Diversification, Size, and Risk at Bank Holding Companies
发现大型银行控股公司比小型公司更多元化，但多元化并未降低风险，因为大型公司资本比率更低且商业贷款更多，反而可能促使它们追求更高风险。
This paper shows that large bank holding companies (BHCs) are better diversified than small BHCs based on market measures of diversification. The authors find, however, that better diversification does not translate into reductions in risk. The risk-reducing potential of diversification at large BHCs is offset by their lower capital ratios and larger commercial and industrial loan portfolios. The authors' results suggest that diversification may provide an important motive for consolidation by allowing BHCs to pursue riskier lending while operating with greater leverage. Copyright 1997 by Ohio State University Press.