“Run for home”: SME Lending and the Head Quarters bias

报告题目

“Run for home”: SME Lending and the Head Quarters bias

报告人（单位）

Prof. Kent Matthews（Cardiff University, UK）

点评人（单位）

刘晓星教授

（东南大学）

点评人（单位）

尹威博士

（东南大学）

时间地点

2017年11月10日（周五下午2：00）东南大学九龙湖校区经济管理学院二楼科研中心

报告内容摘要

This paper is aimed at two strands of the empirical literature in banking. First, it tests for the geographical dimension in SME lending as a rebuttal of Petersen and Rajan (2002) on the relevance of relationship banking for SME lending. Second, it examines the Stein (2002) view that large institutions with complex organisational structures are more able to filter ‘hard’ information than ‘soft’ information. Using data on individual bank lending to SMEs and mortgage lending by postcode area for 120 localities in Great Britain for the period 2013(2)-2014(4), we estimate a panel model on 8393 data points. We conjecture that as the same bank makes SME loans and mortgages to the specific postcode area, it would utilise the informational technology of its common organisational structure. Locality and bank fixed effects allow us to disentangle credit supply and demand and to simultaneously control for the unobserved traits of banks and the borrowers in the localities they lend to. Our results show that functional distance between bank headquarters and branches is negatively related to the net underwriting of SME lending but has no impact on mortgage lending. We interpret these results as strong support for the geographical dimension and a vindication of the conventional view that SME lending requires the transmission of ‘soft’ information through the intermediation of a Relationship Manager who has been largely removed from the banking organization.

报告人简介

Kent Matthews是英国卡迪夫大学商学院金融学教授，同时拥有英国Sir Julian Hodge Professor of Banking and Finance的荣誉头衔。他从事银行与金融方面研究与研究三十余年，出版专著17本，主持各项科研项目13项，发表期刊论文近百篇，其中大部分发表于European Economic Review，Journal of Money, Credit and Banking，Journal of Bank and Finance，International Review of Financial Analysis和Journal of International Financial Markets, Institutions and Money等相关专业顶级期刊上。Kent Matthews教授在全球银行与金融研究领域拥有极高的声望，同时也是中国银行业研究专家，是国家自然科学基金委“中英合作项目”专家之一。他曾参与英国国家经济与社会研究所和英格兰银行的政策制定研究，也曾担任香港金融管理局的访问学者。