产权结构与商业银行贷款中的风险行为

产权结构是集中反映当前中国银行业公司治理特征的重要变量。基于我国14家代表性商业银行1994-2004年的面板数据，本文实证检验了产权结构差异对银行贷款中风险行为的影响。分析结果表明：在放贷过程中，非国有银行比国有银行更加谨慎，上市银行比非上市股份制银行更为谨慎。此外，国民经济的持续增长显著增加了商业银行贷款中的风险行为。银行贷款风险对存贷利差的变化并不敏感，对此尚未完成的利率市场化进程可作为部分解释。     

Allen and Gale on risk-taking and competition in banking

Using an elegant simple model, Allen and Gale [Comparing Financial Systems, MIT Press, 2001] obtain a result with significant policy implications: portfolio risk of banks increases as competition in banking, measured by the number of banks, increases. That result is, however, lacking in robustness. If banks play a game not all that different from that assumed by Allen and Gale, then, we show, a markedly different result obtains: risk-taking by banks is independent of the number of banks.     

Bank capital regulation, asset risk, and subordinated uninsured debt

Whether more stringent capital requirements lead to reduced or to increased bank risk-taking has been discussed intensively in the academic literature. In this paper we drop the common but unrealistic assumptions that banks only issue deposits whose returns are guaranteed by a subsidised deposit insurance and that deposit insurance is free. We prove that with uninsured debt and a flat-rate deposit insurance premium the reaction of a bank to a higher capital requirement may change substantially. In some scenarios banks increase asset risk due to the enforcement of a more stringent capital requirement.     

Does Competition Affect Bank Risk?

Although policymakers often discuss trade-offs between bank competition and stability, past research provides differing theoretical perspectives and empirical results on the impact of competition on risk. We employ a new approach for identifying exogenous changes in the competitive pressures facing individual banks and discover that an intensification of competition materially boosts bank risk. With respect to the mechanisms, we find that competition reduces banks’ profits, pricing power, and charter values and increases banks’ provision of nontraditional, riskier banking services and lending to riskier firms.     

利率市场化、重组效应与城市商业银行的经营绩效——基于中国47家城市商业银行数据的实证研究

基于我国的利率市场化进程,采用全国各省份38家未重组城市商业银行和9家重组的城市商业银行2006—2014年的数据,考察城市商业银行的重组效应及其经营绩效变化,分析表明：利率市场化带来的存贷净利差缩窄和价格竞争加剧会降低城市商业银行的盈利能力,但其风险承担也显著降低;城市商业银行短期内的规模扩张不会带来规模经济,重组城市商业银行的绩效变化源于其重组效应而非规模经济;重组的城市商业银行短期内盈利能力不及未重组的城市商业银行,但是前者的风险控制比后者更稳健;利率市场化对未重组城市商业银行盈利能力削弱和风险增大的效应十分显著,而重组的城市商业银行在利率市场化和重组效应的交互影响下经营绩效有所提高。     

股票期权激励与高管风险承担的关系——考虑媒体关注的调节作用

依据行权条件和行权有效期将股票期权激励方案分为"高标准型"和"低标准型",利用2006—2013年中国沪深两市实施股票期权激励的上市公司的数据,实证考察了两类样本组中股票期权激励与高管风险承担的关系,以及媒体关注对两者间关系的调节作用。研究发现:"高标准型"股票期权激励与高管风险承担之间存在呈倒U形关系;"低标准型"股票期权激励与高管风险承担之间存在负相关关系;媒体关注度越高,"高标准型"组中两者倒U关系的拐点越滞后,同时"低标准型"组中两者的负相关关系越弱。     

美国商业判断规则：基于风险偏好和高管信义义务利益冲突的分析

本文主要探讨的是作为公司治理方式之一的商业判断规则的适用问题,重点探讨在公司风险偏好和高管信义、义务冲突与利益角逐状况下,如何实施商业判断规则。本文的视角主要是美国的商业判断规则司法适用问题。从最初的“理性人”标准到独立的“善意”标准的探讨,得出的结论是：最终的规则是要达到一种平衡。目前全球金融危机蔓延,给公司治理结构中的董事权利和追责机制,提出了新的思考。     

Re-exploring the nexus between monetary policy and banks' risk-taking

In this paper, we analyse the link between monetary policy and banks' risk-taking behaviour. Some theoretical and empirical studies show that monetary easing increases banks' appetite for risk related to asset valuation and the search for higher yield. However, the low interest rate environment that began in 2010 is casting doubt on these findings. Our study adds to analyses of the monetary risk-taking channel considering non-linearity, especially testing threshold effects in this channel. Using a dataset of US banks, we find that the impact of low interest rates on banks' risk behaviour depends on the previous monetary regime, that is on the deviation of monetary rates from the Taylor rule. We complement the literature on the Taylor rule and provide arguments that extend the use of the Taylor rule by Central Banks to financial stability purposes.     

Backpacking Your Way into Crisis

SUMMARY

Risk and tourism have become more closely interlinked in recent years. Recognising the complexity of tourist behaviour, research by Cohen (1972) classified tourists according to the degree of novelty or familiarity sought. Whilst the subject of extensive debate, many questions remain including to what extent perceived risk can be used as an indicator of tourist roles. Focusing upon the growing youth tourism market, backpackers in particular, travel patterns and attitudes towards risk were questioned and possible responses to a crisis differentiated through an exploratory qualitative study. The findings challenge both the resilience of the market alongside Cohen's (1972) typology suggesting backpackers exhibit different roles (drifter and explorer) dependent upon the risk in question. Given the exploratory nature of the work, the paper concludes calling for further targeted research.     

董事会规模、多元化战略与企业风险承担

不确定的外部竞争环境和公司战略定位对企业的风险承担水平具有重要影响.以2005-2015年沪深A股上市公司为研究对象,以董事会规模作为门槛变量,分析当董事会人数在不同区间下多元化战略的实施对企业风险承担产生的影响.研究表明:随着董事会人数的增加,多元化战略与企业风险承担呈现先增后减的变化趋势,且二者存在基于董事会规模的双重门槛效应.