Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 16, 2018 erstellt
Beschreibung:
We examine how the threat of disclosure (stigma) changes the quality of banks that approachemergency lending facilities. We study a financial crisis where two confidential facilities wereavailable to banks. Then, an unexpected partial list of bank names from one facility was leaked,suddenly stigmatizing that facility. We find that the composition of banks that approached eachfacility changed, where the newly stigmatized facility attracted weaker banks that maintainedsmaller liquidity buffers, while the alternative confidential facility attracted stronger banks.Our results shed light on how regulators can use disclosure to identify banks that require closermonitoring