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作者：Goetz, Martin R.; Laeven, Luc; Levine, Ross
作者单位：Goethe University Frankfurt; Tilburg University; Centre for Economic Policy Research - UK; European Central Bank; University of California System; University of California Berkeley; National Bureau of Economic Research
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 inconsis...
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作者：Calomiris, Charles W.; Carlson, Mark
作者单位：Columbia University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; Bank for International Settlements (BIS)
摘要：We examine bank governance and risk choices from the 1890s, a period without distortions from deposit insurance or other government assistance to banks. We link differences in managerial ownership to different corporate governance policies, risk, and methods of risk management. Formal corporate governance and high manager ownership are negatively correlated. Managerial salaries and self-lending are greater when managerial ownership is higher and lower when formal governance is employed. Banks ...
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作者：Hollander, Stephan; Verriest, Arnt
作者单位：Tilburg University; Universite Catholique de Lille; EDHEC Business School
摘要：How do the distance constraints faced by lenders in acquiring borrower information affect the design of bank loan contracts? Theoretical studies posit that greater information asymmetry leads to the allocation of stronger ex ante decision rights to the lender (the uninformed party). Consistent with this hypothesis, we find that, upon inception, contracts tend to be more restrictive when firms seek loans from remote lenders. This finding is robust to potential endogeneity bias and simultaneity ...
