文澜金融论坛（第274期）

摘要：

This paper examines the impact of railroads, on bank competition. We hypothesize that the expansion of railroads enhanced bank competition through two channels. The first hypothesis, which we call the “cost view,” assumes that the development of railroads reduces the costs that banks incur when they expand through branches. The other hypothesis is referred to as the “demand view,” which predicts that railroad construction creates new demand for financial service by facilitating trade in goods and labor mobility. To test the hypotheses, we hand-collected data on the expansion of railroad and bank branches in Modern China (1897-1936) and found that regional bank competition is positively associated with the density of local railroads or stations. Specifically, the mechanism analysis offers stronger support on the “demand view.” Our finding highlights the importance of transportation infrastructure in developing financial markets, especially for developing economies.

主讲人介绍：

王媚教授，美国卡内基-梅隆大学行为决策理论博士。曾任德国曼海姆大学博士后和瑞士苏黎世大学银行研究所助理教授。现任德国WHU奥托贝森管理研究院行为金融学教授(WHU-Otto Beisheim School of Management)。主要研究兴趣为行为经济，跨文化比较，风险认知等。研究论文发表于Management Science、Quantitative Finance、Journal of Behavioral Finance、Journal of Risk and Uncertainty等期刊，担任Journal of Behavioral and Experimental Finance 及 Finance Research Letters副主编，Global Finance Journal 编委会成员，American Economic Review、Management Science、Journal of Banking and Finance、Review of Finance等期刊审稿人。