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Electronic copy available at: https://ssrn.com/abstract=3650373
F lowT otal
i,t =(shrouti,t −shrouti,t−1)×N AVi,t
T N Ai,t−1
shrouti,t i t NAVi,t
i t
T N Ai,t−1i t −1
F lowP B ank
i,t =(sharesP Bank
i,t −sharesP Bank
i,t−1)×NAVi,t
T N Ai,t−1
sharesP Bank
i,t sharesP Bank
i,t−1i
t t −1
i
F lowOutsider
i,t =F lowT otal
i,t −F lowP B ank
i,t
Electronic copy available at: https://ssrn.com/abstract=3650373
F lowOutsider
i,t
Electronic copy available at: https://ssrn.com/abstract=3650373
F lowB ank
i,j,t =α+β1·F lowOutsider
i,t +β2·F lowOutsider
i,t ×Distressi,t
+β3·F lowOutsider
i,t ×Aff iliatedi,j,t
+β4·F lowOutsider
i,t ×Distressi,t ×Af filiatedi,j,t
+β5·Distressi,t +β6·Af filiatedi,j,t +θ·Xi,t +γj+γt+i,j,t
F lowB ank
i,j,t i j t F lowOutsider
i,t
Electronic copy available at: https://ssrn.com/abstract=3650373
Electronic copy available at: https://ssrn.com/abstract=3650373
Electronic copy available at: https://ssrn.com/abstract=3650373
Electronic copy available at: https://ssrn.com/abstract=3650373
Electronic copy available at: https://ssrn.com/abstract=3650373
Electronic copy available at: https://ssrn.com/abstract=3650373
Electronic copy available at: https://ssrn.com/abstract=3650373
Electronic copy available at: https://ssrn.com/abstract=3650373
Electronic copy available at: https://ssrn.com/abstract=3650373
F lowP B ank
t
F lowOutsider
tβ1
β2
F lowOutsider
tβ3
F lowP B ank
t−1
F lowOutsider
t−1
· · ·
· · · β1β3
Electronic copy available at: https://ssrn.com/abstract=3650373
∆
F lowP Bank
t
∆
F lowOutsider
tβ1
β2
F lowOutsider
tβ3
I{Z= 1}
F lowOutsider
tI{Z= 1}β4
I{Z= 1}
F lowOutsider
tI{Z= 1}β5
· · ·
· · · β1β3β4β5
· · · β1β3
· · · ∆β1β3β4β5
· · · ∆β1β3
· · · β1β3β4β5
· · · β1β3
· · · β1β3β4β5
· · · β1β3
Electronic copy available at: https://ssrn.com/abstract=3650373
F lowBank
t
F lowOutsider
tβ1
β2
F lowOutsider
tβ3
F lowOutsider
tβ4
F lowOutsider
tβ5
F lowBank
t−1
F lowOutsider
t−1
· · ·
· · · β1β3β4β5
· · · β1β3
Electronic copy available at: https://ssrn.com/abstract=3650373
25%
F lowP Bank
t
F lowOutsider
tβ1
β2
F lowOutsider
tβ3
F lowOutsider
tI{Z= 1}β4
F lowOutsider
tI{Z= 1}β5
I{Z= 1}
I{Z= 1}
· · ·
· · · β1β3β4β5
· · · β1β3
Electronic copy available at: https://ssrn.com/abstract=3650373
F lowP B ank
tβ1
β2
F lowP B ank
tβ3
Alphat−1
Alphat−2
· · ·
· · · β1β3
Electronic copy available at: https://ssrn.com/abstract=3650373
t+1 t+ 2
I{F lowP Bank
t>0}
F lowOutsider
t+1 F lowOutsider
t+2 Cum F lowOutsider
t+1,t+2
F lowOutsider
t
I{F lowP B ank
t>0}β1
β2
I{F lowP B ank
t>0}β3
F lowOutsider
t+1
· · ·
· · · β1β3
Electronic copy available at: https://ssrn.com/abstract=3650373
t+ 1 t+ 3 t+ 4 t+ 6
t+ 7 t+ 9 t+ 9 t+ 12
I{F lowP Bank
t
I{F lowP Bank
t>0}β1
β2
I{F lowP Bank
t>0}β3
· · ·
· · · β1β3
Electronic copy available at: https://ssrn.com/abstract=3650373
Electronic copy available at: https://ssrn.com/abstract=3650373
F lowP Bank
t
F lowP Bank
t−1
F lowOutsider
t−1
F lowOutsider
t
F lowOutsider
t−1
F lowOutsider
t−1
F lowOutsider
t−1
Electronic copy available at: https://ssrn.com/abstract=3650373
Electronic copy available at: https://ssrn.com/abstract=3650373