiums and cyber risks. Improvements in the product demand conditions enhance firms’ incentives to hedge cyber losses and push premiums higher. Lastly, we discuss the influence of product price competition on premiums.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"181 ","pages":"Article 107564"},"PeriodicalIF":3.8,"publicationDate":"2025-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-09DOI: 10.1016/j.jbankfin.2025.107566
Luis Fernández Lafuerza, Jorge E. Galán
We provide compelling evidence of the association between credit standards at loan origination in the corporate sector and default risk. While this relationship has been extensively studied in the mortgage market, it remains underexplored in corporate lending. Using a comprehensive dataset from the Spanish credit register merged with firm-level balance sheet information over a full financial cycle, we show that debt-to-assets and interest coverage ratios at loan origination are significant predictors of future corporate loan defaults. The strength of this association varies across the financial cycle, sectors, firm size and age, and prior banking relationships. Real estate firms and small and medium-sized enterprises exhibit the strongest link between initial credit conditions and future default outcomes. Our findings suggest that limits in corporate credit standards, similar to those widely used in mortgage markets, could enhance firms’ resilience to adverse shocks and complement capital-based instruments within the macroprudential toolkit. However, the effectiveness and potential side effects of such measures depend critically on firm-specific characteristics and sectoral heterogeneity, underscoring the need for a targeted and flexible policy design.
{"title":"Credit standards and corporate loan default. Insights for macroprudential policy","authors":"Luis Fernández Lafuerza, Jorge E. Galán","doi":"10.1016/j.jbankfin.2025.107566","DOIUrl":"10.1016/j.jbankfin.2025.107566","url":null,"abstract":"<div><div>We provide compelling evidence of the association between credit standards at loan origination in the corporate sector and default risk. While this relationship has been extensively studied in the mortgage market, it remains underexplored in corporate lending. Using a comprehensive dataset from the Spanish credit register merged with firm-level balance sheet information over a full financial cycle, we show that debt-to-assets and interest coverage ratios at loan origination are significant predictors of future corporate loan defaults. The strength of this association varies across the financial cycle, sectors, firm size and age, and prior banking relationships. Real estate firms and small and medium-sized enterprises exhibit the strongest link between initial credit conditions and future default outcomes. Our findings suggest that limits in corporate credit standards, similar to those widely used in mortgage markets, could enhance firms’ resilience to adverse shocks and complement capital-based instruments within the macroprudential toolkit. However, the effectiveness and potential side effects of such measures depend critically on firm-specific characteristics and sectoral heterogeneity, underscoring the need for a targeted and flexible policy design.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"181 ","pages":"Article 107566"},"PeriodicalIF":3.8,"publicationDate":"2025-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145270367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-07DOI: 10.1016/j.jbankfin.2025.107565
Heiner Beckmeyer, Timo Wiedemann
By flexibly weighting the information contained in past realized returns, we construct a momentum strategy that outperforms and subsumes the performance of traditional stock momentum. The strategy performs well in crises and continues to work in the most recent decades. We show that the way past returns are weighted is in line with the strategy exploiting an underreaction to the information contained in realized returns, but also investigate alternative behavioral and risk-based explanations. We find that the response to earnings announcements, market-wide jumps and large individual returns realized in the formation period are most informative about future stock returns.
