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Is the more the merrier? Buyers’ onsite viewing activities and housing search outcomes 人越多越好吗？买家的现场观看活动和房屋搜索结果
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-08-29 DOI: 10.1016/j.jbankfin.2025.107543
Maggie Rong Hu , Weida Kuang , Xiaoyang Li , Yang Shi
This study investigates the underexplored role of onsite viewing activities in the housing search process. By incorporating buyer heterogeneity into the housing search model of Courant (1978), we show that buyers with higher private valuations tend to view more properties onsite and ultimately pay higher prices. Utilising a proprietary dataset from the largest real estate agency in Beijing, our analysis reveals that increased onsite viewings significantly enhance both the likelihood of a transaction and the final purchase price. We establish causality by employing an instrumental variable approach that leverages exogenous variations in heavy pollution and rainfall, which hinder buyers’ ability to conduct onsite house viewings. More intensive onsite viewings raise transaction price as they reveal a buyer’s higher private valuation to the seller. Besides, onsite viewings also function through reducing information asymmetry and improving match quality.
本研究探讨了现场观景活动在房屋搜寻过程中未被充分发掘的作用。通过将买家异质性纳入Courant（1978）的住房搜索模型，我们发现私人估值较高的买家倾向于在现场查看更多房产，并最终支付更高的价格。利用北京最大的房地产中介的专有数据集，我们的分析表明，现场观看次数的增加大大提高了交易的可能性和最终购买价格。我们通过使用工具变量方法来建立因果关系，该方法利用了重污染和降雨的外生变化，这些变化阻碍了买家进行现场看房的能力。更密集的现场查看会提高交易价格，因为它们向卖家透露了买家更高的私人估值。此外，现场观看还可以减少信息不对称，提高比赛质量。
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引用次数: 0
Assessing the bank lending channel of macroprudential policy: Evidence from the loan-to-deposit ratio regulation in Korea 宏观审慎政策对银行借贷渠道的评估：来自韩国存贷比监管的证据
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-08-26 DOI: 10.1016/j.jbankfin.2025.107541
JaeBin Ahn , Youngju Kim , Hyunjoon Lim
This paper studies the impact of the loan-to-deposit (LTD) ratio regulation – a specific macroprudential policy instrument introduced in Korea – on bank-level lending supply and the subsequent firm-level real consequences. The bank-firm-level matched loan data reveals that small and medium enterprises (SMEs) were particularly hit by adverse lending supply shocks from banks with higher pre-regulation LTD ratios. However, they were compensated by new loans extended by banks with lower pre-regulation LTD ratios as well as unregulated non-bank financial institutions (NBFIs). After all, the regulation did not result in adverse consequences on firm-level net credit or real performance, possibly at the cost of rising corporate loans extended by the shadow banking system.
本文研究了存贷比监管（韩国引入的一种特定宏观审慎政策工具）对银行层面贷款供应的影响以及随后在企业层面产生的实际后果。银行-公司层面的匹配贷款数据显示，中小企业（SMEs）尤其受到监管前有限责任公司比率较高的银行的不利贷款供应冲击的打击。然而，它们得到了监管前有限责任公司比率较低的银行以及不受监管的非银行金融机构（nbfi）提供的新贷款的补偿。毕竟，监管并未对企业层面的净信贷或实际业绩造成不利影响，其代价可能是影子银行体系发放的企业贷款不断增加。
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引用次数: 0
A new leadership share measure for price discovery 一个新的领导份额的价格发现措施
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-08-26 DOI: 10.1016/j.jbankfin.2025.107527
Donald Lien , Brian Roseman , Yanlin Shi
We propose a new measure of price discovery, New Leadership Share (NLS), that attributes permanent information flow to individual markets using a uniquely identified structural moving average model. NLS quantifies each market’s contribution to permanent price innovations as a proportion of total informational leadership and offers key technical advantages, including uniqueness and adherence to standard statistical asymptotics. We derive closed-form solutions and analytical standard errors for bivariate markets and provide a framework that extends naturally to multiple markets without the variable ordering problem. Simulation results show that NLS consistently outperforms three widely used benchmarks. Empirical analysis of 2023 data finds that exchange-traded funds and front-month futures markets share equal leadership relative to the S&P 500 spot index.
