题　目：A Tale of Two Market Disciplines: How does Bank Restatement Affect Peer Banks in the Local Deposit Market

嘉　宾：康亚 助理教授 香港中文大学

主持人：张珂源 助理教授 上海交通大学安泰经济与管理学院

时　间：2023年05月24日（周三）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A407室

内容简介:

We examine whether non-restating peer bank branches benefit or suffer from bank restatement, depending on the economic states of the world. In non-crisis periods, depositors respond to bank restatement by reallocating deposits from restating bank branches to peer non-restating bank branches in the local market, leading to a decrease in the deposit spreads of the peer branches (local reallocation effect). In the crisis period, depositors withdraw from both restating bank branches and non-restating peer branches in the local deposit market, resulting in an increase in the deposit spreads of the peer non-restating branches (local contagion effect). Cross-sectional analyses show that depositors’ financial sophistication and government guarantee play a role in the above two restatement-triggered deposit market disciplines. The reallocation effect is more concentrated among financially sophisticated depositors and is amplified (attenuated) when peer (restating) banks have a lower default risk, or when they are more likely to receive government guarantees. In contrast, the local contagion effect is mitigated by government guarantees and social capital.

演讲人简介：

Dr. Ya Kang joined The Chinese University of Hong Kong (CUHK) Business School in 2020 as an Assistant Professor in the School of Accountancy. She received her PhD from the National University of Singapore. Her research focuses on tax, banking and disclosure.

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