Bank Size and Household Financial Sentiment: Surprising Evidence from University of Michigan Surveys of Consumers
利用2000-2014年密歇根大学消费者调查数据，发现大银行在提升家庭金融情绪方面具有显著优势，这一结果在不同人群、市场和时间段均稳健。
Abstract We analyze comparative advantages/disadvantages of small and large banks in improving household financial sentiment. Matching University of Michigan Surveys of Consumers household sentiment data with local banking market data from 2000 to 2014, we find surprising results—large banks have significant comparative advantages in boosting such sentiment. The findings apply across demographic groups, market types, and time periods, and are robust to different measurements and econometric methods. We contribute to the literatures on bank specialness, benefits and costs of small and large banks, household sentiment, and real effects of banking. We conjecture about the drivers of the findings, and discuss policy implications.