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Essays on Corporate Finance and BankingYang, Jun January 2018 (has links)
Thesis advisor: Philip E. Strahan / In the first essay of this dissertation, I study the information synergies between deposit-taking and lending activities of large banks. I use the influx of Chinese international students into US universities to identify a local deposit shock. I find that banks that are more exposed to this shock increase their local credit supply in small business loans, but not mortgages. The results support the notion that deposit can be informative: it conveys signals about local economic activities. Such information affects banks expectation about future local demand and thus banks’ lending decisions. The second essay investigates the relationship between banks geographic concentration and liquidity risk management. I find that geographic concentrations measured on different sides of banks’ balance sheet have opposite effects on banks’ liquidity risk management behaviors during the 2007-2009 liquidity crisis. The overall results are consistent with the view in the literature that geographic concentrated banks invest more in soft information production. / Thesis (PhD) — Boston College, 2018. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.
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Essays in Banking and Consumer Finance:Haendler, Charlotte January 2023 (has links)
Thesis advisor: Philip E. Strahan / My dissertation consists of two chapters. In the first chapter, I show that the growing trend in financial services digitalization has introduced a new dimension along which commercial banks compete, with consequences for the local economy. Small community banks (SCBs) are slow to implement mobile technologies and lose deposits to larger, better-digitalized banks following mobile infrastructure improvements. This dynamic negatively affects their small business lending, for they have historically relied on information and liquidity synergies with deposits to maintain their competitive advantage in such markets. Larger banks and FinTech firms prove to be imperfect substitutes in this setting, and the local economy benefits less from digitalization in areas where SCBs had an important presence before its advent. The second chapter, co-authored with Prof. Rawley Heimer, focuses on the outcomes of consumers' efforts to achieve restitution for disputed financial services. We find that complaints filed with the Consumer Financial Protection Bureau (CFPB) from low-income and Black zip codes are 30% less likely to be resolved with the consumer receiving financial restitution. The gap in financial restitution was scarcely present under the Obama administration, but grew substantially under the Trump administration. We attribute the change in financial restitution under different political regimes to companies anticipating a more industry-friendly CFPB, as well as to the more industry-friendly leadership of the CFPB achieving less financial restitution for low-income and Black filers. The financial restitution gap cannot be explained by differences in product usage nor the quality of complaints, which we measure using textual analysis. / Thesis (PhD) — Boston College, 2023. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.
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台灣金融機構合併對中小企業融資的影響 / Do Bank Consolidation Reduce Lending to Small Business?郭建儀 Unknown Date (has links)
中小企業一直在臺灣的經濟發展上扮演著重要的角色,然而因為本身營運規模較小,多數無法承擔如同大型企業般的財務資訊揭露品質。銀行需透過財務報表以外的其他方式,來對中小企業信用狀況進行評估,「關係放款」便是其中一項。銀行可以藉由與中小企業長期的接觸,來瞭解中小企業的財務狀況。
但依據國外文獻顯示,銀行規模會對中小企業「關係放款」產生影響。銀行規模越大,因為資訊不對稱所產生的「代理問題」會越嚴重,將不利於中小企業關係放款的進行。面對近期的銀行合併風潮,遂有學者擔心中小企業融資會因此波銀行合併後,銀行規模變大,進而降低中小企業的放款。一國的金融環境,實會對其經濟發展產生深遠的影響,尤其是中小企業,受限於融資管道有限,對金融機構的依賴,相較於大型企業為深。本文透過對國外文獻回顧並比對國內目前狀況,並利用金融監督管理委員會銀行局「金融業務統計輯要」的各銀行中小企業放款資料,透過實證的方式, 發現銀行規模越大,的確會對中小企業融資產生負面的影響,但卻不能就此推論合併後銀行會降低中小企業的放款數量。蓋因銀行合併的影響有許多層面,規模擴大只是其中之一。合併之後會更容易形成寡佔的市場狀況,反而更有利於銀行進行關係放款。
然而由於本國銀行家數相對國外少了許多,各家銀行稍有差異,對實證結果影響頗大。尤其是傳統所謂的官股銀行與中小企業銀行,其帶有政策性色彩的放款方式與官股銀行的規模相對較大。在過去,在中小企業放款上佔有相當大的比重。將來官股銀行民營化與中小企業銀行改制為商業銀行的影響下,相較於銀行合併或許更需值得我們長期注意與觀察。
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