Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies
构建风险管理层指数衡量美国银行控股公司风险管理的强度与独立性，发现危机前指数高的公司在危机期间尾部风险更低、不良贷款更少、经营和股票表现更好。
ABSTRACT We construct a risk management index (RMI) to measure the strength and independence of the risk management function at bank holding companies (BHCs). The U.S. BHCs with higher RMI before the onset of the financial crisis have lower tail risk, lower nonperforming loans, and better operating and stock return performance during the financial crisis years. Over the period 1995 to 2010, BHCs with a higher lagged RMI have lower tail risk and higher return on assets, all else equal. Overall, these results suggest that a strong and independent risk management function can curtail tail risk exposures at banks.