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Does FinTech reduce human biases? Evidence from advisory vs. automated FinTechs in lending 金融科技能减少人类的偏见吗？咨询与自动化金融科技在贷款中的对比证据
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-12-01 Epub Date: 2025-10-11 DOI: 10.1016/j.jbankfin.2025.107557
Yanting Chen , Yingwei Dong , Jiayin Hu , Yiping Huang
We investigate whether FinTech can mitigate human biases in lending decisions using proprietary loan-level data from a Chinese auto equity lender. The lender first integrated big data credit scoring as an advisory tool to enhance its traditional lending model, subsequently transitioning to algorithmic decision-making with optional human override. Our findings reveal that cognitive biases decrease significantly when loan officers use algorithmic lending decisions, substantially reducing disparities in loan-to-value ratios between local and nonlocal borrowers without exacerbating default differentials. Notably, the discretionary adjustments made by loan officers remain modest. In contrast, advisory credit scores alone exhibit no discernible bias-reducing effects. Our study is among the first to demonstrate that automation and choice architecture – specifically, nudging via algorithmic defaults – is more effective than mere information provision in combating discrimination and promoting financial inclusion.
我们使用一家中国汽车股权贷款机构的专有贷款水平数据，研究金融科技是否可以减轻人类在贷款决策中的偏见。该银行首先将大数据信用评分作为一种咨询工具，以增强其传统的贷款模式，随后过渡到算法决策，并可选择人工控制。我们的研究结果表明，当信贷员使用算法贷款决策时，认知偏差显著减少，大大减少了本地和非本地借款人之间贷款与价值比率的差异，而不会加剧违约差异。值得注意的是，信贷员的酌情调整幅度仍然不大。相比之下，咨询信用评分本身并没有显示出明显的减少偏见的效果。我们的研究是第一批证明自动化和选择架构——特别是通过算法默认推动——在打击歧视和促进金融包容性方面比仅仅提供信息更有效的研究之一。
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引用次数: 0
Does broadband infrastructure promote households’ welfare in wealth management? Evidence from the construction of cell towers and the purchase of Yu’E Bao in China 宽带基础设施是否促进了家庭财富管理的福利？在中国建设手机信号塔和收购余额宝就是证据
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-12-01 Epub Date: 2025-10-10 DOI: 10.1016/j.jbankfin.2025.107576
Jiapin Deng , Xiaoxia Li , Yanchu Liu
Marshalling a large and novel dataset of cell towers and using the purchase of Yu’E Bao as a proxy for Chinese households’ investment in money market funds, this paper investigates how broadband infrastructure affects the welfare of households in wealth management. We find that with the improvement in broadband infrastructure, Internet service becomes more available to households and they tend to convert bank deposits with suppressed rates of interest into money market funds that provide less regulated and hence higher rates of return. Further analyses show that the effect of broadband infrastructure on the conversion of bank deposits into money market funds is more pronounced in counties with lower density of bank branches and among less educated people. Our empirical findings suggest that by alleviating the policy distortions imposed on the traditional banking sector, online financial products and service are powerful tools in the promotion of financial inclusion.
本文整理了一个庞大而新颖的手机信号塔数据集，并使用余额宝的购买作为中国家庭对货币市场基金投资的代理，研究了宽带基础设施如何影响家庭财富管理的福利。我们发现，随着宽带基础设施的改善，互联网服务对家庭来说变得更容易获得，他们倾向于将利率受到抑制的银行存款转换为货币市场基金，货币市场基金提供的监管较少，因此回报率更高。进一步的分析表明，宽带基础设施对银行存款转化为货币市场基金的影响，在银行分支机构密度较低的县和受教育程度较低的人群中更为明显。我们的实证研究结果表明，通过减轻传统银行业的政策扭曲，在线金融产品和服务是促进普惠金融的有力工具。
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引用次数: 0
All Days Are Not Created Equal: Understanding Momentum by Learning to Weight Past Returns 并非所有日子都是平等的：通过学习衡量过去的回报来理解势头
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-12-01 Epub Date: 2025-10-07 DOI: 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.
