Journal of Financial Intermediation最新文献

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Why DeFi lending? Evidence from Aave V2 为什么是DeFi贷款？来自Aave V2的证据

IF 3.7 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 DOI: 10.1016/j.jfi.2025.101166

Giulio Cornelli , Leonardo Gambacorta , Rodney Garratt , Alessio Reghezza

Decentralised finance (DeFi) lending protocols have experienced significant growth recently, yet the motivations driving investors remain largely unexplored. We use granular, transaction-level data from Aave, a leading player in the DeFi lending market, to study these motivations. Our theoretical and empirical findings reveal that the search for yield predominantly drives liquidity provision in DeFi lending pools, whereas borrowing activity is mainly influenced by speculative and, to some extent, governance motives. Both retail and large investors seek potential high returns through market movements and price speculation, however the latter engage in DeFi borrowing relatively more than the former also to influence protocol decisions and accrue more significant governance rights.

去中心化金融（DeFi）贷款协议最近经历了显着增长，但驱动投资者的动机在很大程度上仍未被探索。我们使用来自DeFi贷款市场领先企业Aave的细粒度交易级数据来研究这些动机。我们的理论和实证研究结果表明，对收益率的追求主要推动了DeFi贷款池的流动性供应，而借款活动主要受到投机动机和某种程度上的治理动机的影响。散户和大型投资者都通过市场波动和价格投机寻求潜在的高回报，但后者参与DeFi借贷的次数相对多于前者，这也是为了影响协议决策并积累更重要的治理权。

引用次数: 0

Anticipating binding constraints: An analysis of debt covenants 预期约束：债务契约分析

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 DOI: 10.1016/j.jfi.2025.101160

Ken Teoh

This paper shows that anticipation can meaningfully impact inferences about the effects of covenant violations. Using textual analysis of SEC filings and earnings call transcripts, I construct a measure of covenant concerns that identifies instances where firms disclose forward-looking risks related to their debt covenants. On average, nearly 30 percent of U.S. non-financial firms report covenant concerns each year. While the real effects of covenant violations are robust for most outcomes, the estimated impact of some variables, including cash acquisitions, default risk, and credit line availability, can be overstated. This finding highlights the importance of selection around violation: firms that anticipate and successfully avoid violations differ systematically from firms that fail to avoid them.

本文的研究表明，预期可以有效地影响对契约违约影响的推断。通过对美国证券交易委员会文件和收益电话会议记录的文本分析，我构建了一个契约关注的衡量标准，该标准确定了公司披露与其债务契约相关的前瞻性风险的实例。平均每年有近30%的美国非金融公司报告契约问题。虽然违反契约的实际影响对大多数结果来说是强大的，但一些变量的估计影响，包括现金收购、违约风险和信贷额度的可用性，可能被夸大了。这一发现突出了围绕违规行为进行选择的重要性：预测并成功避免违规行为的公司与未能避免违规行为的公司在系统上是不同的。

引用次数: 0

Adverse selection in deposit insurance and government funding following the 2023 banking crisis 2023年银行业危机后存款保险和政府融资的逆向选择

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 DOI: 10.1016/j.jfi.2025.101165

David A. Huberdeau-Reid , George G. Pennacchi

We examine whether U.S. banks whose uninsured deposits were subject to greater risk of loss prior to the March 2023 banking crisis used institutional mechanisms to expand their deposit insurance or accessed government funding after the crisis. We construct a bank-level measure of pre-crisis uninsured depositor risk incorporating financial statements, unrealized security losses, and estimates of unrealized loan losses that predicts a bank’s post-crisis loss of uninsured deposits. We find that riskier small and midsize banks tended to utilize reciprocal, sweep, and brokered deposits, but not listing service deposits, to attract more insured deposits. Riskier small and midsize banks temporarily accessed FHLB advances while only risky midsize banks borrowed from the Discount Window. Risk did not predict banks’ use of Fed BTFP funding. Riskier banks, particularly small and midsize ones, paid relatively higher interest rates on many types of deposits.

