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دسته بندی:
مدیریت مالی - Financial Management
سال انتشار:
2018
عنوان انگلیسی مقاله:
Bank size and market value: The role of direct monitoring and delegation costs
ترجمه فارسی عنوان مقاله:
اندازه بانک و ارزش بازار: نقش نظارت مستقیم و هزینه های اعزام نماینده
منبع:
Journal of Banking & Finance Volume 93, August 2018, Pages 127-138
نویسنده:
Panagiotis Avramidis, Christos Cabolis, Konstantinos Serfes
چکیده انگلیسی:
Recent studies have presented evidence of scale economies for large banks, providing a rationale for some very large banks seen worldwide. In this study, we focus on the negative side of bank size which relates to monitoring costs. In particular, we show that the relationship between size and banks market to book value of assets is contained by the cost of the manager to directly monitor the borrowers and by the (delegation) cost of the owner to monitor the bank manager. Using a sample of US bank holding companies from 2001 to 2015, we provide evidence that the relationship between size and banks market to book value of assets is inverse U-shaped and that monitoring costs offset the benefits from economies of scale.
keywords: Bank size |Market value |Asymmetric information |Monitoring
قیمت: رایگان
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