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The EAs are intended to strengthen bank financial indicators and bolster the stability of the financial system.įor banks, enforcement actions may be undesirable as they impose direct and indirect costs.Ĭall or message Bloomberg customer support, and you will be in touch with a live person instantly.Įxperience the power of the Bloomberg Terminal anytime and anywhere on your mobile device as well as any internet-ready laptop or PC with Bloomberg Anywhere®. Banks have to employ resources to remediate the issues identified by the EAs, and are sometimes required to pay fines or make monetary restitution to aggrieved parties. Sanctioned banks may also be subject to potentially severe reputational costs because these EAs are announced publicly. Importantly, EAs may also affect sanctioned banks' business borrowers, with potentially significant real economic consequences. This paper conducts multiple economic analyses of these effects. Specifically, we investigate the effects of EAs on the stock market performance of both relationship and non-relationship large business borrowers. We also analyze the credit supply effects on both large and small businesses. As discussed below, small businesses are more often bank dependent and credit constrained, raising significant real economic concerns.ĭespite the importance and potential implications of EAs for banks and their stakeholders, existing research on EAs is relatively scarce.
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Moreover, the results of the extant studies are mixed on whether EAs are good or bad for the sanctioned banks and other stakeholders. They focus on consequences of these actions from the perspective of the banks, equity holders, and local economies where banks operate. This article adds by focusing on their impacts on business borrowers' stock performance and credit conditions. We first conduct an event study in which we evaluate stock market reactions for the sanctioned banks' large relationship and non-relationship borrowers around these actions. These effects capture the short-term expectation effect of EAs on the sanctioned bank's lending to these borrowers. Valuation effects can be either negative or positive for connected borrowers depending on whether the market may expect EAs to disrupt or put under uncertainty the credit availability to them, or may infer future lending benefits to them. EAs may not affect non-connected borrowers because they are not in a relationship with the sanctioned banks.