Active Depositors

Abstract

working paper active depositors mikael homanen 1 december 10, 2019 abstract do depositors react to negative non-financial information about their banks? by using branch level data for the united states, i show that banks, that financed the highly controversial dakota access pipeline, experienced significant decreases in deposit growth. these effects were greater in localities with higher support for the protests, higher environmental and social awareness and closer proximity to the pipeline. data suggests that locally oriented banks were among the main beneficiaries of this depositor movement. overall, this paper adds significantly to our understanding on the non-financial preferences of household financial investment decisions. keywords: depositor discipline, bank scandals, environment jel classification codes: g21, g41, m14. 1cass business school - city, university of london, 106 bunhill row, london ec1y 8tz, united kingdom, author email: mikael.homanen@cass.city.ac.uk i would like to thank isha agarwal (discussant), lint barrage (discussant), thorsten beck, renaud beaupain (discussant), aymeric bellon, peter brok, martin brown, jules van binsbergen, matthieu chavaz, anna cororaton, anastassia fedyk (discussant), erik gilje, maria chiara iannino (discussant), oskar kowalewski (discussant), randall kroszner (discussant), john list, sergey mityakov (discussant), elisa pazaj, max riedel (discussant), s´ebastien pouget (discussant), antonino emanuele rizzo (discussant), orkun saka, …

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