新冠疫情、資本市場與實體經(jīng)濟（JFQA&RFS頂級期刊?？?021）
JFQA?？篔FQA Symposium on the Consequences of the COVID-19 Pandemic for Firms and Capital Markets
鏈接：https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-Analysis/issue/C8535831B53058C7A75DEF226C6EC10F#
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以下是其中三篇關(guān)于金融與銀行借貸的文章：
Duchin, R., & Harford, J. (2021). The COVID-19 Crisis and the Allocation of Capital.?Journal of Financial and Quantitative Analysis,?56(7), 2309-2319. doi:10.1017/S0022109021000557
We summarize and synthesize the results of the articles in this symposium issue on research?in financial economics related to the COVID-19 pandemic. We argue that the articles, taken together, present evidence that the pandemic resulted in a distributional shock to capital allocation. The underlying mechanisms include accelerating technological shifts, government stimulus programs, and heterogeneous responses of investors and firms. We augment these articles with evidence on the heterogeneous effects of the pandemic on profitability, payout, investment, employment, and productivity across sectors.
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Bao, Z., & Huang, D. (2021). Shadow Banking in a Crisis: Evidence from Fintech During COVID-19.?Journal of Financial and Quantitative Analysis,?56(7), 2320-2355. doi:10.1017/S0022109021000430
We Analyze lending by traditional as well as fintech lenders during COVID-19. Comparing samples of fintech and bank loan records across the outbreak, we find that fintech companies are more likely to expand credit access to new and financially constrained borrowers after the start of the pandemic. However, this increased credit provision may not be sustainable; the delinquency rate of fintech loans triples after the outbreak, but there is no significant change in the delinquency of bank loans. Borrowers holding both loan types prioritize the payment of bank loans. These results shed light on the benefits provided by shadow banking in a crisis and hint at the potential fragility of such institutions when delinquency rates spike.
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Li, L., & Strahan, P. (2021). Who Supplies PPP Loans (and Does It Matter)? Banks, Relationships, and the COVID Crisis.?Journal of Financial and Quantitative Analysis,?56(7), 2411-2438. doi:10.1017/S0022109021000405
We Analyze the bank supply of credit under the Paycheck Protection Program (PPP). The literature emphasizes relationships as a means to improve lender information, which helps banks manage credit risk. Despite imposing no risk, however, the PPP supply reflects traditional measures of relationship lending: decreasing in bank size and increasing in prior experience, commitment lending, and core deposits. Our results suggest a new benefit of bank relationships: They help firms access government-subsidized lending. Consistent with this benefit, we show that the bank PPP supply, based on the structure of the local banking sector, alleviates increases in unemployment.
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RFS2021?？?/strong>COVID-19 and Its Impact on Financial Markets and the Real Economy.
?？溄樱?/strong>https://academic.oup.com/rfs/issue/34/11
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Matthew Spiegel, Heather Tookes, Business Restrictions and COVID-19 Fatalities,?The Review of Financial Studies, Volume 34, Issue 11, November 2021, Pages 5266-5308,?https://doi.org/10.1093/rfs/hhab069
?摘要：The COVID-19 pandemic severely disrupted financial markets and the real economy worldwide. These extraordinary events prompted large monetary and fiscal policy interventions. Recognizing the unusual nature of the shock, the academic community has produced an impressive amount of research during the last year. Macro-finance models have been extended to Analyze the impact of epidemics. Empirical papers study the origins and consequences of the disruptions and the impact of policy interventions. New research evaluates the ongoing financial fragility and its relation to previous episodes and regulations. This special issue contains early contributions to this important and rapidly developing literature
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Itay Goldstein, Ralph S J Koijen, Holger M Mueller, COVID-19 and Its Impact on Financial Markets and the Real Economy,?The Review of Financial Studies, Volume 34, Issue 11, November 2021, Pages 5135–5148,?https://doi.org/10.1093/rfs/hhab085
?摘要：We collect a time-series database of business and related restrictions for every county in the United States from March through December 2020. We find strong evidence consistent with the idea that employee mask policies, mask mandates for the general population, restaurant and bar closures, gym closures, and high-risk business closures reduce future fatality growth. Other business restrictions, such as second-round closures of low- to medium-risk businesses and personal care/spa services, did not generate consistent evidence of lowered fatality growth and may have been counterproductive.
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Ross Levine, Chen Lin, Mingzhu Tai, Wensi Xie, How Did Depositors Respond to COVID-19?,?The Review of Financial Studies, Volume 34, Issue 11, November 2021, Pages 5438–5473,?https://doi.org/10.1093/rfs/hhab062
?摘要：Why did banks experience massive deposit inflows during the pandemic? We discover that deposit interest rates at bank branches in counties with higher COVID-19 infection rates fell by more than rates at branches—even branches of the same bank—in counties with lower infection rates. Credit drawdowns, national policies, such as the Payment Protection Program, and a flight-to-safety do not account for these cross-branch changes in deposit rates. Evidence suggests that higher local COVID-19 infection rates are associated with households’ greater anxiety about future job and income losses, anxiety that induces households to reduce spending and increase deposits.
