Transparency and Market Discipline: Evidence from the Russian Interbank Market
François Guillemin  1, *@  , Semenova Maria  1@  
1 : Higher School of Economics  (HSE)  -  Site web
National Research University - 20 Myasnitskaya Ulitsa, Moscow -  Russie
* : Auteur correspondant

This paper investigates the role of voluntary bank disclosure in the interbank market. Using the data on 179 largest Russian banks over the period of 2004-2013, we test the sensitivity of interbank loans and deposits to transparency levels. We show that larger but more risky banks – at least in terms of credit risk - behave more transparently and disclose more. The article is also the first to show evidence that the ability to attract funds in the interbank market is positively correlated with disclosure levels. This result is stable for various aspects of transparency such as disclosure of risk, financial performance, or board composition.

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