ACPR research seminars

The ACPR Studies Department organizes a series of academic seminars where invited or ACPR-affiliated researchers present their work on regulatory or financial risk issues. The seminars are open to everyone.

Registration by email at seminaire-recherche-acpr@banque-france.fr is free but compulsory in order to attend. If you wish to be informed of upcoming events, please send an email to the same address.

The ACPR also hosts the monthly seminars of the ACPR research Initiative: the page dedicated to the ACPR seminars is available here.

 

NEXT EVENT

Thursday 15 October 2020 at 2.00 pm: Paul Beaumont, Huan Tang and Eric Vansteenberghe (ACPR)

"The Role of FinTech in Small Business Lending: Evidence from France"  

Discussant : Hans Degryse (KU Leuven)

Please note that this seminar will be taking place online.

To receive the invitation to the web platform, (free) registration is compulsory by email at SEMINAIRE-RECHERCHE-ACPR@acpr.banque-france.fr

 

Abstract :

This paper investigates the role of FinTech lending in credit markets for small-to-medium size firms (SMEs). Using administrative data from France, we document three main findings. First, we find that SMEs borrowing from FinTech platforms are of similar age and size to SMEs borrowing only from banks; they have less cash and tangible assets, but innovate and invest more. Second, FinTech credit and bank credit serve as complements for firms. Following a FinTech loan grant, firms experience an increase in long-term loans extended by both relationship and new banks. This pattern holds after we control for credit demand. We present evidence on a novel channel: FinTech platforms help relax small firms’ collateral constraints by offering unsecured medium-term loans, which are commonly used for investments in tangible assets. Last, we find that the credit expansion brought about by Fintech platforms have an adverse impact on the probability of bankruptcies at the extensive margin, but spurs growth in firm size, sales and employment at the intensive margin. These results suggest that FinTech lending may allow SMEs to pursue risky but innovative projects.

 

LASt EVENT

Wednesday 16 September 2020 at 10.30 am: Hans Degryse, Artashes Karapetyan (ESSEC Business School), and Sudipto Karmakar

"To Ask or Not To Ask? Bank Capital Requirements and Loan Collateralization"  

Please note that this seminar will be taking place online.

To receive the invitation to the web platform, (free) registration is compulsory by email at SEMINAIRE-RECHERCHE-ACPR@acpr.banque-france.fr

Abstract :

We exploit the 2011 EBA Capital Exercise, a quasi-natural experiment that required a number of banks to increase their regulatory capital but not others. This experiment makes secured lending for the affected banks more attractive vis-à-vis unsecured lending as secured loans require less regulatory capital. Using loan-level data covering the universe of bank loans in Portugal, we identify a collateral channel of capital requirements: relative to the control group, treated banks require loans to be collateralized more often after the shock. We find that the affected banks partially shield their relationship borrowers. The collateral channel also has economically relevant real effects. Treated banks reallocate funds towards sectors with greater asset tangibility. Firms and sectors borrowing to a greater degree from treated banks exhibit lower growth and tilt their investments towards tangible assets.

Publication Seminars
Market-consistent valuation: a step towards calculation stability

In this paper we address some of the stability issues raised by the European life insurance regulation valuation scheme. Via an in-depth study of the so-called economic valuation framework, shaped through the market-consistency contract we first point...

  • Published on 09/18/2020
  • FR
  • PDF (334.49 KB)
Publication Seminars
How banks respond to distress: shifting risks in europe's banking union
  • Published on 09/09/2020
  • FR
  • PDF (426.95 KB)
Publication Seminars
Swing pricing for mutual funds: breaking the feedback loop between fire sales and fund redemptions

We develop a model of the feedback between mutual fund outflows and asset illiquidity. Following a market shock, alert investors anticipate the impact on a fund's net asset value (NAV) of other investors' redemptions and exit ...

  • Published on 09/04/2020
  • FR
  • PDF (7.16 MB)
Publication Seminars
Collateral and asymmetric information in lending markets
  • Published on 08/04/2020
  • FR
  • PDF (1.02 MB)
Publication Seminars
The Benchmark Inclusion Subsidy
  • Published on 05/28/2020
  • FR
  • PDF (864.98 KB)
Publication Seminars
Stress Testing And Bank Lending
  • Published on 02/13/2020
  • FR
  • PDF (408.39 KB)
Publication Seminars
Aggregate Information Dynamics
  • Published on 01/22/2020
  • EN
  • PDF (1.05 MB)