Deposit Supply and Bank Transparency

• 成果类型: Article
• 署名作者: Jiang, Liangliang; Levine, Ross; Lin, Chen; Xie, Wensi
• 署名单位: Hong Kong Polytechnic University; University of California System; University of California Berkeley; University of Hong Kong; Chinese University of Hong Kong
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2021.4012
• 发表日期: 2022
• 页码: 3834-3855
• 关键词: bank transparency; Information production; deposit supply

摘要

Does a bank's dependence on different external funding sources shape its voluntary disclosure of information? We evaluate whether economic shocks that increase the supply of bank deposits alter the cost-benefit calculations of bank managers concerning voluntary information disclosure. We measure information disclosure using 10-K filings, 8-K filings, and earnings guidance. As for the funding shock, we use unanticipated technological innovations that triggered shale development and booms in bank deposits. Further analyses suggest that greater exposure to shale development reduced information disclosure by relaxing the incentives for managers to disclose information to attract funds from external capital markets.