The Effects of Multinationalism on the Riskiness and Capital Structures of U.S. Banks
研究了美国银行宣布跨国扩张时，其风险指标和债务比率的变化，发现向发展中国家扩张能降低风险，同时债务比率上升，可能反映管理者利用风险降低收益并控制代理成本。
The effects of multinationalism on the riskiness and capital structures of U.S. banks are examined in this paper. For the overall sample, there are no changes in various measures of risk when U.S. banks announce their decisions to expand in foreign markets. However, significant decreases are observed in the total risk and unsystematic risk measures for banks announcing expansion into non-risky developing countries and into risky developing countries. These results provide evidence on the tjsk reduction benefits of international diversification. A statistically significant increase in the debt ratios for the overall sample is also observed. This result may indicate managerial efforts to capitalize on the risk reduction benefits of foreign expansion, and to control agency costs of equity.