通过灵活地加权过去已实现收益中包含的信息，我们构建了一个超越并包含传统股票动量表现的动量策略。这一战略在危机中表现良好，并在最近几十年继续发挥作用。我们表明，过去收益的加权方式符合利用对已实现收益中包含的信息的反应不足的策略，但也研究了其他行为和基于风险的解释。我们发现，对收益公告的反应，市场范围的跳跃和在形成期内实现的巨大个人回报是未来股票回报的最重要信息。
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引用次数: 0
Unencumbered by style: Why do funds change factor loadings, and does it help? 不受风格影响：为什么基金会改变因子负载，这有帮助吗？
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-12-01 Epub Date: 2025-09-19 DOI: 10.1016/j.jbankfin.2025.107544
Ting Bai , Jens Hilscher , Anna Scherbina
We show that, rather than maintaining a constant style, active equity funds alter their factor loadings over time. Style changes are larger following quarters in which funds either substantially under- or out-perform other funds based on returns or fund flows, which is explained by managers both not correcting the resulting passive style drift and deliberately reallocating a portion of the portfolio. Motivated by this observation, we identify a new measure of manager skill, which we call “tactical investment skill.” It captures a manager’s ex-ante observable ability to increase future returns through loadings changes. We show that high-skill managers outperform their low-skill peers in the following month in terms of raw returns and alphas. This outperformance is more pronounced following quarters with large loadings changes.
我们的研究表明，主动股票基金并没有保持不变的风格，而是随着时间的推移改变了它们的因素负荷。在基金根据回报或资金流大幅低于或超过其他基金的季度之后，风格变化会更大，这可以解释为，基金经理既没有纠正由此产生的被动风格漂移，也没有故意重新配置一部分投资组合。在这种观察的激励下，我们确定了一种新的衡量经理技能的方法，我们称之为“战术投资技能”。它捕捉了管理者通过负荷变化增加未来回报的事前可观察能力。我们发现，在接下来的一个月里，高技能经理人在原始回报和阿尔法指数方面的表现优于低技能经理人。在负载变化较大的季度之后，这种优异表现更加明显。
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引用次数: 0
Does trade secret protection spur human capital investment? Evidence from the Inevitable Disclosure Doctrine 商业秘密保护是否会刺激人力资本投资？不可避免披露原则的证据
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-12-01 Epub Date: 2025-09-27 DOI: 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.
本研究探讨商业秘密保护对企业人力资本投资的影响。通过将美国各州交错采用“不可避免披露原则”（IDD）作为显著降低人才流动性的外生冲击，我们发现，采用“不可避免披露原则”导致企业对人力资本过度投资，这表明企业战略性地进行预防性人力资本囤积，以应对劳动力市场人才供应减少和劳动力调整成本增加。我们的横断面分析表明，采用IDD对人力资本投资的影响在(1)高技能行业的企业和(2)面临较高产品市场竞争水平的企业中更为明显。最后，进一步分析表明，在人才供给有限的IDD限制下，拥有人力资本储备的高技能企业的绩效优于没有人力资本储备的高技能企业。总体而言，我们的研究揭示了日益增长的商业秘密保护将企业人力资本投资的重点从从竞争对手那里“猎头”人才转移到企业内部现有人力资本的“内部培养”的意外后果，这对日益知识密集型的经济环境中的管理者和决策者都有启示。
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引用次数: 0
A revisit to the IPO spillover effect: On the importance of technological proximity 重新审视IPO溢出效应：论技术接近性的重要性
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-12-01 Epub Date: 2025-10-09 DOI: 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.
首次公开募股（IPO）可以对现有公司产生多种影响。我们使用新进入者和现有公司之间的技术接近度的成对测量来确定估值渠道。通过分析上海证券交易所创业板上市公司的专利数据，我们发现，当现有公司的专利组合与IPO公司的相似度较高时，其估值显著增加。这种积极的溢出效应不同于其他有充分记录的IPO冲击的对等效应，表明存在一种通过技术联系（尤其是在技术密集型公司之间）运作的新机制。
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引用次数: 0
The innovation effects of regulation on bank wealth management products: Theory and evidence from China 监管对银行理财产品的创新效应：来自中国的理论与证据
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-12-01 Epub Date: 2025-09-27 DOI: 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.