{"title":"All Days Are Not Created Equal: Understanding Momentum by Learning to Weight Past Returns","authors":"Heiner Beckmeyer, Timo Wiedemann","doi":"10.1016/j.jbankfin.2025.107565","DOIUrl":"10.1016/j.jbankfin.2025.107565","url":null,"abstract":"<div><div>By flexibly weighting the information contained in past realized returns, we construct a momentum strategy that outperforms and subsumes the performance of traditional stock momentum. The strategy performs well in crises and continues to work in the most recent decades. We show that the way past returns are weighted is in line with the strategy exploiting an underreaction to the information contained in realized returns, but also investigate alternative behavioral and risk-based explanations. We find that the response to earnings announcements, market-wide jumps and large individual returns realized in the formation period are most informative about future stock returns.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"181 ","pages":"Article 107565"},"PeriodicalIF":3.8,"publicationDate":"2025-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145270369","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-02DOI: 10.1016/j.jbankfin.2025.107567
Carl Hsin-han Shen , Hao Zhang
We examine whether insiders’ pledging of company stock as collateral for personal loans influences a company’s debt contracting. We attempt to identify causality through difference-in-differences analyses of an unexpected legislative change that exogenously reduced board directors’ pledging incentives. We find that firms with higher initial pledging levels, which subsequently experienced a significant decline in pledging ratios due to the regulation, benefited from lower loan spreads and less stringent non-price loan terms. We further hypothesize and provide evidence that the positive impact of insider pledging on corporate borrowing costs is less pronounced in closely held firms. Examining the mechanisms, we find that share pledging is positively related to earnings management, firm risk-taking behaviors, and agency problems. Overall, these findings suggest that banks perceive insider share pledging as engendering significant risks.
{"title":"Share pledging of insiders and corporate debt contracting","authors":"Carl Hsin-han Shen , Hao Zhang","doi":"10.1016/j.jbankfin.2025.107567","DOIUrl":"10.1016/j.jbankfin.2025.107567","url":null,"abstract":"<div><div>We examine whether insiders’ pledging of company stock as collateral for personal loans influences a company’s debt contracting. We attempt to identify causality through difference-in-differences analyses of an unexpected legislative change that exogenously reduced board directors’ pledging incentives. We find that firms with higher initial pledging levels, which subsequently experienced a significant decline in pledging ratios due to the regulation, benefited from lower loan spreads and less stringent non-price loan terms. We further hypothesize and provide evidence that the positive impact of insider pledging on corporate borrowing costs is less pronounced in closely held firms. Examining the mechanisms, we find that share pledging is positively related to earnings management, firm risk-taking behaviors, and agency problems. Overall, these findings suggest that banks perceive insider share pledging as engendering significant risks.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"181 ","pages":"Article 107567"},"PeriodicalIF":3.8,"publicationDate":"2025-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145364645","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-01DOI: 10.1016/j.jbankfin.2025.107562
Na Ding , Panpan Feng , Jianjun Liu , Zhaoyue Ren , Xueyong Zhang
This study investigates how economic policy uncertainty (EPU) affects venture capital (VC) contract terms. Using a unique database of contracts between VCs and entrepreneurial firms in China, we provide evidence that EPU positively affects the presence of investor-friendly covenants in VC contracts. Our mechanism analysis shows that screening for high-quality startups and VCs’ increased bargaining power are potential channels. Furthermore, we find that including more investor-friendly covenants mitigates the negative effect of EPU on VC exit performance.
{"title":"Economic policy uncertainty and covenants in venture capital contracts","authors":"Na Ding , Panpan Feng , Jianjun Liu , Zhaoyue Ren , Xueyong Zhang","doi":"10.1016/j.jbankfin.2025.107562","DOIUrl":"10.1016/j.jbankfin.2025.107562","url":null,"abstract":"<div><div>This study investigates how economic policy uncertainty (EPU) affects venture capital (VC) contract terms. Using a unique database of contracts between VCs and entrepreneurial firms in China, we provide evidence that EPU positively affects the presence of investor-friendly covenants in VC contracts. Our mechanism analysis shows that screening for high-quality startups and VCs’ increased bargaining power are potential channels. Furthermore, we find that including more investor-friendly covenants mitigates the negative effect of EPU on VC exit performance.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"181 ","pages":"Article 107562"},"PeriodicalIF":3.8,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145364160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-28DOI: 10.1016/j.jbankfin.2025.107561
Sonny Biswas , Neslihan Ozkan , Junyang Yin
We find that in the leveraged loan sector, firms borrowing from non-banks have lower profitability following loan originations, compared to firms borrowing from banks, after controlling for observable factors. As non-bank borrowers experience less intense monitoring than bank borrowers, they engage in more risk-taking, which could explain their lower profitability following loan issuance. Using the leveraged lending guidance as a plausibly exogenous shock, which resulted in the migration of borrowers from banks to non-banks, we provide causal evidence corroborating our main results. Overall, our findings suggest that macroprudential policies which exclusively target the traditional banking sector may have negative consequences.
