2021年9月30日学术报告通知

发布时间:2021-09-26

【报告主题Loan Fair Value Disclosures and Deposit Flows

【主讲嘉宾】杜克大学 陈旗

【报告时间】2021年9月30日 周四 8:30

【参与方式】线上

【内容提要】Using a sample of U.S. commercial banks from 1994 to 2019, we provide the first large sample evidence on the decision-relevance of loan fair values for bank depositors. Consistent with loan fair values summarizing information of relevance to depositors, we find a significant association between loan fair value changes and uninsured deposit flows. The informational  relevance, for the most part, cannot be explained by the information content of loan fair values about credit quality; it manifests more strongly in banks where depositors’ incentives to withdraw money before other depositors (i.e., strategic complementarities) are stronger.  The findings inform  the cost-benefit trade-off of reporting loan fair values.