[Marketing] 싱 장 교수 - Sunk Cost Effect, Self-control, and Contract Design
- SKKGSB
- Hit342
- 2023-11-03
Area | Marketing | |
---|---|---|
Faculty | Xing Zhang | |
Journal | Journal of Marketing Research | |
Title | Sunk Cost Effect, Self-control, and Contract Design |
중국, 싱가포르, 미국의 공동 저자와 함께 SKK GSB의 싱 장 교수는 최고의 마케팅 저널인 마케팅 리서치 저널에 "매몰 비용 효과, 자기 통제 및 계약 설계"라는 제목의 논문을 발표했습니다.
Abstract
We model how monetary policy shocks affect the lending behavior of small and large banks. Other things being equal, small banks are riskier than large banks since the latter are more likely to be bailed out. Thus, small banks face a higher cost of non-deposit financing and are unable to finance liquidity shocks at a cost below a certain threshold. Consequently, we show that under a tight monetary regime small bank lending is more sensitive to monetary shocks. This relation reverses under loose monetary regimes where large bank lending is more responsive to monetary shocks. Our empirical results strongly support our analysis.
Keywords
Bank Size; Lending Channel; Monetary Policy; Too-Big-to-Fail