Growth Opportunities and Risk‐Taking by Financial Intermediaries
发现，在财务困境中无法变现的增长机会是决定金融中介风险选择的关键因素，资产中增长机会比例低的机构更可能孤注一掷，并重新评估了传统监管措施的有效性。
ABSTRACT We show that growth opportunities which cannot be converted to cash under conditions of financial distress are a critical determinant of an intermediary's choice of risk. Financial institutions in which is a low proportion of total assets will be much more likely to engage in go‐for‐broke behavior. The model leads to a reevaluation of the effectiveness of several traditional remedies for dealing with banks that take excessive risks such as raising insurance premiums, intervening before capital is depleted, and restricting investment options. The model also has implications about a new approach to the examination of financial intermediaries.