Séminaires de recherche ACPR

La Direction d'Études et d'Analyse des Risques de l’ACPR organise une série de séminaires académiques où des chercheurs invités ou membres de l’ACPR présentent leurs derniers travaux, sur des thématiques de régulation ou de risque financier. Ces séminaires sont ouverts à tous.

L’inscription par mail à seminaire-recherche-acpr@banque-france.fr  est gratuite mais obligatoire pour y assister. Si vous souhaitez être informés des prochains évènements, merci d’envoyer un mail à la même adresse.

L’ACPR héberge également les séminaires mensuels de la Chaire ACPR : la page dédiée aux séminaires de la Chaire ACPR est accessible ici.


PROchain évènement

Jeudi 15 octobre 2020 à 14h00 : Paul Beaumont, Huan Tang et Eric Vansteenberghe (ACPR)

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

Discutant : Hans Degryse (Université Catholique de Louvain)

Attention ce séminaire aura lieu en vidéoconférence.

Pour recevoir le lien de connexion, l'inscription (gratuite) est obligatoire par mail à SEMINAIRE-RECHERCHE-ACPR@acpr.banque-france.fr




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.

Dernier évènement

Mercredi 16 septembre 2020 à 10h30 : Hans Degryse, Artashes Karapetyan (ESSEC Business School), Sudipto Karmakar

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

Attention ce séminaire aura lieu en vidéoconférence.

Pour recevoir le lien de connexion, l'inscription (gratuite) est obligatoire par mail à 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.

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