学术前沿速递｜金融学顶刊JF，JFE，RFS最新发表（6.24-6.30）-学说文章

学术前沿速递｜金融学顶刊JF，JFE，RFS最新发表（6.24-6.30）

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2022/07/04 06:06发布

学术前沿速递

最新——学术前沿速递｜金融学顶刊JF，JFE，RFS最新发表（6.24-6.30）

本文汇总了金融学国际顶级期刊《Journal of Finance》、《Review of Financial Studies》、《Journal of Financial Economics》近期即将发表的论文，提供金融研究领域最新学术动态。

Accepted Articles

01.Financial Crises and Political Radicalization: How Failing Banks Paved Hitler's Path to Power

Published: 6/24/2022

Sebastian Doerr

The Bank for International Settlements

Stefan Gissler

Federal Reserve

JosÉ‐luis PeydrÓ

Imperial College London

Hans‐joachim Voth

University of Zurich

Abstract：Do financial crises radicalize voters? We study Germany's 1931 banking crisis, collecting new data on bank branches and firm‐bank connections. Exploiting cross‐sectional variation in pre‐crisis exposure to the bank at the center of the crisis, we show that Nazi votes surged in locations more affected by its failure. Radicalization in response to the shock was exacerbated in cities with a history of anti‐Semitism. After the Nazis seized power, both pogroms and deportations were more frequent in places affected by the banking crisis. Our results suggest an important synergy between financial distress and cultural predispositions, with far‐reaching consequences.

摘要：金融危机是否会使选民变得激进？我们研究了德国1931年的银行危机，收集了关于银行分支机构和公司与银行联系的新数据。利用危机前对处于危机中心的银行的接触的横断面变化，我们表明，纳粹的选票在受其失败影响较大的地方激增。在有反犹太主义历史的城市，对冲击作出反应的激进化现象更加严重。纳粹夺取政权后，在受银行危机影响的地方，大屠杀和驱逐出境都更加频繁。我们的研究结果表明，金融困境和文化倾向之间存在着重要的协同作用，具有深远的影响。

Link: https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13166

02. The Economics of Deferral and Clawback Requirements

Johann Wolfgang Goethe UniversityFrankfurt

Marcus Opp

Stockholm School of Economics

Abstract：We analyze the effects of regulatory interference in compensation contracts, focusing on recent mandatory deferral and clawback requirements restricting incentive compensation of material risk‐takers in the financial sector. Moderate deferral requirements have a robustly positive effect on risk‐management effort only if the bank manager's outside option is sufficiently high; otherwise, their effectiveness depends on the dynamics of information arrival. Stringent deferral requirements unambiguously backfire. Our normative analysis characterizes whether and how deferral and clawback requirements should supplement capital regulation as part of the optimal policy mix.

摘要：我们分析了监管部门对薪酬合同的干预效果，重点是最近限制金融业重大风险承担者的激励性薪酬的强制性递延和回拨要求。适度的递延要求只有在银行经理的外部期权足够高的情况下才会对风险管理努力产生强有力的积极影响；否则，其有效性取决于信息到达的动态。严格的延缓要求显然会适得其反。我们的规范性分析表明，作为最佳政策组合的一部分，递延和回拨要求是否应该以及如何补充资本监管。

Link: https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13160

Advance Articles

01. The Effects of Capital Requirements on Good and Bad Risk-Taking

Published: 6/28/2022

N Aaron Pancost Federal Reserve Bank of Chicago

Roberto Robatto University of Wisconsin-Madison

Abstract：We study capital requirement regulation in a dynamic quantitative model in which nonfinancial firms, as well as households, hold deposits. A novel general equilibrium channel that operates through firms deposits mitigates the cost of increasing capital requirements. In the calibrated model, (a) the optimal capital requirement is 7.3 percentage points higher than in a comparable model in which all the deposits are held by households, and (b) setting the capital requirement higher than the true optimum is not as costly as one would gauge from the comparable model. We also provide some independent evidence that supports our novel channel.

摘要：我们在一个动态量化模型中研究资本要求监管，在这个模型中，非金融企业和家庭都持有存款。一个通过企业存款运作的新的一般均衡渠道，减轻了增加资本要求的成本。在经过校准的模型中，(a)最佳资本要求比所有存款都由家庭持有的可比模型高7.3个百分点，(b)设置高于真正的最佳资本要求的成本并不像人们从可比模型中判断的那样高。我们还提供了一些独立的证据来支持我们的新渠道。

Link: https://doi.org/10.1093/rfs/hhac037

02. Trade Credit and the Transmission of Unconventional Monetary Policy

Published: 6/25/2022

Manuel Adelino

Duke's Fuqua School of Business

Miguel A Ferreira

Universidade NOVA de Lisboa

Mariassunta Giannetti

University of California

Pedro Pires

Nova School of Business and Economics

Abstract：We show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries by extending additional trade credit to their customers. The increase in trade credit is pronounced from core countries to periphery countries and for financially constrained customers. Customers then increase investment and employment in response to the increased trade financing, whereas suppliers expand their customer base, contributing to upstream industry concentration. Our findings suggest that trade credit redistributes the effects of monetary policy across regions and firms.

摘要：我们发现生产网络对于非常规货币政策的传导非常重要。拥有符合欧洲中央银行企业部门购买计划的债券的企业作为金融中介，向其客户提供额外的贸易信贷。贸易信贷的增加，从核心国家到外围国家，以及对财政受限的客户来说都是明显的。然后，客户因贸易融资的增加而增加投资和就业，而供应商则扩大他们的客户群，促进了上游产业的集中。我们的研究结果表明，贸易信贷重新分配了货币政策在各地区和公司之间的影响。

Link: https://doi.org/10.1093/rfs/hhac040

Articles in press

未更新。

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学术前沿速递｜金融学顶刊JF，JFE，RFS最新发表（6.24-6.30）

学术前沿速递

学说观点

AIGC交流社区

未央网

毕宣

王凯

经济学入门必读书籍有哪些值得推荐？

最新综述！AIGC到底是什么？都有哪些应用？一文尽览！

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“特斯拉”打败了“星巴克”

研究方法 | 文献资料分析方法大全！收藏

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