{"title":"Non-bank lending and firm performance: Evidence from the syndicate loan market","authors":"Sonny Biswas , Neslihan Ozkan , Junyang Yin","doi":"10.1016/j.jbankfin.2025.107561","DOIUrl":"10.1016/j.jbankfin.2025.107561","url":null,"abstract":"<div><div>We find that in the leveraged loan sector, firms borrowing from non-banks have lower profitability following loan originations, compared to firms borrowing from banks, after controlling for observable factors. As non-bank borrowers experience less intense monitoring than bank borrowers, they engage in more risk-taking, which could explain their lower profitability following loan issuance. Using the leveraged lending guidance as a plausibly exogenous shock, which resulted in the migration of borrowers from banks to non-banks, we provide causal evidence corroborating our main results. Overall, our findings suggest that macroprudential policies which exclusively target the traditional banking sector may have negative consequences.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"181 ","pages":"Article 107561"},"PeriodicalIF":3.8,"publicationDate":"2025-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145270368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-27DOI: 10.1016/j.jbankfin.2025.107559
Steven Xianglong Chen , Zhangfan Cao , Xiaolan Zheng
This study investigates the effect of trade secret protection on corporate investment in human capital. By leveraging the staggered adoption of the Inevitable Disclosure Doctrine (IDD) by U.S. states as an exogenous shock that significantly reduces talent mobility, we find that IDD adoption results in firms overinvesting in human capital, suggesting that firms strategically engage in precautionary human capital hoarding in response to the reduced talent supply in the labor market and increased labor adjustment costs. Our cross-sectional analyses show that the effect of IDD adoption on human capital investment is more pronounced for (1) firms in high-skill industries and (2) firms facing higher levels of product market competition. Finally, further analyses reveal that, in the context of a limited talent supply under IDD restrictions, high-skill firms with human capital reserves enjoy superior performance to those without such reserves. Overall, our study reveals an unintended consequence of growing trade secret protection in shifting the focus of firms’ human capital investment from “head-hunting” talent from rivals to “internal cultivation” of existing human capital within firms and has implications for both managers and policymakers amid the increasingly knowledge-intensive economic environment.
{"title":"Does trade secret protection spur human capital investment? Evidence from the Inevitable Disclosure Doctrine","authors":"Steven Xianglong Chen , Zhangfan Cao , Xiaolan Zheng","doi":"10.1016/j.jbankfin.2025.107559","DOIUrl":"10.1016/j.jbankfin.2025.107559","url":null,"abstract":"<div><div>This study investigates the effect of trade secret protection on corporate investment in human capital. By leveraging the staggered adoption of the Inevitable Disclosure Doctrine (IDD) by U.S. states as an exogenous shock that significantly reduces talent mobility, we find that IDD adoption results in firms overinvesting in human capital, suggesting that firms strategically engage in precautionary human capital hoarding in response to the reduced talent supply in the labor market and increased labor adjustment costs. Our cross-sectional analyses show that the effect of IDD adoption on human capital investment is more pronounced for (1) firms in high-skill industries and (2) firms facing higher levels of product market competition. Finally, further analyses reveal that, in the context of a limited talent supply under IDD restrictions, high-skill firms with human capital reserves enjoy superior performance to those without such reserves. Overall, our study reveals an unintended consequence of growing trade secret protection in shifting the focus of firms’ human capital investment from “head-hunting” talent from rivals to “internal cultivation” of existing human capital within firms and has implications for both managers and policymakers amid the increasingly knowledge-intensive economic environment.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"181 ","pages":"Article 107559"},"PeriodicalIF":3.8,"publicationDate":"2025-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-27DOI: 10.1016/j.jbankfin.2025.107558
Hong Chen , Zhao Jin , Yanfei Tang
This paper investigates how the regulation of bank wealth management products (WMPs) affects corporate innovation. We build a concise model linking firms’ assets allocation decisions to regulatory variables affecting banks. The model suggests that current WMP regulation can enhance formal lending and stimulate innovation among state-owned enterprises (SOEs), while having no impact on innovation in private enterprises (PEs). Empirically, we identify firms’ exposure to bank regulation by examining the number of WMPs issued by banks in 2017 and the distance between banks and firms. Our results indicate that innovation output significantly increased for highly exposed SOEs, while there was no significant change for PEs. Using city-level data, we further observe that regulation fosters innovation in regions with higher exposure. Our findings suggest that regulation exerts heterogeneous effects on the real economy by banks’ credit allocation and firms’ investment strategies.
