JCF年第1期1235

机构投资者投资期限与银行风险承担

JournalofCorporateFinance?Volume66?February

作者：ShamsPathan(CurtinUniversity,CurtinBusinessSchool,WA,Australia)

MamizaHaq(TheUniversityofQueensland,UQBusinessSchool,Qld,Australia)

RobertFaff(TheUniversityofQueensland,UQBusinessSchool,Qld,Australia)

TrentSeymour(GoldmanSachs,Australia)

摘要：我们研究了机构投资者短期持股与长期持股——又称投资者投资期限对于银行风险承担的影响。我们发现，与由短期投资者占主导的银行相反，由长期投资者主导的银行具有更低的风险、更好的股票表现以及保守的业务和薪酬政策。我们的结论提醒银行监管者应该更注意那些高度依赖短期持股者的银行的行为。

关键词：银行风险承担；机构持股；金融危机；财务绩效

Institutionalinvestorhorizonandbankrisk-taking

ShamsPathan(CurtinUniversity,CurtinBusinessSchool,WA,Australia);MamizaHaq(TheUniversityofQueensland,UQBusinessSchool,Qld,Australia);RobertFaff(TheUniversityofQueensland,UQBusinessSchool,Qld,Australia);TrentSeymour(GoldmanSachs,Australia)

Abstract

Wetesttheeffectofshort-termversuslong-terminstitutionalshareholding–so-calledinvestorhorizon–onbankrisk-taking.Wefindthatincontrasttobanksdominatedbyshort-termshareholders,bankswithgreaterlong-termshareholdingareassociatedwithlowerrisk,betterstockperformance,andconservativebusinessand

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