Do universal banks finance riskier but more productive firms?

被引：27

作者：

Neuhann, Daniel ^{[1
]}

Saidi, Farzad ^{[2
]}

机构：

[1] Univ Texas Austin, McCombs Sch Business, Dept Finance, 2110 Speedway Stop B6600, Austin, TX 78712 USA

[2] Swedish House Finance, Stockholm Sch Econ, Drottninggatan 98, SE-11160 Stockholm, Sweden

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2018年 / 128卷 / 01期

关键词：

Universal banking; Financial deregulation; Bank scope; Firewalls; Cross-selling; GLASS-STEAGALL ACT; LENDING RELATIONSHIPS; NATURAL EXPERIMENT; COMMERCIAL-BANKS; SCOPE ECONOMIES; MARKET; INFORMATION; VOLATILITY; CERTIFICATION; DEREGULATION;

D O I：

10.1016/j.jfineco.2018.01.011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using variation in bank scope generated by the stepwise repeal of the Glass-Steagall Act in the US, we show that the deregulation of universal banks allowed them to finance firms with 14% higher volatility. This increase in risk is compensated by lasting improvements in firms' total factor productivity of 3%. Using bank scope-expanding mergers to identify shocks to universal banks' private information about borrower firms, we provide evidence that informational economies of scope across loans and non-loan products account for the firm-level real effects of universal banking. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：66 / 85

页数：20

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