Accounting Restatements and Bank Liquidity Creation
研究了会计重述如何导致银行流动性创造显著下降，主要源于银行从非流动资产转向流动资产，并通过监管执法和风险暴露揭示发挥作用。
ABSTRACT Banks play a central role in creating liquidity for the economy by financing illiquid assets with liquid liabilities. This paper examines the effect of accounting restatements on bank liquidity creation. Using a difference-in-differences research design, I show that restatements trigger a significant reduction in liquidity creation. This effect derives mainly from banks shifting away from illiquid assets and toward liquid assets. Further analysis reveals that restatements affect liquidity creation through supervisory enforcement actions and unravelling of risk exposures accumulated in the misreporting period. Government deposit insurance blunts the effect of an information asymmetry channel. JEL Classifications: G21; G28; M41; M48.