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3月1日“双周论坛 ” 【本期主题】Size, Leverage and Risk-taking of Financial InstitutionsWe investigate the link between firm size and risk-taking among financial institutions during the period of 1998-2008 and make four contributions. First, size is positively correlated with risk-taking measures even when controlling for other observable firm characteristics, such as market-to-book asset ratio, corporate governance and ownership structure. This is consistent with the notion that “too-big-to-fail” policies distort the risk incentives of financial institutions. Second, a simple decomposition of the risk measure, z-score, reveals that financial firms engage in excessive risk-taking mainly through leverage. Third, we find that the recently developed governance variable, measured as the median director dollar stockholding, has a substantial impact on reducing firm risk taking. Lastly, investment banks are generally riskier than commercial banks. These findings suggest that rather than capping the firm size, it is more effective for policymakers to control a financial firm’s risk-taking by strengthening regulations on capital requirement; they also provide justification for the functional separation of investment banking from wholesale financial services; in terms of corporate risk management policy, these findings suggest that the excessive risk-taking problem can potentially be attenuated by focusing on the governance structure. 【报告人】陆俊美国科罗拉多大学博尔德分校金融学博士 【时间】3月1日中午 12:00 【地点】明德主楼714室 诚邀您参加。如果您有兴趣，请于3月1日前回复邮件hanqing.seminar@gmail.com或电话联系，我们将为老师准备工作餐。联系人：李红梅 62514479。 报告人简介： 陆俊，美国科罗拉多大学博尔德分校利兹商学院学者，1998年获得中南财经政法大学金融学学士，2006年获得美国博林格林州立大学经济学硕士学位，2011年即将获得科罗拉多大学博尔德分校金融学博士学位。研究方向为公司金融，金融中介和不动产金融。长期在卡罗拉多博尔德分校教授商业统计等课程，并在2010至2011期间在悉尼、首尔、北京等国际金融会议上发表演讲。
梁晶工作室 2011年2月22日 |
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