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Three essays on commercial bank management and its impact on local economy.

机译：关于商业银行管理及其对地方经济的影响的三篇论文。

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摘要

The dissertation consists of three essays on commercial bank management and its impact on local economy. The first chapter is to understand bank liquidity management. In this paper, we test whether and how U.S. commercial banks actively managed their liquidity positions between 1992 and 2012, prior to the implementation of the Basel III liquidity rules. On average, the data are consistent with a liquidity management regime in which banks targeted the traditional loans-to-core deposits (LTCD) ratio. The data are also consistent on average with the net stable funding ratio (NSFR), a regulatory liquidity ratio that was not formally introduced by the Bank for International Settlements until 2010. We find evidence of LTCD and (implicit) NSFR targeting at banks of all sizes, but concordance is strongest for small banks and weakest for so-called SIFI banks. The second chapter focuses on bank branch management and examines the purchase and sale of U.S. commercial bank branches between 1994 and 2010. Branches are transacted from large, less productive, or worse-capitalized banks to smaller, organizationally complex, efficient, or better-capitalized ones. Using an event study analysis, I find a statistically and economically significant increase in firm value for both branch-selling banks and branch-buying banks. These valuation effects are driven by a faster growth in loans production and a smooth transfer of purchased deposits at the branch purchasers and by an improved short-run operating performance and no significant decrease in loans and deposits growth rates at the branch sellers. The final chapter investigates whether an increase in the supply of bank credit for small firms in a local economy impacts job growth. Using county-level data on small business loan originations between 1996 and 2004 and employing three instrumental variables for the new loans to ensure that this is a loan supply effect, I estimate credit elasticity of job creation of 0.16, and interpret this as evidence that small firms' access to bank finance generates a positive externality of local job creation. Further, my results suggest that small-firm financial constraints can stifle economic growth: (1) the estimated elasticity is larger in the presence of exogenous local growth opportunities and (2) the economic magnitude of credit elasticity decreases with respect to firm size.
机译：论文包括三篇关于商业银行管理及其对地方经济的影响的论文。第一章是了解银行流动性管理。在本文中，我们测试了在实施《巴塞尔协议III》流动性规则之前，美国商业银行是否以及如何积极管理其1992年至2012年之间的流动性头寸。平均而言，数据与流动性管理制度相一致，在该制度中，银行以传统的贷款与核心存款（LTCD）比率为目标。数据也平均与净稳定资金比率（NSFR）保持一致，这是国际清算银行直到2010年才正式引入的监管流动性比率。我们发现LTCD和（隐含）NSFR针对所有银行的证据规模，但一致性对于小银行最强，而对所谓的SIFI银行最弱。第二章侧重于银行分支机构的管理，并研究了1994年至2010年之间美国商业银行分支机构的购买和销售。分支机构是从大型，生产效率较低或资本实力较弱的银行向规模较小，组织复杂，效率更高或资本实力更强的银行进行交易的那些。通过事件研究分析，我发现分支机构销售银行和分支机构购买银行的公司价值在统计和经济上都有显着增长。这些估值影响是由贷款生产的更快增长和分支机构购买者购买的存款的平稳转移以及短期运营绩效的改善以及分支机构卖方的贷款和存款增长率没有显着下降所驱动的。最后一章调查了当地经济中对小公司的银行信贷供应的增加是否会影响就业增长。使用1996年至2004年间县级小型企业贷款来源的数据，并为新贷款采用三个工具变量以确保这是贷款供给效应，我估计创造就业机会的信贷弹性为0.16，并将其解释为小额信贷的证据。企业获得银行融资的机会为当地创造就业机会带来了积极的外部性。此外，我的研究结果表明，小企业的财务约束会扼杀经济增长：（1）在存在外来的本地增长机会的情况下，估计的弹性更大；（2）信用弹性的经济规模相对于公司规模而言有所降低。

著录项

  • 作者

    Jang, Yeonju.;

  • 作者单位

    University of Kansas.;

  • 授予单位 University of Kansas.;
  • 学科 Finance.;Banking.
  • 学位 Ph.D.
  • 年度 2016
  • 页码 172 p.
  • 总页数 172
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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