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A new paper by Maria Semenova and François Guillemin published in Annals of Finance

"Transparency and market discipline: evidence from the Russian interbank market", the paper by Maria Semenova, Senior Research Fellow at CInSt, and François Guillemin, former Postdoctoral Fellow at CInSt, was published in the recent issue of Annals of Finance.

The paper studies the role of bank voluntary disclosure, as a source of information about risk, in the interbank market. Using data on the 179 largest Russian banks over the period of 2004–2013, the authors test whether the ability to attract interbank loans is sensitive to various transparency indices such as those disclosing bank risks, board composition, or even corporate event details. It has been also shown that larger but riskier banks—at least in terms of credit risk—behave more transparently and disclose more. The paper is the first to provide evidence that the ability to attract funds in the interbank market is positively correlated with the degree of transparency.

The paper is available at: 
https://doi.org/10.1007/s10436-020-00361-5