A Portfolio View of Banking with Interest and Noninterest Activities
用投资组合框架评估1997-2004年美国银行控股公司非利息收入增加对股权市场回报和风险的影响，发现依赖非利息收入的银行并未获得更高平均回报，但风险显著增加。
This paper uses a portfolio framework to evaluate the impact of increased noninterest income on equity market measures of return and risk of U.S. bank holding companies from 1997 to 2004. The results indicate that the banks most reliant on activities that generate noninterest income do not earn higher average equity returns, but are much more risky as measured by return volatility (both total and idiosyncratic) and market betas. This suggests that the pervasive shift toward noninterest income has not improved the risk/return outcomes of U.S. banks in recent years.