Does the geographic expansion of banks reduce risk?

被引：174

作者：

Goetz, Martin R. ^{[1
]}

Laeven, Luc ^{[2
,3
,4
]}

Levine, Ross ^{[5
,6
,7
]}

机构：

[1] Goethe Univ Frankfurt, SAFE, Theodor W Adorno Pl 3, D-60323 Frankfurt, Germany

[2] Tilburg Univ, POB 90153, NL-5000 LE Tilburg, Netherlands

[3] Ctr Econ Policy Res, 2nd Floor,33 Great Sutton St, London EC1V 0DG, England

[4] European Cent Bank, D-60640 Frankfurt, Germany

[5] Univ Calif Berkeley, Haas Sch Business, 545 Student Serv Bldg, Berkeley, CA 94720 USA

[6] Milken Inst, 1250 Fourth St, Santa Monica, CA 90401 USA

[7] Natl Bur Econ Res, 1050 Massachusetts Ave, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2016年 / 120卷 / 02期

关键词：

Banking; Bank regulation; Financial stability; Risk; Hedging; GREAT-DEPRESSION; CORPORATE DIVERSIFICATION; DEREGULATION; COMPETITION; DISTRESS; DISCOUNT; MERGERS; SIZE; FIRM;

D O I：

10.1016/j.jfineco.2016.01.020

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop a new identification strategy to evaluate the impact of the geographic expansion of a bank holding company (BHC) across US metropolitan statistical areas (MSAs) on BHC risk. For the average BHC, the instrumental variable results suggest that geographic expansion materially reduces risk. Geographic diversification does not affect loan quality. The results are consistent with arguments that geographic expansion lowers risk by reducing exposure to idiosyncratic local risks and inconsistent with arguments that expansion, on net, increases risk by reducing the ability of BHCs to monitor loans and manage risks. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：346 / 362

页数：17

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