haku: @author Gorton, G. / yhteensä: 9
viite: 7 / 9
| Tekijä: | Gorton, G. Rosen, R. |
| Otsikko: | Corporate control , portfolio choice, and the decline of banking |
| Lehti: | Journal of Finance
1995 : DEC, VOL. 50:5, p. 1377-1420 |
| Asiasana: | FINANCE COMPANY CONTROL BANKING |
| Kieli: | eng |
| Tiivistelmä: | In the 1980s, U.S. banks became systematically less profitable and risker as non-bank competition eroded the profitability of banks' traditional activities. Bank failures rose exponentially during this decade. The leading explanation for the persistence of these trends centers on fixed-rate deposit insurance: the insurance gives bank equityholders an incentive to take on risk when the value of bank charters falls. The authors propose and test an alternative explanation based on corporate control considerations. |
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