An International Comparison of Banks' Equity Returns
检验银行理论和法律理论对跨国银行股权贝塔和收益差异的解释力，发现交易型银行与关系型银行的风险收益差异显著，法律体系的影响则证据不一。
This paper tests implications of banking theory and legal theory for cross-country differences in banks' equity betas and returns. Banking theory predicts different risk exposures between transactional banks, found in the United States, the United Kingdom, Australia and Canada, and relationship banks, found in Japan, Germany, Switzerland, and the Netherlands. The authors find strong empirical support for banking theory's prediction of different risks and returns between transactional and relationship banks. Legal theory predicts that differences in banks' equity risks depend on the nature of the legal system for protecting the interests of outside investors. The authors find mixed evidence that banks' returns may vary by the type of legal system.