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Master's Dissertation
DOI
https://doi.org/10.11606/D.12.2020.tde-24062020-191142
Document
Author
Full name
Pedro Henrique Duca Amoni
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2020
Supervisor
Committee
Madeira, Gabriel de Abreu (President)
Ferreira, Rafael de Vasconcelos Xavier
Sakurai, Sérgio Naruhiko
Yeung, Luciana
Title in Portuguese
Impacto do viés judicial sobre o mercado de crédito: evidências para São Paulo
Keywords in Portuguese
Fricções financeiras
Mercado de crédito
Viés judicial
Abstract in Portuguese
Exploramos a distribuição aleatória de processos entre juízes para avaliar como os bancos reagem ao depararem com magistrados mais ou menos favoráveis a eles. Partimos das informações do saldo de crédito dos quatro grandes bancos comerciais do Brasil e cruzamos com informações de sentenças emitidas pela Justiça Comum do Estado de São Paulo em que esses bancos foram réus na ação. Construímos uma variável instrumental a partir das decisões judiciais que considera todas as instituições financeiras -- não apenas as que observamos na amostra final -- para medir o nível de leniência de cada juiz em relação aos demais magistrados de sua jurisdição. Encontramos evidências que suportam a ideia de que instituições financeiras reagem restringindo crédito quando observam um judiciário desfavorável às mesmas.
Title in English
The impact of judicial bias on credit market: evidence for São Paulo
Keywords in English
Credit market
Financial frictions
Judicial bias
Abstract in English
We exploit the random assignment of cases to judges to assess how banks react when facing magistrates who are more or less friendly to them. From the balance information of the four major commercial banks in Brazil we cross-referenced this data to the information of sentences issued by the State Justice of São Paulo whose these banks are defendants in the lawsuit. We constructed an instrumental variable using judicial decisions that considers all financial institutions - not just those observed in the final sample - to measure the level of leniency of each judge compared to other magistrates in the same jurisdiction. This paper finds evidences that support the idea that financial institutions reacts constraining the credit offer when observed a not favorable justice.
 
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Publishing Date
2020-07-03
 
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