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Bank Liquidity Creation And Systemic Risk, Destan Kirimhan
Bank Liquidity Creation And Systemic Risk, Destan Kirimhan
Theses and Dissertations
My dissertation includes three essays on bank liquidity creation and systemic risk. In the first essay, we examine the role of distracted institutional investors in banks in one of the most comprehensive measures of bank output, bank liquidity creation. We employ institutional investor distraction measure developed by Kempf et al. (2017). With a sample of publicly listed U.S. banks over the period of 1986-2016, we find that as institutional investors become more distracted, banks create more liquidity on the asset-side and off-balance sheet side. These results are stronger for large banks relative to small banks and are more pronounced during …
Executive Compensation In The Banking Industry And Systemic Risk, Seungho Choi
Executive Compensation In The Banking Industry And Systemic Risk, Seungho Choi
Theses and Dissertations
In this paper, I investigate empirically whether executive compensation structure contributes to the entire systemic risk among 92 firms that highly contribute to systemic risk from 2000 to 2012. Based on Brownlees and Engle (2011) and Acharya, Pedersen, Philippon, and Richardson (2010), I use SRISK and MES as systemic risk measures. Firstly, I find that the ratio of stock options has a positively significant influence on systemic risk. Also, I find weak evidence that the ratio of cash bonus in compensation structure positively related to systemic risk. However, I find no significant evidence that the ratio of stock grants has …