Bank sentiment and liquidity hoarding
通过分析银行年报文本构建管理层情绪指标，发现负面情绪会导致银行囤积超出基本面所需的流动性，且这种影响是银行主动行为而非被动反应。
Abstract We analyze how bank sentiment affects bank liquidity hoarding, distinguishing unexplained beliefs of bank managers from fundamental‐based beliefs. We build a bank management sentiment measure from textual analysis of 10‐Ks and utilize a comprehensive bank liquidity hoarding measure. We find that negative bank sentiment increases liquidity hoarding not warranted by a bank's fundamental conditions or external circumstances. Further analysis confirms that our findings reflect bank volition rather than being driven solely by borrowers or depositors. We address endogeneity concerns using exogenous weather conditions as instruments. Overall, our findings suggest that bank sentiment can influence how much liquidity banks provide to the economy and financial system.