我们提出了一种新的价格发现度量，新领导份额（NLS），它使用一个唯一确定的结构移动平均模型将永久信息流归因于单个市场。NLS将每个市场对永久性价格创新的贡献量化为总信息领导的比例，并提供关键的技术优势，包括唯一性和对标准统计渐近性的遵守。我们推导了二元市场的封闭解和分析标准误差，并提供了一个框架，可以自然地扩展到没有变量排序问题的多个市场。仿真结果表明，NLS始终优于三种广泛使用的基准测试。对2023年数据的实证分析发现，相对于标准普尔500 （s&p 500）现货指数，交易所交易基金（etf）和近月期货市场同样处于领先地位。
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引用次数: 0
Media tone is a priced risk factor in currency markets 媒体语气是外汇市场的一个定价风险因素
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-08-22 DOI: 10.1016/j.jbankfin.2025.107542
Heikki Lehkonen , Kari Heimonen , Kuntara Pukthuanthong
Media tone constructed from 7000,000 articles from 2000 global media and 800 social media sites is found to be a genuine risk factor that cross-sectionally prices currencies. It can predict excess US dollar returns for up to six months and surpasses the no-change benchmark in predicting returns out of sample. Its predicted value contains information beyond those predicted by currency factors and business cycles. Evidence corroborates with the theory that Media tone increases investment returns, has pronounced predictive power for the currencies associated with hard-to-value characteristics, and that its predictive power increases with the number of news sources. Trading of rational investors, including banks, is associated with Media tone.
从2000家全球媒体和800家社交媒体网站的70万篇文章中构建的媒体基调被发现是一个真正的风险因素，可以对货币进行横截面定价。它可以预测长达6个月的超额美元回报，并且在预测样本外回报方面超过无变化基准。其预测值包含了超出货币因素和商业周期预测的信息。证据证实了媒体基调增加投资回报的理论，对与难以估值特征相关的货币具有明显的预测能力，并且其预测能力随着新闻来源的数量而增加。包括银行在内的理性投资者的交易与媒体的语气有关。
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引用次数: 0
Wash trading and insider sales in NFT markets NFT市场的内幕交易和内幕交易
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-08-22 DOI: 10.1016/j.jbankfin.2025.107529
Shirui Wang , Nieyan Cheng , Tianyang Zhang
With the recent evolution of the cryptocurrency market, financial misconduct has become a major concern. Using on-chain data from the 500 most traded NFT (non-fungible token) collections, this study investigates wash trading in NFT markets. We first detect suspicious wash trades that form closed loops and then validate the prices of these trades using Benford’s Law. Excluding token-incentivized wash trades, we propose a conceptual model and argue that collusion between wash traders and insiders is the primary motivation of wash trading. Empirical analysis reveals that insiders tend to sell during or shortly after wash trading. This manipulation creates a pump-and-dump effect, causing losses for buyers during the pump phase. Our research reveals the underlying mechanisms of such misconduct and highlights the need for regulation in the cryptocurrency market.
随着加密货币市场的发展，金融不端行为已成为一个主要问题。使用来自500个交易最多的NFT（不可替代代币）集合的链上数据，本研究调查了NFT市场的洗涤交易。我们首先检测形成闭环的可疑洗仓交易，然后使用本福德定律验证这些交易的价格。排除代币激励的洗盘交易，我们提出了一个概念模型，并认为洗盘交易者和内部人士之间的勾结是洗盘交易的主要动机。实证分析显示，内幕人士倾向于在洗仓交易期间或之后不久卖出。这种操纵创造了一种泵和转储效应，在泵阶段给买家造成损失。我们的研究揭示了这种不当行为的潜在机制，并强调了对加密货币市场进行监管的必要性。
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引用次数: 0
The inevitable disclosure doctrine: A facade or a curse in the CEO labor market 不可避免的披露原则：CEO劳动力市场的假象还是诅咒
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-08-20 DOI: 10.1016/j.jbankfin.2025.107540
Hung-Gay Fung , Tongxia Li , Chun Lu , Min-Ming Wen
Our study examines how the adoption of the inevitable disclosure doctrine (IDD) across US state courts affects the relationship between leverage and CEO compensation. We find that the IDD adoption significantly attenuates the typically positive association between leverage and CEO pay. This effect is more pronounced for CEOs with higher ex-ante mobility, greater career concerns, weaker organizational influence, and higher firm-specific skills. Rejecting the IDD, on the other hand, amplifies the positive relationship between leverage and CEO pay. Our findings underscore the influence of labor market dynamics on CEO compensation.
我们的研究考察了美国各州法院采用不可避免披露原则（IDD）如何影响杠杆与CEO薪酬之间的关系。我们发现，采用IDD显著减弱了杠杆与CEO薪酬之间典型的正相关关系。对于那些事前流动性高、职业关注度高、组织影响力弱、企业特定技能高的ceo来说，这种效应更为明显。另一方面，拒绝IDD会放大杠杆率与CEO薪酬之间的正相关关系。我们的研究结果强调了劳动力市场动态对CEO薪酬的影响。
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引用次数: 0
Money Market Funds vulnerabilities and systemic liquidity crises 货币市场基金脆弱性与系统性流动性危机
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-08-14 DOI: 10.1016/j.jbankfin.2025.107530
Michel Baes , Antoine Bouveret , Eric Schaanning
Despite regulatory reforms, Money Market Funds (MMFs) experienced severe stress in March 2020, following large redemptions and dislocations in short-term markets. We provide a model showing the trade-offs between liquidity and capital preservation services offered by MMFs. We show that in a crisis, MMFs cannot provide liquidity and capital preservation to investors at the same time. As a result, investors have an incentive to run pre-emptively. We calibrate our model on data from USD MMFs and find that most funds would have been unable to meet redemptions above 30% mid-March 2020. Unless short-term funding markets are made resilient in times of stress, MMFs will face similar challenges during future liquidity crises.
