Decision-Making Delegation in Banks
利用自然灾害作为地方经济冲击，研究发现银行分行自主设定存款利率的能力会产生实际影响：受灾地区中，自主设定利率的分行会提高存款利率并吸引更多存款，同时银行会扩大抵押贷款，促进房价更快恢复。
Using natural disasters as shocks to local economies, we document that a bank branch’s ability to set deposit rates locally has real effects. Following disasters, branches with rates set locally increase deposit rates more and experience higher deposit volumes in affected counties. Consistent with imperfect insurance from internal capital markets, banks with more branches setting rates locally relatively expand mortgage lending in affected counties. House prices recover faster in local areas where more branches’ rates are set locally. This paper was accepted by Tomasz Piskorski, finance. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4856 .