Size, leverage, and risk-taking of financial institutions

被引：135

作者：

Bhagat, Sanjai ^{[1
]}

Bolton, Brian ^{[2
]}

Lu, Jun ^{[3
]}

机构：

[1] Univ Colorado, Boulder, CO 80309 USA

[2] Portland State Univ, Portland, OR 97207 USA

[3] Cent Univ Finance & Econ, Beijing, Peoples R China

来源：

JOURNAL OF BANKING & FINANCE | 2015年 / 59卷

关键词：

Financial crises; Bank risk; Bank size; Bank leverage; Corporate governance; CORPORATE GOVERNANCE; DEPOSIT INSURANCE; GREAT-DEPRESSION; OWNERSHIP STRUCTURE; BANK DISTRESS; CRISIS; FIRM; SPECIFICATION; PERFORMANCE; DEFAULT;

D O I：

10.1016/j.jbankfin.2015.06.018

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the link between firm size and risk-taking among financial institutions during the period of 2002 to 2012 and find size is positively correlated with risk-taking measures. Second, a decomposition of the primary risk measure, the Z-score, reveals that financial firms engage in excessive risk-taking mainly through increased leverage. Third, banks that enjoy better corporate governance engage in less risk-taking. Fourth, investment banks engage in more risk-taking compared to commercial banks. Finally, the positive relation between bank size and risk is present in the pre-crisis period (2002-2006) and the crisis period (2007-2009), but not in the post-crisis period (2010-2012). (C) 2015 Published by Elsevier B.V.

引用

页码：520 / 537

页数：18

共 76 条

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