尽管进行了监管改革，但在短期市场出现大规模赎回和混乱之后，货币市场基金（mmf）在2020年3月经历了严重压力。我们提供了一个模型，显示了mmf提供的流动性和资本保值服务之间的权衡。我们表明，在危机中，mmf不能同时为投资者提供流动性和资本保值。因此，投资者有了先发制人的动机。我们根据美元mmf的数据校准了我们的模型，发现大多数基金将无法满足2020年3月中旬超过30%的赎回。除非短期融资市场在压力时期具有弹性，否则在未来的流动性危机中，mmf将面临类似的挑战。
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引用次数: 0
The up side of being down: Depression and crowdsourced forecasts 低迷的好处：萧条和众包预测
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-08-12 DOI: 10.1016/j.jbankfin.2025.107526
Sima Jannati , Sarah Khalaf , Du Nguyen
This study examines the role of non-severe depression as a psychological anchor against overoptimism. Using earnings forecasts from Estimize, we find that an increase in the proportion of the U.S. population with depression is associated with improved forecast accuracy among users. This effect is concentrated among forecasts that are optimistic and analysts who take longer time to issue forecasts, highlighting reduced optimism and slow information processing as economic mechanisms that explain our results. We also show that this effect is distinct from the influence of temporary seasonal depression or other sentiment measures on decision-making. Overall, our research establishes a link between depression and crowdsourced financial evaluations
本研究考察了非严重抑郁症作为对抗过度乐观的心理锚的作用。使用Estimize的收益预测，我们发现美国抑郁症患者比例的增加与用户预测准确性的提高有关。这种影响主要集中在乐观的预测者和花费较长时间发布预测的分析师身上，突出表明乐观情绪的降低和信息处理的缓慢是解释我们结果的经济机制。我们还表明，这种影响不同于临时季节性萧条或其他情绪措施对决策的影响。总的来说，我们的研究建立了抑郁和众包财务评估之间的联系
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引用次数: 0
Board gender diversity and equity-based compensation 董事会性别多样性和基于股权的薪酬
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-08-10 DOI: 10.1016/j.jbankfin.2025.107538
Matthew Imes , Kose John , Kyeong Hun Lee , Amir Shoham , Emma Xu
We examine the impact of board gender diversity on equity-based compensation in executive pay. We show that the presence of female directors is associated with lower equity-based compensation in executive pay—particularly when female directors serve on compensation committees or when boards are dominated by insiders. Our findings support the view that female directors serve as effective monitors, potentially substituting for other corporate governance mechanisms, such as incentive-based pay and board independence. Our results are not driven by lower pay-for-performance sensitivity induced by poor stock performance. We do not find evidence consistent with risk-aversion on the part of female directors.
我们研究了董事会性别多样性对高管薪酬中基于股权的薪酬的影响。我们的研究表明，女性董事的存在与高管薪酬中基于股权的薪酬较低有关——尤其是当女性董事在薪酬委员会任职或董事会由内部人士主导时。我们的研究结果支持这样一种观点，即女性董事是有效的监督者，可能取代其他公司治理机制，如基于激励的薪酬和董事会独立性。我们的业绩不是由股票表现不佳导致的较低的绩效薪酬敏感性驱动的。我们没有发现与女性董事规避风险相一致的证据。
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引用次数: 0
V-shapes v字形
IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Banking & Finance
Pub Date : 2025-08-07 DOI: 10.1016/j.jbankfin.2025.107521
Maria Flora , Roberto Renò
We present a methodology for detecting flash crashes by identifying short-term V-shaped price reversals. Our approach, based on drift burst test statistics, aligns with the SEC’s forensic definition of market access rule violations, highlighting its potential as a market surveillance tool. Flash crashes have become more frequent over the past decade and are typically accompanied by high volumes, high volatility, and an increase in odd-lot trades. They are more likely to occur following periods of high volumes, elevated price impact, low volatility, and heightened algorithmic activity.
我们提出了一种通过识别短期v形价格反转来检测闪电崩盘的方法。我们的方法基于漂移爆发测试统计数据，符合美国证券交易委员会对市场准入违规行为的法医定义，突出了其作为市场监督工具的潜力。在过去十年中，闪电崩盘变得越来越频繁，通常伴随着高交易量、高波动性和奇数手交易的增加。它们更有可能发生在高交易量、高价格影响、低波动性和高算法活动的时期。
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引用次数: 0
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