Disclosure of Bank-Specific Information and the Stability of Financial Systems

• 成果类型: Article
• 署名作者: Dai, Liang; Luo, Dan; Yang, Ming
• 署名单位: The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen; Chinese University of Hong Kong; University of London; University College London; University of London; University College London
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad089
• 发表日期: 2024
• 页码: 1315
• 关键词: STOCK-MARKET REACTION; COMMERCIAL PAPER; CRISIS; RISK

摘要

We find that disclosing bank-specific information reallocates systemic risk, but whether it mitigates systemic bank runs depends on the nature of information disclosed. Disclosure reveals banks' resilience to adverse shocks and shifts systemic risk from weak to strong banks. Yet, only disclosure of banks' exposure to systemic risk can mitigate systemic bank runs because it shifts systemic risk from more vulnerable banks to those less vulnerable. Disclosure of banks' idiosyncratic shortfalls of funds does not differentiate such exposure, rendering the resultant reallocation of systemic risk ineffective in mitigating systemic runs.