登入選單

返回Google圖書搜尋

Bank Profitability, Leverage Constraints, and Risk-taking

Natalya MartynovaLev RatnovskiRazvan Vlahu

出版	Deutsche Bundesbank, 2019
ISBN	39572959559783957295958
URL	http://books.google.com.hk/books?id=ICDgxgEACAAJ&hl=&source=gbs_api

註釋

Traditional theory suggests that higher bank profitability (or franchise value) dissuades bank risk-taking. We highlight an opposite effect: higher profitability loosens bank borrowing constraints. This enables profitable banks to take risk on a larger scale, inducing risk-taking. This effect is more pronounced when bank leverage constraints are looser, or when new investments can be financed with senior funding (such as repos). The model's predictions are consistent with some notable cross-sectional patterns of bank risk-taking in the run-up to the 2008 crisis