Do banks learn from financial crisis? The experience of Nordic banks

Research in International Business and Finance - Tập 47 - Trang 428-440 - 2019
Tom Berglund1, Mikko Mäkinen2
1Dept. of Economics, Hanken Centre for Corporate Governance, Hanken School of Economics, HECER, PO Box 479, 00101, Finland
2Bank of Finland, BOFIT, PO Box 160, 00101 Helsinki, Finland

Tài liệu tham khảo

Alchian, 1963, Reliability of progress curves in airframe production, Econometrica, 31, 679, 10.2307/1909166 Altunbas, 1998, Efficiency measures and the Banking structure in Europe, Econ. Lett., 60, 205, 10.1016/S0165-1765(98)00108-6 Andersen, 2007 Arrow, 1962, The economic implications of learning by doing, Rev. Econ. Stud., 29, 155, 10.2307/2295952 Aubuchon, 2010, The geographic distribution and characteristics of US Bank failures, 2007–2010: do bank failures still reflect local economic conditions?, Fed. Reserve Bank St. Louis Rev., 92, 395 Berger, 2013, How does Capital affect bank performance during financial crises?, J. Financ. Econ., 109, 146, 10.1016/j.jfineco.2013.02.008 Berger, 2004, The institutional memory hypothesis and the procyclicality of Bank lending behavior, J. Financ. Intermediat., 13, 458, 10.1016/j.jfi.2004.06.006 Bertrand, 2003, Managing with style: the effect of managers on firm policies, Q. J. Econ., 118, 1169, 10.1162/003355303322552775 Calvo, 2006, Relative price volatility under sudden stops: 2018 stops: the relevance of balance sheet effects, J. Int.l Econ., 69, 231, 10.1016/j.jinteco.2005.06.008 Čihák, 2012 Claessens, 2012, A Cross-Country perspective on the causes of the global financial crisis, 737 Dell’Ariccia, 2006, Lending booms and lending standards, J. Finance, 61, 2511, 10.1111/j.1540-6261.2006.01065.x Dell’Ariccia, 2014, Policies for macrofinancial stability: dealing with credit booms and busts Drees, 1998 Fahlenbrach, 2012, This time is the same: using bank performance in 1998 to explain bank performance during the recent financial crisis, J. Finance, 67, 2139, 10.1111/j.1540-6261.2012.01783.x Ferri, 2015, Organizational structure and performance in European banks: a reassessment, 16, 109 Fiordelisi, 2014, Competition and financial stability in European Cooperative Banks, J. Int. Money Finance, 45, 1, 10.1016/j.jimonfin.2014.02.008 Frankel, 1996, Currency crashes in emerging markets: an empirical treatment, J. Int. Econ., 41, 351, 10.1016/S0022-1996(96)01441-9 Freystätter, 2011 Gennaioli, 2012, Neglected risks, financial innovation, and financial fragility, J. Financ. Econ., 104, 452, 10.1016/j.jfineco.2011.05.005 Gerstner, 2002 Gonzalez-Hermosillo, 1999 Gorodnichenko, 2012, The finnish great depression: from Russia with love, Am. Econ. Rev., 102, 1619, 10.1257/aer.102.4.1619 Gulan, 2014 Hesse, 2007 Honkapohja, 2014, Financial crises: lessons from the Nordic experience, J. Financ. Stab., 13, 193, 10.1016/j.jfs.2014.05.006 Iannotta, 2007, Ownership structure, risk and performance in the European banking industry, J. Bank. Finance, 31, 3127, 10.1016/j.jbankfin.2006.07.013 Irwin, 1994, Learning-by-doing spillovers in the semiconductor industry, J. Polit. Econ., 102, 1200, 10.1086/261968 Jensen, 1976, Theory of the firm: managerial behavior, agency costs and ownership structure, J. Financ. Econ., 3, 305, 10.1016/0304-405X(76)90026-X 2009 Jovanovic, 1996, Learning by doing and the choice of technology, Econometrica, 64, 1299, 10.2307/2171832 Kauko, 2014, How to foresee banking crises? A survey of the empirical literature, Econ. Syst., 38, 289, 10.1016/j.ecosys.2014.01.001 Laeven, 2009, Bank governance, regulation and risk taking, J. Financ. Econ., 93, 259, 10.1016/j.jfineco.2008.09.003 Laeven, 2008 2014 Lepetit, 2013, Bank insolvency risk and time-varying Z-score measures, J. Int. Financ. Mark. Inst. Money, 25, 73, 10.1016/j.intfin.2013.01.004 Malmendier, 2011, Depression babies: do macroeconomic experiences affect risk taking?, Q. J. Econ., 126, 373, 10.1093/qje/qjq004 Malmendier, 2015, Learning from inflation experiences, Q. J. Econ., 131, 53, 10.1093/qje/qjv037 Malmendier, 2011, Overconfidence and early-life experiences: the effect of managerial traits on corporate financial policies, J. Finance, 66, 1687, 10.1111/j.1540-6261.2011.01685.x Mare, 2015, Contribution of macroeconomic factors to the prediction of small bank failures, J. Int. Financ. Mark. Inst. Money, 39, 25, 10.1016/j.intfin.2015.05.005 Reinhart, 2008, Is the 2007 US sub-prime financial crisis so different? An international historical comparison, Am. Econ. Rev., 98, 339, 10.1257/aer.98.2.339 Scherbina, 2013 Schure, 2004, The efficiency and the conduct of European banks: developments after 1992, Rev. Financ. Econ., 13, 371, 10.1016/j.rfe.2004.01.001 Steigum, 2010 Stutts, 2009, Of herring and sausage: nordic responses to Banking crises as examples for the United States, Texas Int. Law J., 44, 577