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Bank Competition: Measurement, Decision-Making, and Risk-Taking

Journal of accounting research, 2016-06, Vol.54 (3), p.777-826 [Peer Reviewed Journal]

2016 The Accounting Research Center at the University of Chicago Booth School of Business ;Copyright ©, University of Chicago on behalf of the Accounting Research Center, 2016 ;ISSN: 0021-8456 ;EISSN: 1475-679X ;DOI: 10.1111/1475-679X.12117 ;CODEN: JACRBR

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  • Title:
    Bank Competition: Measurement, Decision-Making, and Risk-Taking
  • Author: BUSHMAN, ROBERT M. ; HENDRICKS, BRADLEY E. ; WILLIAMS, CHRISTOPHER D.
  • Subjects: banking ; Banking industry ; Competition ; Decision making ; Deregulation ; G20 ; G21 ; L10 ; Loss recognition ; M40 ; M41 ; Risk ; Studies ; textual analysis
  • Is Part Of: Journal of accounting research, 2016-06, Vol.54 (3), p.777-826
  • Description: This paper investigates whether greater competition increases or decreases individual bank and banking system risk. Using a new text-based measure of competition, and an instrumental variables analysis that exploits exogenous variation in bank deregulation, we provide robust evidence that greater competition increases both individual bank risk and a bank's contribution to system-wide risk. Specifically, we find that higher competition is associated with lower underwriting standards, less timely loan loss recognition, and a shift toward noninterest revenue. Further, we find that higher competition is associated with higher stand-alone risk of individual banks, greater sensitivity of a bank's downside equity risk to system-wide distress, and a greater contribution by individual banks to downside risk of the banking sector.
  • Publisher: Chicago: Wiley Subscription Services, Inc
  • Language: English
  • Identifier: ISSN: 0021-8456
    EISSN: 1475-679X
    DOI: 10.1111/1475-679X.12117
    CODEN: JACRBR
  • Source: Alma/SFX Local Collection
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