Creditor rights, information sharing, and bank risk taking

• 成果类型: Article
• 署名作者: Houston, Joel F.; Lin, Chen; Lin, Ping; Ma, Yue
• 署名单位: State University System of Florida; University of Florida; City University of Hong Kong; Lingnan University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2010.02.008
• 发表日期: 2010
• 页码: 485-512
• 关键词: CREDITOR RIGHTS; information sharing; Bank risk taking; Financial crisis; Economic growth

摘要

Looking at a sample of nearly 2,400 banks in 69 countries, we find that stronger creditor rights tend to promote greater bank risk taking. Consistent with this finding, we also show that stronger creditor rights increase the likelihood of financial crisis. On the plus side, we find that stronger creditor rights are associated with higher growth. In contrast, we find that the benefits of information sharing among creditors appear to be universally positive. Greater information sharing leads to higher bank profitability, lower bank risk, a reduced likelihood of financial crisis, and higher economic growth. (C) 2010 Elsevier B.V. All rights reserved.