This article investigates the role of bank voluntary disclosure, as a source of information about risk, in the interbank market. Using data on the 179 largest Russian banks over the period of 2004–2013 we test whether the ability to attract interbank loans is sensitive to various transparency indices such as those disclosing bank risks, board composition, or even corporate event details. We show that larger but riskier banks—at least in terms of credit risk—behave more transparently and disclose more. The article is the first to provide evidence that the ability to attract funds in the interbank market is positively correlated with the degree of transparency. This result is stable for various aspects of disclosure.

中文翻译：

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透明度和市场纪律：来自俄罗斯同业拆借市场的证据

本文研究了银行自愿披露作为银行间市场风险信息来源的作用。使用2004年至2013年期间俄罗斯最大的179家银行的数据，我们测试了吸引银行间贷款的能力是否对各种透明度指标敏感，例如那些披露银行风险，董事会组成甚至企业活动细节的指标。我们表明，规模更大但风险更高的银行（至少在信用风险方面）表现得更加透明，披露更多。该文章是第一个提供证据，证明在银行间市场吸引资金的能力与透明度之间存在正相关。对于公开的各个方面，该结果是稳定的。