RISK‐TAKING BEHAVIOR AND MANAGEMENT OWNERSHIP IN DEPOSITORY INSTITUTIONS

Carl R. Chen · Thomas L. Steiner · Ann Marie Whyte

126 citations0/0 files storedThe Journal of Financial Research

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Banking stability, regulation, efficiency Corporate Finance and Governance Risk Management in Financial Firms

Abstract

Abstract We examine the relation between risk and ownership structure among depository institutions. The empirical results provide evidence that the relation between managerial ownership and depository institution risk is negative and significant, suggesting that as managerial ownership increases the level of risk‐taking decreases. This finding, which supports a risk aversion hypothesis, is consistent across several market‐based risk measures. Furthermore, we document greater risk and greater risk aversion for savings institutions relative to commercial banks.

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1985The Determinants of Firms' Hedging Policies 1977An analytic derivation of the cost of deposit insurance and loan guarantees An application of modern option pricing theory 1990Ownership Structure, Deregulation, and Bank Risk Taking 1984Optimal Hedging Policies 1984The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions 1989Capital regulation and bank risk-taking: A note 1970The Association Between Market Determined and Accounting Determined Risk Measures.1973The Prediction of Systematic and Specific Risk in Common Stocks

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