报 告 人：Tim Zhang（美国怀俄明大学商学院金融系）
报告题目：Monetary Policy and Bank Concentration
报告时间：2023/3/24 11：30a – 12：30p
报告直播：腾讯会议：587509452
主办单位：统计交叉科学研究中心
协办单位：科研处、统计与数学学院
报告摘要：We show that when the policy rate rises, banks or branches operating in competitive markets are more likely to be acquired. Consistent with the market power channel, the effect is more pronounced among banks or branches with less market power, which is driven by banks' inability to pass the rate hikes to the asset side and being forced to pass to the liability side, leading to deteriorated profits. Consequently, small banks respond to rate hikes by seeking consolidation to gain market power. To address identification challenges, we use a within-bank test to confirm that our estimates of branch exits are not driven by lending opportunities, and we use a within-county test to confirm that our estimates of branch exits are not driven by demand-related factors. Our findings highlight that the market structure of the banking sector could endogenously change in response to monetary policy changes, and monetary policy tightening may have contributed to the consolidation of the banking sector.
报告人简介： Tim Zhang现任教于美国怀俄明大学商学院，McMurray Research Fellow职位持有者，致力于应用金融领域的研究，主要研究兴趣包括银行业，按揭贷款，货币政策与金融，以及居住及商业地产，研究的核心领域在于金融机构分配金融资产的有效性以及货币政策的传导和对银行产业的影响。研究论文在多家金融、银行与房地产的顶级期刊发表，包括Review of Finance, Journal of Financial Intermediation, Journal of Real Estate Finance and Economics等，研究成果被Wallethub，The Motley Fool，以及MoneyGeek众多媒体报道与宣传。硕士毕业于北卡罗莱纳大学统计与运筹系，博士毕业于佐治亚理工学院商学院金融系。