Social networks in the global banking sector

• 成果类型: Article
• 署名作者: Houston, Joel F.; Lee, Jongsub; Suntheim, Felix
• 署名单位: State University System of Florida; University of Florida
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2017.11.006
• 发表日期: 2018
• 关键词: CORPORATE GOVERNANCE; cultural-influence; Systemic risk; countries; MARKET

摘要

We show that banks with shared social connections partner more often in the global syndicated loan market and that central banks in the network play dominant roles in various interbank transactions, indicating that social connections facilitate business connections. However, more centralized banks in the network also contribute significantly to the global systemic risk. Moreover, we find the soft information generated by social networks is particularly valuable when potential partners operate under different accounting and regulatory standards. Finally, we show that the recent banking crisis significantly limited the positive soft information effects of social networks in the global banking system. (C) 2017 Elsevier B.V. All rights reserved.