2015年12月份，有幸参加由北师大承办的实证会计国际研讨会，听了一篇大会主题报告论文，昨天查TOP文献时，竟然发在国际财务TOP Journal 上，一看作者，我明白了……
Competition and Bank Opacity
Liangliang Jiang, Ross Levine, and Chen Lin
Rev. Financ.Stud. (2016) 29 (7): 1911-1942
Abstract:Did regulatoryreforms that lowered barriers to competition increase or decrease the qualityof information that banks disclose to the public? By integrating the gravitymodel of investment with the state-specific process of bank deregulation thatoccurred in the United States from the 1980s through the 1990s, we develop abank-specific, time-varying measure of deregulation-induced competition. Wefind that an intensification of competition reduced abnormal accruals of loanloss provisions and the frequency with which banks restate financialstatements. The results suggest that competition reduces bank opacity,potentially enhancing the ability of markets to monitor banks.
ReceivedJuly 7, 2015; accepted February 4, 2016 by Editor Philip Strahan.
Prof. Chen LIN
Finance
Associate Dean (Research)
Chair of Finance
Stelux Professor in Finance
Director, Centre for Financial Innovation and Development
Biography:Chen Lin joined the University of Hong Kong as a Chair Professor of Finance at the School of Economics and Finance in 2013. Before joining HKU, he was on the faculty team of the Department of Finance at the Chinese University of Hong Kong (CUHK). At CUHK, he became a Full Professor in Finance in 2010 and was awarded the Choh-Ming Li Professorship in Finance in 2012. He received his Bachelor of Engineering from the South China University of Technology in 2000 and a MBA (2004), M.A. (2005) and Ph.D. (2006) from Warrington College of Business Administration, University of Florida. His research interests include banking and financial institutions, corporate finance, financial contracting, financial regulation, and development economics.
His papers are published or forthcoming in Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Accounting Research, Management Science, Journal of Public Economics, Journal of Development Economics, Journal of Corporate Finance, Journal of Banking & Finance, Journal of Risk and Insurance, Journal of International Money and Finance, Journal of Comparative Economics, Journal of Regulatory Economics, Review of Industrial Organization, and others. His papers also received various awards such as the Jensen Prize (First Prize) for the Best Papers Published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations, the Chicago Quantitative Alliance Asian Academic Competition Research Paper Award, the Hong Kong Asian Capital Market Research Prize awarded by CFA Institute and HKSFA, and two Best Paper Awards at the 9th International Conference on Asia-Pacific Financial Markets. He currently serves on the editorial boards of Journal of Comparative Economics and Journal of Financial Economic Policy. He is the Principal Investigator of several RGC Competitive Earmarked Research Grants and a Co-Principal Investigator of a RGC Theme-based Research Grant, the first large-scale, theme-based business research grant in Hong Kong.
His works and views have been presented in major finance conferences such as American Finance Association annual conference, European Finance Association annual conference and Western Finance Association annual conference, and various conferences held by institutions such as Asian Development Bank, China Banking Regulatory Commission, China Security Regulatory Commission, Hong Kong Monetary Authority, Hoover Institute at Stanford University, International Monetary Fund, National Bureau of Economic Research and the World Bank and covered by BBC World TV, Bloomberg, Foreign Policy, Financial Times, Harvard Law School Forum on Corporate Governance and Financial Regulation, China Daily, CFA Digest, Hong Kong Satellite TV, VoxEU, Wall Street Journal (Real Time Economics) and World Bank Doing Business Report. He has provided consulting services for the Asian Development Bank, the Bank of International Settlement, Hong Kong Financial Services Development Council and the World Bank. He serves as a panel member of the Research Grant Council of Hong Kong and the RAE exercise conducted by University Grants Committee of Hong Kong. He is also an Advisory Council member and research fellow at HKIMR of Hong Kong Monetary Authority.
Publications
"Competition and Bank Opacity," (with L. Jiang and R. Levine), Review of Financial Studies, forthcoming.
"Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries,"(with R. Levine and W. Xie), Journal of Financial Economics, forthcoming.
"Alliances and Return Predictability,"(with J. Cao and T. Chordia), Journal of Financial and Quantitative Analysis, forthcoming.
"The Financial Implications of Supply Chain Changes,"(with J. Houston and Z. Zhu), Management Science, forthcoming.
"Do Analysts Matter for Governance: Evidence from Natural Experiments,"(with T. Chen and J. Harford), Journal of Financial Economics, 115, 2015, pp.383-410.
"Do Property Rights Matter? Evidence from a Property Law Enactment,"(with D. Berkowitz and Y. Ma), Journal of Financial Economics, 116, 2015, pp.583-593.
"Why Do Firms Evade Taxes? The Role of Information Sharing and Financial Sector Outreach,"
(with T. Beck, Y. Ma), Journal of Finance, 69, 2014, pp.763-817."Political Connections and the Cost of Bank Loans,"(with J. Houston, L Jiang, Y. Ma), Journal of Accounting Research, 52, 2014, pp.193-243.
"Directors’ and Officers’ Liability Insurance and Loan Spreads,"(with M. Officer, R. Wang, H. Zou), Journal of Financial Economics, 110, 2013, pp.37-60.
"Corporate Ownership Structure and the Choice between Bank Debt and Public Debt,"(with Y. Ma, P. Malatesta, Y. Xuan), Journal of Financial Economics, 109, 2013, pp.517-534.
"The Client is King: Do Mutual Fund Relationships Bias Analyst Recommendations?,"(with Firth, M., P. Liu, Y. Xuan), Journal of Accounting Research, 51, 2013, pp.165-200.
"Regulatory Arbitrage and International Bank Flows,"(with Houston, J., Y. Ma), Journal of Finance, 67, 2012, pp.1845-1895.
"Corporate Ownership Structure and Bank Loan Syndicate Structure,"(with Y. Ma, P. Malatesta, Y. Xuan), Journal of Financial Economics, 104, 2012, pp.1-22, (lead article).
"The Real and Financial Implications of Corporate Hedging,"(with Campello, M., Y. Ma, H. Zou), Journal of Finance, 66, 2011, pp.1615-1647.
"Ownership Structure and Financial Constraints: Evidence from a Structural Estimation,"(with Y. Ma, Y. Xuan), Journal of Financial Economics, 102, 2011, pp.416-431.
"Directors' and Officers' Liability Insurance and Acquisition Outcomes,"(with M. Officer, H. Zou,), Journal of Financial Economics, 102, 2011, pp.507-525.
"Media Ownership, Concentration and Corruption in Bank Lending,"(with Houston, J. , Y. Ma), Journal of Financial Economics, 100, 2011, pp.326-350.
"Ownership Structure and the Cost of Corporate Borrowing,"(with Y. Ma, P. Malatesta, Y. Xuan,), Journal of Financial Economics, 100, 2011, pp.1-23, (lead article).
"Creditor Rights, Information Sharing and Bank Risk Taking,"(with Houston, J., P. Lin, Y. Ma), Journal of Financial Economics, 96, 2010, pp.485-512.
"Friend or Foe? The Roles of State and Mutual Fund Ownership in the Split Share Structure Reform in China,"(with Firth, M., H. Zou), Journal of Financial and Quantitative Analysis, 45, 2010, pp. 685-706.
"Property Rights Protection and Corporate R&D: Evidence from China,"(with P. Lin, F. Song), Journal of Development Economics, 93, 2010, pp.49-62..
"Political Decentralization and Corruption: Evidence from Around the World,"(with Fan, S., D. Treisman), Journal of Public Economics, 93, 2009, pp.14-34.
"Corruption in Bank Lending to Firms: Cross-Country Micro Evidence on the Beneficial Role of Competition and Information Sharing,"(with Barth, J., P. Lin, F. Song), Journal of Financial Economics, 91, 2009, pp. 361-388.