我们研究了在2023年3月银行业危机之前，未投保存款面临更大损失风险的美国银行是否利用制度机制扩大其存款保险或在危机后获得政府资助。我们构建了危机前未投保储户风险的银行层面衡量标准，包括财务报表、未实现的证券损失和未实现贷款损失的估计，以预测银行危机后未投保存款的损失。我们发现，风险较高的中小型银行倾向于利用互惠、横扫和中介存款，而不是上市服务存款，以吸引更多的保险存款。风险较高的中小型银行暂时获得了FHLB的预付款，而只有风险较高的中型银行从贴现窗口借款。风险并没有预测银行对美联储BTFP资金的使用。风险较高的银行，尤其是中小型银行，对许多类型的存款支付相对较高的利率。

引用次数: 0

Effects of bank capital requirements on lending by banks and non-bank financial institutions 银行资本要求对银行和非银行金融机构贷款的影响

IF 3.7 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-07-01 DOI: 10.1016/j.jfi.2025.101167

Peter Bednarek , Olga Briukhova , Steven Ongena , Natalja v. Westernhagen

What is the impact of a sudden and sizeable increase in bank capital requirements on the lending activity by directly affected banks and by non-affected non-bank financial institutions (NBFIs)? To answer this question, we apply a difference-in-differences methodology around the capital exercise by the European Banking Authority (EBA) in 2011 with German credit register data. We find that insurance companies, financial enterprises, and factoring companies — but not leasing companies or very large NBFIs — and Non-EBA banks expand their corporate lending relative to EBA banks. In particular, NBFIs use the opportunity to expand their credit activities, in riskier and more competitive borrower segments.

银行资本要求突然大幅增加对直接受影响的银行和未受影响的非银行金融机构（nbfi）的贷款活动有何影响？为了回答这个问题，我们采用了欧洲银行管理局（EBA）在2011年对德国信用登记数据进行资本操作的差异中差异方法。我们发现保险公司、金融企业和保理公司——而不是租赁公司或非常大的非银行金融机构——以及非EBA银行相对于EBA银行扩大了企业贷款。特别是，非银行金融机构利用这个机会在风险更大、竞争更激烈的借款人领域扩大其信贷活动。

引用次数: 0

Open data and API adoption of U.S. banks 美国银行的开放数据和API采用

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-06-19 DOI: 10.1016/j.jfi.2025.101162

Xiangyu Lin , S. Sarah Zhang , Markos Zachariadis

Bank adoption of external application programming interfaces (APIs) enables bank customers to share their data more efficiently and securely with other third-party financial institutions and FinTechs, thus enabling open banking and bank data portability. Analyzing determinants of API adoption by U.S. banks from 2007 to 2022, we show that banks that adopt APIs tend to be larger and face lower competitive pressures. The announcement of President Biden’s executive order in July 2021 encouraged increased bank data portability and led to an acceleration in bank API adoption. Banks that adopt APIs experience an increase in Return on Assets (ROA) and Tobin’s Q and a decrease in loan loss provisions, particularly after President Biden’s executive order. We find that APIs’ ability to facilitate data access and sharing improves bank information flows and supports banks’ loan and deposit services which form the foundation of notable improvements in bank performance. Overall, our results on the determinants and implications of API adoption have important policy implications for the discussion on open banking regulation and bank data portability.

银行采用外部应用程序编程接口（api）使银行客户能够更高效、更安全地与其他第三方金融机构和金融科技公司共享数据，从而实现开放银行业务和银行数据可移植性。通过分析2007年至2022年美国银行采用API的决定因素，我们发现采用API的银行往往规模更大，面临的竞争压力更小。拜登总统于2021年7月宣布的行政命令鼓励了银行数据可移植性的提高，并加速了银行API的采用。采用api的银行在资产回报率（ROA）和托宾Q （Tobin’s Q）方面有所增加，贷款损失准备金有所减少，尤其是在拜登总统发布行政命令之后。我们发现api促进数据访问和共享的能力改善了银行信息流，并支持银行的贷款和存款服务，这是银行业绩显著改善的基础。总的来说，我们关于API采用的决定因素和影响的研究结果对开放式银行监管和银行数据可移植性的讨论具有重要的政策意义。

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引用次数: 0

Lending relationships and access to currency hedging: Evidence from Brazil 贷款关系和获取货币对冲的途径：来自巴西的证据