本文研究了银行理财产品监管对企业创新的影响。我们建立了一个简洁的模型，将企业的资产配置决策与影响银行的监管变量联系起来。该模型表明，当前的理财产品监管可以增强国有企业的正规贷款，刺激国有企业的创新，而对民营企业的创新没有影响。从经验上看，我们通过考察2017年银行发行的理财产品数量以及银行与企业之间的距离来确定企业对银行监管的敞口。研究结果表明，高敞口国有企业的创新产出显著增加，而pe的创新产出变化不显著。利用城市层面的数据，我们进一步观察到，在风险敞口较高的地区，监管促进了创新。研究发现，监管通过银行信贷配置和企业投资策略对实体经济产生异质效应。
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引用次数: 0
Non-bank lending and firm performance: Evidence from the syndicate loan market 非银行贷款与企业绩效：来自银团贷款市场的证据
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-12-01 Epub Date: 2025-09-28 DOI: 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.
我们发现，在杠杆贷款领域，在控制了可观察因素后，与从银行借款的企业相比，从非银行机构借款的企业在贷款发放后的盈利能力较低。由于非银行借款人受到的监管不如银行借款人严格，它们承担的风险更大，这可以解释它们在发放贷款后盈利能力较低的原因。利用杠杆贷款指导作为一种看似合理的外生冲击，导致借款人从银行向非银行机构迁移，我们提供了证实我们主要结果的因果证据。总体而言，我们的研究结果表明，专门针对传统银行业的宏观审慎政策可能会产生负面影响。
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引用次数: 0
Trend factors around the world: Performance and determinants 全球趋势因素：表现和决定因素
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-12-01 Epub Date: 2025-10-10 DOI: 10.1016/j.jbankfin.2025.107552
Yufeng Han , Xi Nancy Mo , Jian Yang
This study investigates the performance of trend factors across different markets around the world and demonstrates that the trend factors perform well across most of developed markets and many emerging markets, outperforming the market portfolio, short-term reversal, momentum, and long-term reversal. We further examine how cultural and legal differences influence the performance of the trend factor trading strategy and find it is more profitable in countries where the individualism is higher and securities laws are better enforced. Finally, the global trend factor aggregating individual market trend factors performs well and explains various global portfolios’ returns. The findings suggest that the trend factors present a challenge to traditional risk-based asset pricing theories, and trend factor trading strategies may deserve more attention in international portfolio management.
本研究调查了趋势因素在全球不同市场中的表现，并证明趋势因素在大多数发达市场和许多新兴市场中表现良好，表现优于市场组合、短期反转、动量和长期反转。我们进一步研究了文化和法律差异如何影响趋势因素交易策略的表现，并发现在个人主义较高且证券法执行较好的国家，趋势因素交易策略更有利可图。最后，汇总各个市场趋势因子的全球趋势因子表现良好，并解释了各种全球投资组合的回报。研究结果表明，趋势因素对传统的基于风险的资产定价理论提出了挑战，趋势因素交易策略在国际投资组合管理中值得关注。
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引用次数: 0
Economic policy uncertainty and covenants in venture capital contracts 经济政策的不确定性与风险投资合同中的契约
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-12-01 Epub Date: 2025-10-01 DOI: 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.
本研究探讨经济政策不确定性对风险投资合约条款的影响。利用中国风险投资公司和创业公司之间的独特合同数据库，我们提供了证据，证明EPU积极影响风险投资合同中投资者友好契约的存在。我们的机制分析表明，筛选优质创业公司和提高风投议价能力是潜在的渠道。此外，我们发现加入更多的投资者友好型契约可以缓解EPU对风险投资退出绩效的负面影响。
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引用次数: 0
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