Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies

Andrew Ellul, Vijay Yerramilli

NBER Working Paper No. 16178
Issued in July 2010

---- Acknowledgements -----

We would like to thank Rajesh Aggarwal, Utpal Bhattacharya, Charles Calomiris, Mark Carey, Michel Crouhy, Mark Flannery, Laurent Fresard, Bill Keeton, Radhakrishnan Gopalan, Nandini Gupta, Jean Helwege, Christopher Hennessy, Tullio Jappelli, Steven Kaplan, Anil Kashyap, Jose Liberti, Marco Pagano, Rich Rosen, Amit Seru, Phil Strahan, René Stulz, Anjan Thakor, David Thesmar, Greg Udell, James Vickery, Vikrant Vig, Jide Wintoki, and seminar participants at the CEPR Summer Symposium in Gerzensee, European School of Management and Technology (Berlin), Indiana University, the NBER Sloan Project Conference on Market Institutions and Financial Market Risk and our discussants Charles Calomiris and Michel Crouhy, the Southwind Finance Conference at the University of Kansas and our discussant Bill Keeton, and University of Naples Federico II for their helpful comments and suggestions. We also thank our research assistants, Robert Gradeless and Shyam Venkatesan,for their diligent effort. All remaining errors are our responsibility. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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