Are the Largest Banking Organizations Operationally More Risky?
研究发现，美国大型银行控股公司中，规模最大的那些面临更高的运营风险，表现为每美元总资产的运营损失更大，且风险具有持续性、逆周期性和更频繁的尾部事件。
Abstract This study demonstrates that, among large U.S. bank holding companies (BHCs), the largest ones are exposed to more operational risk. Specifically, they have higher operational losses per dollar of total assets, a result largely driven by the BHCs' failure to meet professional obligations to clients and/or faulty product design. Operational risk at the largest institutions is also found to: (i) be persistent, (ii) have a countercyclical component, and (iii) materialize through more frequent tail risk events. We illustrate three plausible channels linking BHC size and operational risk—institutional complexity, moral hazard incentives arising from “too‐big‐to‐fail,” and innovation.