| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22089 |
| 来源ID | Working Paper 22089 |
| Why Does Fast Loan Growth Predict Poor Performance for Banks? | |
| Rüdiger Fahlenbrach; Robert Prilmeier; René M. Stulz | |
| 发表日期 | 2016-03-21 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | From 1973 to 2014, the common stock of U.S. banks with loan growth in the top quartile of banks over a three-year period significantly underperforms the common stock of banks with loan growth in the bottom quartile over the next three years. The benchmark-adjusted cumulative difference in performance over three years exceeds twelve percentage points. The high growth banks also have significantly higher crash risk over the three-year period. This poor performance is explained by fast loan growth as asset growth separate from loan growth is not followed by poor performance. These banks reserve less for loan losses when their loans grow quickly than other banks. Subsequently, they have a lower return on assets and increase their loan loss reserves. The poorer performance of the fast growing banks is not explained by merger activity and loan growth through mergers is not accompanied by the same poor loan performance. The evidence is consistent with fast-growing banks, analysts, and investors failing to properly appreciate the extent to which the fast loan growth results from making riskier loans and failing to charge for these risks correctly. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w22089 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579763 |
| 推荐引用方式 GB/T 7714 | Rüdiger Fahlenbrach,Robert Prilmeier,René M. Stulz. Why Does Fast Loan Growth Predict Poor Performance for Banks?. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22089.pdf（688KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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