• Why Did Bank Stocks Crash during COVID-19?

• Who Can Tell Which Banks Will Fail?

• Human Capital Portability and Careers in Finance

• Blood Money: Selling Plasma to Avoid High-Interest Loans

• Financial Effects of Remote Product Delivery: Evidence from Hospitals

• Teams and Bankruptcy

• Institutional Brokerage Networks: Facilitating Liquidity Provision

Review of Financial Studies 2024 年9月

Viral Acharya ( New York University )

Robert Engle ( New York University )

Maximilian Jager ( Frankfurt School of Finance & Management )

Sascha Steffen ( Frankfurt School of Finance & Management )

A two-sided “credit-line channel”—relating to drawdowns and repayments—explains the severe drop and partial subsequent recovery in bank stock prices during the COVID-19 pandemic. Banks with greater exposure to undrawn credit lines saw larger stock price declines but performed better outside of crises periods. Despite deposit inflows, high drawdowns led to reduced bank lending, suggestive of capital encumbrance upon drawdowns. Repayments of credit lines unencumbered capital which explains the stock price recovery starting Q2 2020. Bank provision of credit lines resembles writing put options on aggregate risk, and we propose how to incorporate this feature into bank stress tests.

原刊和作者：

Review of Financial Studies 2024 年9 月

Kristian Blickle (Federal Reserve Bank of New York)

Markus Brunnermeier (Princeton University)

Stephan Luck (Federal Reserve Bank of New York)

We study the run on the German banking system in 1931 to understand whether depositors anticipate which banks will fail in a major financial crisis. We find that deposits decline by around 20% during the run. There is an equal outflow of retail and nonfinancial wholesale deposits from both failing and surviving banks. In contrast, we find that interbank deposits almost exclusively decline for failing banks. Our evidence suggests that banks are better informed about which fellow banks will fail. In turn, banks being informed allows the interbank market to continue providing liquidity even during times of severe financial distress.

原刊和作者：

Review of Financial Studies 2024 年9 月

Janet Gao (Georgetown University)

Wenyu Wang (Indiana University )

Yufeng Wu (the Ohio State University)

How does firm-specific human capital shape careers in the finance industry? We build a dynamic model where workers accumulate portable and nonportable (firm-specific) human capital and learn about their match quality with employers. Estimating the model using granular data on M&A advisory bankers, we show that a large fraction of bankers’ human capital is nonportable, ranging from 12% to 46% across different firm types. Bankers make a dynamic trade-off between portability and returns on human capital, leading to time-varying job preferences over their life cycle. Our results have broad implications for careers in finance and the provision of financial services.

原刊和作者：

Review of Financial Studies 2 024 年9 月

John Dooley (Washington University)

Emily Gallagher (University of Colorado Boulder)

Little is known about the motivations and outcomes of sellers in remunerated markets for human materials. We exploit dramatic growth in the U.S. blood plasma industry to shed light on the sellers of plasma. Sellers tend to be young and liquidity-constrained with low incomes and limited access to traditional credit. Plasma centers absorb demand for nontraditional credit. After a plasma center opens nearby, demand for payday loans falls by over 13% among young borrowers. Meanwhile, foot traffic increases by over 4% at nearby stores, suggesting that constrained households use plasma markets to smooth consumption without appealing to high-cost debt.

原刊和作者：

Review of Financial Studies 2024 年9 月

Kimberly Cornaggia (Pennsylvania State University)

Xuelin Li (Columbia Business School)

Zihan Ye (University of Tennessee)

We study financial effects of remote product delivery in the healthcare industry. Exploiting staggered law adoption for identification, we find that telehealth provision redistributes hospital operations and access to capital away from rural communities. As urban telehealth providers acquire rural patients, rural hospitals experience decreased revenue and profit, credit rating downgrades, increased cost of capital, and ultimately risk of closure. Although telehealth reduces travel costs, some communities lose access to acute care. Overall, we conclude that remote healthcare services have financial consequences as well as real effects, and their benefits are unequally distributed.

原刊和作者：

Review of Financial Studies 2024 年9 月

Ramin Baghai ( Stockholm School of Economics, CEPR, and ECGI)

Rui Silva (Nova School of Business and Economics and CEPR )

Luofu Ye (London Business School)

We study how the human capital embedded in teams is affected by, and reallocated through, corporate bankruptcies. After a bankruptcy, U.S. inventors produce fewer and less impactful patents. Moreover, teams become less stable. Consequently, compared to inventors that rely less on teamwork, the performance of team inventors deteriorates more. These findings point to the loss of team-specific human capital as a cost of resource reallocation through bankruptcy. Acquisitions by industrial firms and joint mobility of inventors with past collaborations limit these losses, suggesting that the labor market and the market for corporate control help preserve team-specific human capital in bankruptcies.

原刊和作者：

Review of Financial Studies 2024 年9 月

Munhee Han (Texas Tech University)

Sanghyun (Hugh) Kim (Wilfrid Laurier University)

Vikram Nanda (University of Texas at Dallas)

We argue that institutional brokerage networks facilitate liquidity provision and mitigate the price impact of large non-information-motivated trades. Using commissions, we map trading networks of mutual funds (institutions) and their brokers. Central funds (institutions) tend to outperform their peripheral counterparts in terms of return gap (execution shortfall). This outperformance is more pronounced when funds experience large outflows and for large trades in less liquid stocks. Central brokers can deliver superior trade execution compared to peripheral brokers, but mainly for central institutions. We use the collapse of Lehman Brothers as a quasi-natural experiment to establish the likely causality of our findings.

原文：

https://academic.oup.com/rfs/issue/37/9

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