"Crime and Punishment"? How Russian Banks Anticipated and Dealt with Global Financial Sanctions

Mamonov, Mikhail; Ongena, Steven; Pestova, Anna

doi:10.2139/ssrn.4146432

Cited by 11 publications

(5 citation statements)

References 134 publications

(106 reference statements)

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“…The resulting sanctions regime barred Russia's largest Russian banks from access to longer‐term financing from the European and US financial markets. Although only eight banks were directly sanctioned in 2014, these measures had a drastic effect on Russia's banking sector as a whole, forcing even non‐sanctioned banks to alter their behaviour (e.g., Mamonov et al., 2021). Economic sanctions also had a sizable effect on policy uncertainty.…”

Section: Resultsmentioning

confidence: 99%

Managing bank liquidity hoarding during uncertain times: The role of board gender diversity

Davydov,

King,

Weill

2024

Financial Market

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This paper examines the effect of executive board gender diversity on the relationship between economic policy uncertainty (EPU) and bank liquidity hoarding (LH). We focus on the Russian banking sector, which, relative to most of the world, has a high share of women on bank executive boards. Using the news‐based EPU index developed by Baker, Bloom, and Davis (2016) and LH measures proposed by Berger, Guedhami, Kim, and Li (2022), we exploit a unique dataset from the Russian banking sector. While higher economic policy uncertainty tends to increase liquidity hoarding, we find that this effect diminishes as the gender diversity of the board increases. We attribute this finding to the moderating influence of gender diversity on stability and overreaction in decision‐making. Additionally, we find that the channel through which board gender diversity affects the impact of economic policy uncertainty on liquidity hoarding takes place via the hoarding of liquid assets. Our findings are robust to the use of alternative measures for economic policy uncertainty and gender diversity and hold after addressing endogeneity concerns. As women are still significantly under‐represented on bank boards in most countries, these results argue for policies to promote gender diversity on bank boards as a means of limiting the detrimental effects of economic policy uncertainty.

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Section: Resultsmentioning

confidence: 99%

Managing bank liquidity hoarding during uncertain times: The role of board gender diversity

Davydov,

King,

Weill

2024

Financial Market

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show abstract

“…Although only eight banks were directly sanctioned in 2014, these measures had a drastic effect on Russia's banking sector as a whole, forcing even non-sanctioned banks to alter their behavior (e.g. Mamonov et al, 2021). Therefore, we consider the sanctions regime as the period of increased economic uncertainty and include a dummy variable (Post sanctions) that takes a value of one during 2014-2018.…”

Section: Components Of Liquidity Hoardingmentioning

confidence: 99%

Managing Bank Liquidity Hoarding During Uncertain Times: The Role of Board Gender Diversity

2022

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“…This paper contributes to at least two literatures. A growing number of studies already analyze various aspects of sanctions against Russia, including Ludema (2019, 2020), Miromanova (2023), Crozet and Hinz (2020), Gullstrand (2020), andMamonov, Pestova andOngena (2021). In contrast to most of this work, however, which often examines patterns of trade, our analysis focuses on financial activities.…”

Section: Introductionmentioning

confidence: 99%

The effects of sanctions on Russian banks in TARGET2 transactions data

Drott,

Goldbach,

Nitsch

2024

Journal of Economic Behavior & Organization

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"Crime and Punishment"? How Russian Banks Anticipated and Dealt with Global Financial Sanctions

Cited by 11 publications

References 134 publications

Managing bank liquidity hoarding during uncertain times: The role of board gender diversity

Managing bank liquidity hoarding during uncertain times: The role of board gender diversity

Managing Bank Liquidity Hoarding During Uncertain Times: The Role of Board Gender Diversity

The effects of sanctions on Russian banks in TARGET2 transactions data

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