Does a Bank's History Affect Its Risk-Taking?
研究银行过去经历的宏观经济和自身冲击如何影响其当前资本化和风险承担，发现经历过资本不足的银行会提高资本比率并降低风险，而观察其他银行倒闭则产生相反效果。
We ask whether past macro-economic and bank-specific shocks experienced and survived by a bank affect its current capitalization and risk-taking. Using Call Report data from 1984 to 2010, we find that a bank's experience shapes its capital structure and risk appetite. Banks that have survived periods of undercapitalization tend to implement higher equity ratios and take less risk in the periods following such crises, as measured by net charge-offs, non-performing loans, or earnings volatility 10-25 years later. However, observing high rates of failure among other banks stirs banks in the opposite direction. The evidence is suggestive of institutional memory affecting banks' capital and risk-taking.