Risk and the Corporate Structure of Banks
研究发现，银行进入新市场时，子公司结构能更好抵御经济风险，但更易受资本侵占风险影响；而分行结构则相反。这有助于理解银行如何根据风险选择公司结构。
ABSTRACT We identify different sources of risk as important determinants of banks' corporate structures when expanding into new markets. Subsidiary‐based corporate structures benefit from greater protection against economic risk because of affiliate‐level limited liability, but are more exposed to the risk of capital expropriation than are branches. Thus, branch‐based structures are preferred to subsidiary‐based structures when expropriation risk is high relative to economic risk, and vice versa. Greater cross‐country risk correlation and more accurate pricing of risk by investors reduce the differences between the two structures. Furthermore, a bank's corporate structure affects its risk taking and affiliate size.