Business complexity and risk management: Evidence from operational risk events in U.S. bank holding companies
•The post-crisis regulations emphasize the business complexity of banks.•Complexity weakens banks’ risk management, as evidenced by operational risk events.•These risk management weaknesses affect both banking and nonbanking activities.•Complexity does not significantly improve performance.•Manageri...
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| Published in | Journal of monetary economics Vol. 117; pp. 418 - 440 |
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| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier B.V
01.01.2021
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| Subjects | |
| Online Access | Get full text |
| ISSN | 0304-3932 1873-1295 |
| DOI | 10.1016/j.jmoneco.2020.02.004 |
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| Abstract | •The post-crisis regulations emphasize the business complexity of banks.•Complexity weakens banks’ risk management, as evidenced by operational risk events.•These risk management weaknesses affect both banking and nonbanking activities.•Complexity does not significantly improve performance.•Managerial failure caused by complexity offsets the benefits of strategic risk taking.
Recent regulatory proposals tie a financial institution’s systemic importance to its complexity. However, little is known about how complexity affects banks’ risk management. Using the 1996–1999 deregulations of U.S. banks’ nonbanking activities as a natural experiment, we show that banks’ business complexity increases their operational risk. This result is driven by banks that had been constrained by regulations, compared with other banks and also with nonbank financial institutions that were never subject to these regulations. We provide evidence that managerial failure underlying these events offsets benefits of strategic risk taking. |
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| AbstractList | •The post-crisis regulations emphasize the business complexity of banks.•Complexity weakens banks’ risk management, as evidenced by operational risk events.•These risk management weaknesses affect both banking and nonbanking activities.•Complexity does not significantly improve performance.•Managerial failure caused by complexity offsets the benefits of strategic risk taking.
Recent regulatory proposals tie a financial institution’s systemic importance to its complexity. However, little is known about how complexity affects banks’ risk management. Using the 1996–1999 deregulations of U.S. banks’ nonbanking activities as a natural experiment, we show that banks’ business complexity increases their operational risk. This result is driven by banks that had been constrained by regulations, compared with other banks and also with nonbank financial institutions that were never subject to these regulations. We provide evidence that managerial failure underlying these events offsets benefits of strategic risk taking. |
| Author | Chernobai, Anna Ozdagli, Ali Wang, Jianlin |
| Author_xml | – sequence: 1 givenname: Anna orcidid: 0000-0002-0085-5610 surname: Chernobai fullname: Chernobai, Anna email: annac@syr.edu organization: Department of Finance, M.J. Whitman School of Management, Syracuse University, 721 University Avenue, Syracuse, NY 13244-2450, USA – sequence: 2 givenname: Ali surname: Ozdagli fullname: Ozdagli, Ali email: Ali.Ozdagli@bos.frb.org organization: Research Department, Federal Reserve Bank of Boston,600 Atlantic Avenue, Boston, MA 02210-2204, USA – sequence: 3 givenname: Jianlin surname: Wang fullname: Wang, Jianlin email: jianlinw@berkeley.edu organization: Department of Economics, University of California at Berkeley, Evans Hall, #530, Berkeley, CA 94720-3880, USA |
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| Keywords | Operational risk Glass–Steagall Act G20 G21 G32 Bank holding companies Financial deregulation Business complexity L25 G18 |
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| Title | Business complexity and risk management: Evidence from operational risk events in U.S. bank holding companies |
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