Are Bank Holding Companies a Source of Strength to Their Banking Subsidiaries?
发现，隶属于多银行控股公司的银行比独立银行或单一银行控股公司旗下的银行更安全，能降低财务困境概率，且在困境中更易获得资本注入、更快恢复、更少倒闭，且这些好处主要源于监管而非市场。
I document evidence that a bank affiliated with a multi‐bank holding company (MBHC) is significantly safer than either a stand‐alone bank or a bank affiliated with a one‐bank holding company. Not only does MBHC affiliation reduce the probability of future financial distress, but distressed affiliated banks are also more likely to receive capital injections, recover more quickly, and are less likely to fail over the next year. Moreover, the measured benefits of affiliation are much larger than those that existed before recent reforms of bank holding company regulation, suggesting that much of the observed benefit can be attributed to regulation and not the market.