Are Banks Risk Averse? Intraday Timing of Operations in the Interbank Market
提出一个理论解释银行在银行间市场日内操作时机的选择，发现当清算余额不确定性高时，风险厌恶的银行倾向于在日末操作；当利率波动大时，则转向早间操作。该理论在意大利银行间市场得到验证。
The paper presents a simple theory of intraday behavior in the interbank market. The timing of borrowing and lending operations depends on the information available on two key variables: the end-of-day balance from the clearing system--the algebraic sum of incoming (+) and outgoing (-) daily payments--and the short-term interest rate. When the former is the relevant source of uncertainty, risk-averse banks should tend to operate close to the end of the business day, when the balance becomes observable. Conversely, when the interbank rate is relatively more volatile, operations should be shifted to the early morning, when the balance is not observable but the rate is. The theory is found to be consistent with banks' behavior in the Italian interbank market.