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-06-14 DOI: 10.1016/j.jfi.2025.101153

Sergio Leão , Rafael Schiozer , Raquel F. Oliveira , Gustavo Araujo

Firms’ currency exposure can lead to financial distress and macroeconomic instability. Over-the-counter (OTC) derivatives provided by financial institutions are the primary risk management tool for nonfinancial firms. However, the role of financial institutions in providing these derivatives remains underexplored in the literature. Using novel loan and derivatives microdata, we examine how lending relationships influence access to foreign exchange (FX) OTC derivatives. We find that firms are more likely to trade derivatives with their lending relationship banks than with other banks, with a stronger preference for their main lender. These effects are more pronounced for small firms and first-time derivatives users, highlighting how lending relationships reduce informational and search costs, thereby facilitating access to hedging. Additionally, derivatives prices are lower when traded with the firms’ main lender and lenders providing loans in foreign currency, indicating that banks encourage hedging to reduce risks in their loan portfolios.

企业的货币风险敞口可能导致财务困境和宏观经济不稳定。金融机构提供的场外衍生品是非金融企业的主要风险管理工具。然而，金融机构在提供这些衍生品方面的作用在文献中仍未得到充分探讨。利用新的贷款和衍生品微观数据，我们研究了贷款关系如何影响外汇（FX）场外衍生品的获取。我们发现，企业更有可能与他们的贷款关系银行交易衍生品，而不是与其他银行交易，对他们的主要贷款人有更强的偏好。这些影响在小企业和首次使用衍生品的用户中更为明显，突出了贷款关系如何降低信息和搜索成本，从而促进了对冲的获取。此外，当与公司的主要贷款人和提供外币贷款的贷款人时，衍生品价格较低，这表明银行鼓励对冲以降低其贷款组合中的风险。

引用次数: 0

Credit and entrepreneurs’ income 信贷和企业家的收入

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-06-11 DOI: 10.1016/j.jfi.2025.101161

Manthos Delis , Fulvia Fringuellotti , Maria Iosifidi , Steven Ongena

Small business entrepreneurs facing credit constraints may experience significantly different future income trajectories compared to their unconstrained counterparts. We quantify this difference using uniquely detailed loan application data and a regression discontinuity design based on a bank’s credit score cutoff rule employed in the loan approval process. Our findings indicate that loan acceptance increases recipients’ real income by 11 % five years later compared to rejected applicants. This effect persists across a wide range of robustness tests and is primarily driven by the utilization of borrowed funds for profitable investments, as captured by the bank’s ex-ante soft information and the ex-post firm performance. Additionally, within the cohort of accepted applicants, future income is higher for those who were easily accepted compared to marginally accepted borrowers with similar creditworthiness, highlighting the important efficiency effects of loan usage.

面临信贷约束的小企业企业家与没有信贷约束的小企业企业家相比，未来的收入轨迹可能会显著不同。我们使用独特的详细贷款申请数据和基于贷款审批过程中使用的银行信用评分截止规则的回归不连续设计来量化这种差异。我们的研究结果表明，与拒绝贷款的申请人相比，接受贷款的申请人五年后的实际收入增加了11%。这种影响在广泛的稳健性测试中持续存在，主要是由借入资金用于有利可图的投资所驱动的，正如银行事前软信息和事后公司业绩所反映的那样。此外，在被接受的申请人群体中，那些容易被接受的人的未来收入高于那些信誉相似、勉强被接受的借款人，这凸显了贷款使用的重要效率效应。

引用次数: 0

Geographic diversification, climate risk, and bank lending: Evidence from farm loans 地理多样化、气候风险和银行贷款：来自农业贷款的证据

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-05-26 DOI: 10.1016/j.jfi.2025.101152

Emdad Islam , Mandeep Singh

This study examines how geographically diversified banks adjust lending practices in response to abnormal hot temperatures, a proxy for climate risk, and finds that these banks reduce small farm lending by 2–3 percent more than geographically constrained banks after a standard deviation increase in abnormal temperatures. Geographically diversified banks demonstrate proactive portfolio risk management by prioritizing credit in core markets and reallocating funds away from high-risk non-core regions, leaving lending gaps in affected counties. These findings highlight the importance of geographic diversification in building climate resiliency for banks while reducing the total credit available to farmers in a region.

