Internet Appendix to Yang, Deposit-Lending Synergies
Summary
An Internet Appendix to Deposit-Lending Synergies: Evidence from Chinese Students at US Universities, dated December 27, 2020. Table IA.1 reports the impact of Chinese students on a local credit market liquidity sensitive market, first lien jumbo mortgages. The table note states that it reports results of a regression of lending on the interaction of bank brand and the number of Chinese students, for banks within one mile and between one and three miles. It states that county by year and bank by year fixed effects are included and that standard errors are clustered at the county level.
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“Internet Appendix to Yang, Deposit-Lending Synergies.”
Original at static.cambridge.org. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/deposit-lending-synergies-evidence-from-chinese-students-at-us-universities/
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Internet Appendix to: ”Deposit-Lending Synergies:
Evidence from Chinese Students at US Universities”
December 27, 2020
Table IA.1: The Impact of Chinese Students on Local Credit Market
Liquidity Sensitive Market: First Lien Jumbo Mortgages
This table reports results of the following regression: LnYi,c,t = βBrandi ×LnChinesec,t +αi,t +αc,t ,
where Y is first lien jumbo mortgages. The sample for which results are reported in columns 1
and 2 includes all banks with Distancei,c,t <= 1mile and 1mile < Distancei,c,t <= 3miles. The
sample for which results are reported in columns 3 and 4 includes all branded banks and top-20
banks ranked by total assets with Distancei,c,t <= 1mile and 1mile < Distancei,c,t <= 3miles.
County × year and bank × year fixed effects are included. Standard errors are clustered at the
county level and reported in parentheses. Variables are winsorized at the 1st and 99th percentiles.
* p<0.1, ** p<0.05, *** p<0.01.
LnFirstLienJumboMortgagesi,c,t
All Banks Top 20 Banks
(1) (2) (3) (4)
Within 1 Mile 1-3 Miles Within 1 Mile 1-3 Miles
Brandi × LnChinesec,t 0.0348 0.0263 0.0502 -0.00102
(0.0427) (0.0499) (0.0423) (0.0495)
County × Year FE Yes Yes Yes Yes
Bank × Year FE Yes Yes Yes Yes
Observations 23467 21617 10634 5455
1
Table IA.2: The Impact of Chinese Students on Information Sensitive Credit Markets
This table reports regression results of Equation (1) and uses LnSmallBusinessLoansi,c,t and
LnSecondLienMortgagesi,c,t as dependent variables. The unit of analysis is bank(i)-county(c)-
year(t). Brandi is a dummy variable that equals one if a bank has a business presence in China
during 2000-2018. Columns 1 and 3 report results for branded banks and all other non-branded
banks. Columns 2 and 4 report results for branded banks and top-20 banks ranked by total assets.
Distance categories are created based on the shortest distance between any branch and the closest
affected campus within a bank-county-year. ClosetoAnyCampusi,c,t equals -1 times the shortest
distance between any branch and the closest campus within a bank-county-year. Bank, county, and
year fixed effects are included in column 1, while county × year and bank × year fixed effects are
included in within-county analyses. Standard errors are clustered at the county level and reported
in parentheses. Variables are winsorized at the 1st and 99th percentiles. * p<0.1, ** p<0.05, ***
p<0.01.
LnSmallBusinessLoansi,c,t LnSecondLienMortgagesi,c,t
(1) (2) (3) (4)
All Banks Top 20 All Banks Top 20
Brandi × LnChinesec,t 0.0585∗∗∗ 0.0464∗∗∗ 0.0534∗∗∗ 0.0378∗∗∗
(0.0119) (0.0116) (0.0105) (0.0121)
∗∗∗ ∗∗∗
Distance(< 0.5)i,c,t 0.657 0.161 0.658 0.372∗∗
(0.1303) (0.2292) (0.1059) (0.1763)
Distance(0.5 ∼ 1)i,c,t 0.720∗∗∗ 0.500∗∗ 0.588∗∗∗ 0.294∗∗
(0.1242) (0.2119) (0.0928) (0.1347)
Distance(1 ∼ 2)i,c,t 0.701∗∗∗ 0.448∗∗ 0.563∗∗∗ 0.407∗∗∗
(0.0923) (0.1751) (0.0775) (0.1253)
∗∗ ∗∗∗
Distance(2 ∼ 3)i,c,t 0.216 -0.0115 0.277 0.310∗∗
(0.1095) (0.1786) (0.0798) (0.1295)
Distance(< 0.5)i,c,t × LnChinesec,t 0.157∗∗∗ 0.263∗∗∗ 0.0928∗∗∗ 0.163∗∗∗
(0.0232) (0.0458) (0.0205) (0.0355)
Distance(0.5 ∼ 1)i,c,t × LnChinesec,t 0.0790∗∗∗ 0.127∗∗∗ 0.0545∗∗∗ 0.120∗∗∗
(0.0237) (0.0469) (0.0182) (0.0311)
Distance(1 ∼ 2)i,c,t × LnChinesec,t 0.0263 0.0810∗∗ 0.0153 0.0401
(0.0185) (0.0387) (0.0153) (0.0284)
∗
Distance(2 ∼ 3)i,c,t × LnChinesec,t 0.0393 0.0786∗ 0.00705 -0.00753
(0.0216) (0.0405) (0.0167) (0.0325)
ClosetoAnyCampusi,c,t 0.0741∗∗∗ 0.0715∗∗∗ 0.0549∗∗∗ 0.0496∗∗∗
(0.0044) (0.0094) (0.0026) (0.0072)
County × Year FE Yes Yes Yes Yes
Bank × Year FE Yes Yes Yes Yes
Observations 203629 61458 154492 33103
2
Table IA.3: The Impact of Local Deposits on Information Sensitive Credit Markets: IV
Small Business Loans & Second Lien Mortgages
This table reports IV regression of credit supply as a function of deposits. LnDepositsi,c,t is instru-
mented with Brandi × LnChinesec,t . The unit of analysis is bank(i)-county(c)-year(t). Brandi is
a dummy variable that equals one if a bank has a business presence in China during 2000-2018.
Columns 1 and 2 report results for branded banks and all other non-branded banks. Columns 3 and
4 report results for branded banks and top-20 banks ranked by total assets. Distance categories are
created based on the shortest distance between any branch and the closest affected campus within
a bank-county-year. County × year and bank × year fixed effects are included in within-county
analyses. Standard errors are clustered at the county level and reported in parentheses. Variables
are winsorized at the 1st and 99th percentiles. * p<0.1, ** p<0.05, *** p<0.01.
All Banks Top 20 Banks
(1) (2) (3) (4)
Within 1 Mile 1-3 Miles Within 1 Mile 1-3 Miles
Panel A: LnSmallBusinessLoansi,c,t
LnDeposits
d i,c,t 1.236∗∗∗ 0.773∗ 1.391∗∗∗ 1.895
(0.2463) (0.4506) (0.3738) (1.2254)
Observations 24445 20298 11375 5736
Panel B: LnSecondLienMortgagesi,c,t
LnDeposits
d i,c,t 1.829∗∗∗ 0.379 1.019∗∗∗ 1.232
(0.5871) (0.6368) (0.3711) (0.9603)
Observations 23467 21617 10634 5455
County × Year FE Yes Yes Yes Yes
Bank × Year FE Yes Yes Yes Yes
Observations 24445 20298 11375 5736
3
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