Bank Local Specialization

Submitter, Banque de France RPS; Duquerroy, Anne; Mazet-Sonilhac, Clément; Mésonnier, Jean‐Stéphane; Paravisini, Daniel

doi:10.2139/ssrn.4034634

Cited by 2 publications

(2 citation statements)

References 17 publications

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“…For single-bank firms the point estimates suggest that greater competition reduces policy transmission (consistent with Petersen and Rajan, 1995), but these estimates are not statistically significant. 29 We calculate competition by industry as well as geography following the recent literature showing that industrybased bank lending is a key driver of credit allocation (De Jonghe et al, 2020;Paravisini et al, 2023) and is prevalent in the SME credit market in France (Duquerroy et al, 2022). 30 When we estimate this regression on samples of firms with unchanged ratings for at least 6 months or 1 year we obtain coefficients of 0.093 (s.e.…”

Section: Spillover: Regression Evidencementioning

confidence: 99%

Unconventional Monetary Policy Transmission and Bank Lending Relationships

Cahn,

Duquerroy,

Mullins

2024

Management Science

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Firms with only one bank relationship make up the majority of firms in many economies. This paper explores whether policy-driven lending is differentially transmitted to single-bank firms in comparison with the multibank firms that are the focus of the literature. Using unique variation in the ECB’s very long-term refinancing operations (VLTROs), which affected lending to firms discontinuously across credit ratings but within banks, we find selective transmission of VLTRO liquidity to single-bank firms. Banks apply higher lending standards to single-bank firms, with banking relationships determining both new lending and lending maturity. By contrast, banks appear to transmit policy lending near-uniformly across multibank firms. This paper was accepted by David Sraer, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.01871 .

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Section: Spillover: Regression Evidencementioning

confidence: 99%

Unconventional Monetary Policy Transmission and Bank Lending Relationships

Cahn,

Duquerroy,

Mullins

2024

Management Science

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“…6 Burietz and Ureche-Rangau (2020) shows that banks lend more to domestic borrowers and familiar industries. Duquerroy, Mazet-Sonilhac, Mésonnier, and Paravisini (2022) shows that banks specialize locally by industry. Paravisini, Rappoport, and Schnabl (2015) find that firms take bank specialization into account when selecting their lenders.…”

Section: Model Frameworkmentioning

confidence: 99%

Three essays on bank risk-taking from a portfolio perspective

Gorostiaga

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Undoubtedly, pursuing a Ph.D. demands a lot of oneself. However, it is crucial to acknowledge that this journey would have fallen short without the exceptional generosity of numerous significant individuals. This acknowledgment section, perhaps the most challenging to write, seeks to express my deep gratitude for their invaluable contributions. I will address a few of them individually, and to them, I extend my most sincere gratitude. I would also like to express appreciation to all others who have made this journey possible by offering their support, and encouragement, providing feedback on my work, and sharing their valuable thoughts and ideas. Although I may never reciprocate their kindness directly, I hope to replicate their generosity with others if that opportunity comes my way.First and foremost, I extend my heartfelt gratitude to my advisor Prof. Christian Eufinger for his faith in me, with continuous advice and committed encouragement, together with an honest joy for my accomplishments. His guidance and mentorship have provided me with invaluable lessons and insights.I want to thank all members of the Finance department at IESE. In particular, Prof.Stefano Sacchetto, who has always been vastly supportive and reliable, and Prof. Valentina Raponi, who encouraged me to visit Imperial. Also, to Prof. Mireia Giné and Prof.Miguel Antón, who first gave me this opportunity, and have always motivated me since then. I would also like to thank Prof. José Azar, who has always been receptive and uplifting with my thoughts and ideas, and Prof. Vives, whose classes have been of great inspiration.

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Bank Local Specialization

Cited by 2 publications

References 17 publications

Unconventional Monetary Policy Transmission and Bank Lending Relationships

Unconventional Monetary Policy Transmission and Bank Lending Relationships

Three essays on bank risk-taking from a portfolio perspective

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