Behavior of Corporate Depositors During a Bank Panic

• 成果类型: Article
• 署名作者: Chernykh, Lucy; Mityakov, Sergey
• 署名单位: Clemson University; State University System of Florida; Florida State University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.4304
• 发表日期: 2022
• 页码: 9129-9151
• 关键词: bank panic; corporate depositors; bank firm connections; MARKET DISCIPLINE; regulatory discipline

摘要

We use high-frequency data to study access and response to bank-level information by corporate depositors during a banking crisis. We examine a bank panic episode in Russia during the summer of 2004 triggered by the Central Bank of Russia (CBR) announcement to liquidate banks for suspicious operations. Our results support the presence of sophisticated depositor monitoring and discipline. Private information about bank risk is available to depositor-firms with a strong business connection to their bank. Other corporate depositors make withdrawals based on publicly observable bank characteristics. Corporate depositors (both with and without strong business ties to the bank) are also susceptible to rumors floating around the banking community. However, those rumors reflect bank-risk fundamentals. Contagion effects seem to be limited.