The Determinants of Operational Risk in U.S. Financial Institutions
研究了1980至2005年美国金融机构操作损失的发生情况，发现多数损失源于内部控制失效，且损失更易发生在年轻、复杂、信用风险高、反收购条款多、CEO股票期权和奖金占比高的公司。
Abstract We examine the incidence of operational losses among U.S. financial institutions using publicly reported loss data from 1980 to 2005. We show that most operational losses can be traced to a breakdown of internal control, and that firms suffering from these losses tend to be younger and more complex, and have higher credit risk, more antitakeover provisions, and chief executive officers (CEOs) with higher stock option holdings and bonuses relative to salary. These findings highlight the correlation between operational risk and credit risk, as well as the role of corporate governance and proper managerial incentives in mitigating operational risk.