2020年6月9日学术报告通知

发布时间:2020-06-11

嘉宾简介:

Dr.  Chen is a professor of accounting at Duke University. He received his Ph.D. in Accounting from the University of Chicago. Dr. Chen’s research focuses primarily on issues in corporate finance. Dr. Chen has published extensively in top accounting and finance journals, including Journal of Accounting and Economics, the Accounting Review,Journal of Financial Economics, and Review of Financial Studies. He is currently conducting research on the link of bank transparency and deposit flows. 

内容提要:

This paper provides, for the first time, large-scale evidence that liquidity  transformation by banks creates fragility, as their uninsured depositors face an incentive to withdraw  their money before others (a so-called panic run). Such fragility manifests itself in stronger sensitivity  of deposit flows to bank performance. A deterioration in the aggregate conditions in the banking  system makes the fragility within each bank stronger. We run multiple tests to show that depositors’  motives are not driven purely by fundamentals, but rather that the element of panic, leading them to  think about what other depositors will do, is important in the data. We analyze the tradeoff banks face  when setting their level of liquidity transformation, and show how they use deposit insurance to  mitigate some of its negative effects.