Specialization in Banking
利用美国大型银行贷款组合的监管数据，研究发现银行通过将贷款集中投向少数行业来实现专业化，这种专业化降低了贷款违约风险，并有助于银行吸引优质借款人。
ABSTRACT Using supervisory data on the loan portfolios of large U.S. banks, we document that these banks specialize by concentrating their lending disproportionately in a few industries. This specialization is consistent with banks having industry‐specific knowledge, reflected in reduced risk of loan defaults, lower aggregate charge‐offs, and higher propensity to lend to opaque firms in the preferred industry. Banks attract high‐quality borrowers by offering generous loan terms in their specialized industry, especially to borrowers with alternative options. Banks focus on their preferred industry in times of instability and relatively lower Tier 1 capital as well as after surges in deposits.