作者：GORTON, G; ROSEN, R
作者单位：National Bureau of Economic Research; Indiana University System; Indiana University Bloomington
摘要：In the 1980s, U.S. banks became systematically less profitable and riskier as non-bank competition eroded the profitability of banks' traditional activities. Bank failures rose exponentially during this decade. The leading explanation for the persistence of these trends centers on fixed-rate deposit insurance: the insurance gives bank equity holders an incentive to take on risk when the value of bank charters falls. We propose and test an alternative explanation based on corporate control cons...