本研究考察了地理上多样化的银行如何调整贷款做法以应对异常高温（气候风险的代表），并发现在异常温度的标准差增加后，这些银行比地理上受限制的银行减少了2 - 3%的小农场贷款。地域多元化的银行通过优先考虑核心市场的信贷并将资金从高风险的非核心地区重新分配，从而在受影响的国家留下贷款缺口，展示了积极的投资组合风险管理。这些发现强调了地理多样化在为银行建立气候适应能力方面的重要性，同时减少了一个地区农民可获得的信贷总额。

引用次数: 0

Sideshow or center stage? Information transmission between CDS and equity markets 杂耍还是中心舞台？CDS与股票市场之间的信息传递

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-05-10 DOI: 10.1016/j.jfi.2025.101151

Alexandre Rubesam, Paul Zimmermann

Recent studies provide strong evidence that credit default swap (CDS) markets play a leading role in information intermediation. This paper proposes a model to rationalize the information transmission mechanism between the CDS and equity markets. In our model, informed traders with an informational advantage obtained from monitoring credit markets engage in capital structure arbitrage and trade strategically to exploit mispricings between individual stocks and CDS. In line with our model’s prediction, our empirical results provide evidence of a contemporaneous channel transmitting structural CDS shocks to equities. A positive shock to CDS decreases stock returns contemporaneously and over the long run. This credit-to-equity channel dominates the reverse transmission channel from stocks to CDS. Robustness tests confirm the role of the CDS market as a preferred venue for informed trading, independently of credit rating events or business sectors.

最近的研究提供了强有力的证据，证明信用违约互换（CDS）市场在信息中介中起着主导作用。本文提出了一个模型来理顺CDS与股票市场之间的信息传递机制。在我们的模型中，通过监测信贷市场获得信息优势的知情交易者参与资本结构套利，并策略性地利用个股和CDS之间的错误定价进行交易。与我们的模型预测一致，我们的实证结果提供了将结构性CDS冲击传递给股票的同步渠道的证据。对CDS的正面冲击会同时降低股票收益，而且从长期来看也是如此。这种信用到股权的渠道主导着从股票到CDS的反向传导渠道。稳健性测试证实了CDS市场作为独立于信用评级事件或商业部门的知情交易首选场所的作用。

引用次数: 0

Carbon transition risk and corporate loan securitization 碳转型风险与企业贷款证券化

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation

Pub Date : 2025-05-02 DOI: 10.1016/j.jfi.2025.101146

Isabella Mueller , Huyen Nguyen , Trang Nguyen

We examine how banks manage carbon transition risk by selling loans given to polluting borrowers to less regulated shadow banks in securitization markets. Exploiting the election of Donald Trump as an exogenous shock that reduces carbon transition risk, we find that banks engage in regulatory arbitrage and use brown loan securitization to manage their exposure to carbon transition risk. Banks are more likely to securitize brown loans when carbon transition risk is high but keep these loans on their balance sheets when the risk is reduced. In addition, securitization enables banks to offer lower interest rates to polluting borrowers but does not affect the supply of green loans. Our findings are more pronounced among banks with low levels of capitalization, domestic banks, and banks that do not display green lending preferences. We discuss how securitization can weaken the effectiveness of bank climate policies.

我们研究了银行如何通过向证券化市场上监管较少的影子银行出售给污染借款人的贷款来管理碳转型风险。利用特朗普当选作为降低碳转型风险的外生冲击，我们发现银行从事监管套利并利用棕色贷款证券化来管理其碳转型风险。当碳转型风险较高时，银行更有可能将棕色贷款证券化，但当风险降低时，银行将这些贷款保留在资产负债表上。此外，证券化使银行能够向污染借款人提供更低的利率，但不影响绿色贷款的供应。我们的发现在资本水平较低的银行、国内银行和没有表现出绿色贷款偏好的银行中更为明显。我们讨论了证券化如何削弱银行气候政策的有效性。

引用次数: 0

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