Stronger Risk Controls, Lower Risk: Evidence from US Bank Holding Companies

被引：407

作者：

Ellul, Andrew ^{[1
]}

Yerramilli, Vijay ^{[2
]}

机构：

[1] Indiana Univ, Kelley Sch Business, Bloomington, IN 47405 USA

[2] Univ Houston, CT Bauer Coll Business, Houston, TX 77004 USA

来源：

JOURNAL OF FINANCE | 2013年 / 68卷 / 05期

关键词：

CORPORATE GOVERNANCE; DEPOSIT INSURANCE; MANAGEMENT;

D O I：

10.1111/jofi.12057

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We construct a risk management index (RMI) to measure the strength and independence of the risk management function at bank holding companies (BHCs). The U.S. BHCs with higher RMI before the onset of the financial crisis have lower tail risk, lower nonperforming loans, and better operating and stock return performance during the financial crisis years. Over the period 1995 to 2010, BHCs with a higher lagged RMI have lower tail risk and higher return on assets, all else equal. Overall, these results suggest that a strong and independent risk management function can curtail tail risk exposures at banks.

引用

页码：1757 / 1803

页数：47