Politically Polarized Depositors
研究发现，当公众意识到银行向枪支行业放贷后，储户会大量撤资，尤其是在民主党倾向地区，这迫使银行调整存款利率和网点布局，并影响小银行的社区贷款。
Abstract Exploiting an exogenous increase in public awareness of banks’ lending to the gun industry, this article documents significant deposit outflows from gun lenders. These outflows are stronger in Democratic-leaning markets and for Republican-leaning lenders. In contrast, anti-gun lenders experience limited and insignificant outflows, consistent with policy alignment with depositor values. Outflows tighten funding constraints, prompting gun lenders to reduce deposit spreads and branches in Democratic-leaning markets. While large gun lenders remain resilient, small gun lenders significantly reduce their CRA loan volumes. The findings highlight political value misalignment as a driver of depositor behavior and its real effects on bank operations.