The seed of a crisis: Investor sentiment and bank liquidity

被引：2

作者：

He, Liang ^{[1
]}

机构：

[1] Fudan Univ, Sch Econ, Shanghai 200433, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2019年 / 29卷

基金：

中国国家自然科学基金;

关键词：

Investor sentiment; Bank liquidity; Credit lines; Arbitrage risk; RISK;

D O I：

10.1016/j.frl.2018.06.014

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the role of investor sentiment in bank liquidity. I argue that investor sentiment provides banks with a natural hedge against liquidity risk in normal times. However, banks are unaware that such hedge becomes invalid during a prolonging distress. I show that these together contribute to the excessive growth of credit lines in market booms, which may in turn plant the seed of a potential liquidity crisis.

引用

页码：152 / 155

页数：4

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