文章基本信息

标题：COMPETITION AND RISK-TAKING IN BANKING INDUSTRY
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作者：Rostislav Staněk
期刊名称：Financial Assets and Investing
印刷版ISSN：1804-5081
电子版ISSN：1804-509X
出版年度：2012
卷号：3
期号：1
页码：7-19
DOI：10.5817/FAI2012-1-1
语种：English
出版社：Masaryk University
摘要：The aim of the paper is to investigate the relationship between competition and risk-taking in the banking industry.The paper provides a general theoretical model that incorporates the charter value models and models with contracting problems.In particular,the model contains a moral hazard problem and it enables investments into the risk-free asset.Competition on the loan side of the market is modeled as spatial competition.The model predicts that the relationship between competition and the probability of bank failure is non-monotonic and U shaped.The prediction of the model is verified by the empirical analysis conducted using the data from Czech banking sector.The HerfindahlHirschman index is used as a measurement of competition and the Z-score is used as measurement of the probability of bank failure.
关键词：Moral hazard;Risk;Bank competition