Moral Hazard, Dividends, and Risk in Banks
研究了银行风险承担与股利支付率之间的正向关系，发现接近资本要求和高特许价值会削弱这种关系，对理解银行股利政策与风险行为有帮助。
Abstract In non‐financial firms, higher risk taking results in lower dividend payout ratios. In banking, public guarantees may result in a positive relationship between dividend payout ratios and risk taking. I investigate the interplay between dividend payout ratios and bank risk‐taking allowing for the effect of charter values and capital adequacy regulation. I find a positive relationship between bank risk‐taking and dividend payout ratios. Proximity to the required capital ratio and a high charter value reduce the impact of bank risk‐taking on the dividend payout ratio. My results are robust to different proxies for the dividend payout ratio and bank risk‐taking.