{"title":"The innovation effects of regulation on bank wealth management products: Theory and evidence from China","authors":"Hong Chen , Zhao Jin , Yanfei Tang","doi":"10.1016/j.jbankfin.2025.107558","DOIUrl":"10.1016/j.jbankfin.2025.107558","url":null,"abstract":"<div><div>This paper investigates how the regulation of bank wealth management products (WMPs) affects corporate innovation. We build a concise model linking firms’ assets allocation decisions to regulatory variables affecting banks. The model suggests that current WMP regulation can enhance formal lending and stimulate innovation among state-owned enterprises (SOEs), while having no impact on innovation in private enterprises (PEs). Empirically, we identify firms’ exposure to bank regulation by examining the number of WMPs issued by banks in 2017 and the distance between banks and firms. Our results indicate that innovation output significantly increased for highly exposed SOEs, while there was no significant change for PEs. Using city-level data, we further observe that regulation fosters innovation in regions with higher exposure. Our findings suggest that regulation exerts heterogeneous effects on the real economy by banks’ credit allocation and firms’ investment strategies.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"181 ","pages":"Article 107558"},"PeriodicalIF":3.8,"publicationDate":"2025-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145270370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-20DOI: 10.1016/j.jbankfin.2025.107553
Alina Arefeva
This paper examines the drivers of housing market volatility through dynamic search-and-matching models that incorporate auctions. Two versions of the model are developed: one in which buyers visit homes randomly and another where search is directed by seller reserve prices. The analysis demonstrates that granular shocks and microstructure frictions—arising from the interaction of idiosyncratic and infrequent transactions, search frictions, and auctions-based pricing—generate persistent volatility, even in large markets such as Los Angeles. The paper also identifies systematic weekly patterns in housing activity, which account for up to 60% of monthly variation in sales and listings due to calendar composition. Recognizing and filtering out these predictable fluctuations ensures that the model targets economically meaningful sources of volatility. Together, granular shocks, microstructure frictions, and weekly patterns explain 70%–80% of sales and listings volatility, with the remainder driven by exogenous shocks. These findings underscore the importance of auctions, granular shocks, microstructure frictions, and weekly patterns in understanding housing market dynamics.
{"title":"Housing markets: Auctions, granular shocks, and microstructure frictions","authors":"Alina Arefeva","doi":"10.1016/j.jbankfin.2025.107553","DOIUrl":"10.1016/j.jbankfin.2025.107553","url":null,"abstract":"<div><div>This paper examines the drivers of housing market volatility through dynamic search-and-matching models that incorporate auctions. Two versions of the model are developed: one in which buyers visit homes randomly and another where search is directed by seller reserve prices. The analysis demonstrates that granular shocks and microstructure frictions—arising from the interaction of idiosyncratic and infrequent transactions, search frictions, and auctions-based pricing—generate persistent volatility, even in large markets such as Los Angeles. The paper also identifies systematic weekly patterns in housing activity, which account for up to 60% of monthly variation in sales and listings due to calendar composition. Recognizing and filtering out these predictable fluctuations ensures that the model targets economically meaningful sources of volatility. Together, granular shocks, microstructure frictions, and weekly patterns explain 70%–80% of sales and listings volatility, with the remainder driven by exogenous shocks. These findings underscore the importance of auctions, granular shocks, microstructure frictions, and weekly patterns in understanding housing market dynamics.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"180 ","pages":"Article 107553"},"PeriodicalIF":3.8,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145158326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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