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作者：Carletti, Elena; Leonello, Agnese; Marquez, Robert
作者单位：Bocconi University; European Central Bank; University of California System; University of California Davis
摘要：Loan guarantees represent a form of government intervention to support bank lending. However, their use raises concerns as to their effect on bank risk-taking incentives. In a model of financial fragility that incorporates bank capital and a bank incentive problem, we show that loan guarantees reduce depositor runs and improve bank underwriting standards, except for the most poorly capitalized banks. We highlight a novel feedback effect between banks' underwriting choices and depositors' run d...
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作者：Dickerson, Alexander; Mueller, Philippe; Robotti, Cesare
作者单位：University of Warwick
摘要：Recent studies document strong empirical support for multifactor models that aim to explain the cross-sectional variation in corporate bond expected excess returns. We revisit these findings and provide evidence that common factor pricing in corporate bonds is exceedingly difficult to establish. Based on portfolio- and bond-level analyses, we demonstrate that previously proposed bond risk factors, with traded liquidity as the only marginal exception, do not have any incremental explanatory pow...
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作者：He, Zhiguo; Huang, Jing; Zhou, Jidong
作者单位：University of Chicago; National Bureau of Economic Research; Texas A&M University System; Texas A&M University College Station; Mays Business School; Yale University
摘要：Open banking facilitates data sharing consented to by customers who generate the data, with the regulatory goal of promoting competition between traditional banks and chal-lenger fintech entrants. We study lending market competition when sharing banks' cus-tomer transaction data enables better borrower screening for fintechs. Open banking pro-motes competition if it helps level the playing field for all lenders in screening borrowers; however, if it over-empowers fintechs, it can also hinder c...
