题　目：Uninsured Deposits, Run Risk, and Bank Stock Returns

嘉　宾：洪玉蓉 副教授 上海高级金融学院

主持人：张澄宇 助理教授 上海交通大学安泰经济与管理学院

时　间：2025年5月21日（周三）13:30-15:00

地　点：上海交通大学 徐汇校区安泰浩然楼306室

内容简介:

We study the market pricing of the risks associated with uninsured bank deposits, finding that banks heavily reliant on uninsured deposits exhibit significantly higher average stock returns. During the March 2023 banking turmoil, banks with higher levels of uninsured deposits were more adversely affected; however, they experience higher returns during stable periods, which ompensates for the run risk that they face. This relation between run risk and returns is evident in all banks except the largest and is particularly pronounced in those with liabilities sensitive to interest rate changes, significant asset-liability mismatches, and lower capital ratios.

演讲人简介：

Yurong Hong is an Associate Professor of Finance (untenured) at Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University. My research interests lie primarily in the area of empirical asset pricing and asset management. 

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