Liberalization and Risk-Taking: Evidence from Government-Controlled Banks
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Metadatos
Título
Liberalization and Risk-Taking: Evidence from Government-Controlled BanksFecha de publicación
2014-07Editor
Oxford University PressISSN
1572-3097Cita bibliográfica
Manuel Illueca, Lars Norden, and Gregory F. Udell Liberalization and Risk-Taking: Evidence from Government-Controlled Banks Review of Finance (2014) 18 (4): 1217-1257Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://rof.oxfordjournals.org/content/18/4/1217Versión
info:eu-repo/semantics/publishedVersionResumen
We study the effects of the interplay between deregulation and governance on risk-taking in the financial industry. We consider the removal of regulatory geographic constraints for savings banks in Spain, the cajas, ... [+]
We study the effects of the interplay between deregulation and governance on risk-taking in the financial industry. We consider the removal of regulatory geographic constraints for savings banks in Spain, the cajas, which led to a nationwide expansion of these banks during the past two decades. Based on a unique dataset that combines information on the geographic distribution of bank lending, matched lender-borrower financial statements, and borrower defaults, we find that the governance of the savings banks significantly affects the way in which they expand their lending activities. Savings banks that are subject to political influence by regional governments exhibit higher ex ante risk-taking and higher ex post loan defaults. Our study highlights the broader implications of the impact of global deregulation and consolidation and their interaction with governance issues. [-]
Publicado en
Review of Finance, 18 (4)Derechos de acceso
© The Authors 2013. Published by Oxford University Press [on behalf of the European Finance Association]. All rights reserved.
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