Bank misconduct: The deterrent effect of country governance and customer reaction
基于2009至2019年欧洲109家银行收到的251项制裁数据，研究发现国家治理有效性对银行不当行为有威慑作用，且存款人在媒体关注度高时更可能因不当行为而撤资。
Using a proprietary, hand-collected database of 251 sanctions issued by national and international authorities on 109 European banks, we investigate the deterrent effect of governance effectiveness at the country level on detected bank misconduct from 2009 to 2019. We also examine the impact of detected bank misconduct on depositor behavior to investigate how customer reaction is shaped by media coverage. Our empirical strategy based on probit and panel fixed effects shows the existence of a deterrent effect exerted by country governance effectiveness. Moreover, the instrumental regressions show that depositors react to detected bank misconduct by withdrawing their funds and that this reaction is stronger when news coverage is high.