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dc.contributor.authorBECK, Thorsten Harald Leopold
dc.contributor.authorDE JONGHE, Olivier
dc.contributor.authorMULIER, Klaas
dc.date.accessioned2022-02-24T13:32:11Z
dc.date.available2022-02-24T13:32:11Z
dc.date.issued2022
dc.identifier.citationJournal of money, credit and banking, 2022, Vol. 54, No. 6, pp. 1705-1739en
dc.identifier.issn0022-2879
dc.identifier.issn1538-4616
dc.identifier.urihttps://hdl.handle.net/1814/74229
dc.descriptionPublished online: 09 February 2022en
dc.description.abstractWe propose a novel, stock-return based, technique to measure three aspects of banks' sectoral concentration that feature prominently in episodes of bank risk: specialization (capturing high exposures), differentiation (capturing deviation from peer banks), and financial sector exposure (capturing direct connectedness) and show external validity for these measures. We find that both individual and systemic bank risk decrease with specialization. Differentiation is particularly and positively related to individual bank risk, whereas direct connectedness of banks is particularly and positively related to systemic bank risk. These findings inform the theoretical and policy debate on the relationship between sectoral concentration and banks' stability.en
dc.description.sponsorshipThis article was published Open Access with the support from the EUI Library through the CRUI - Wiley Transformative Agreement (2020-2023)en
dc.format.mimetypeapplication/pdfen
dc.language.isoenen
dc.publisherWileyen
dc.relation.ispartofJournal of money, credit and bankingen
dc.rightsinfo:eu-repo/semantics/openAccessen
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.titleBank sectoral concentration and risk : evidence from a worldwide sample of banksen
dc.typeArticleen
dc.identifier.doi10.1111/jmcb.12920
dc.identifier.volume54
dc.identifier.startpage1705
dc.identifier.endpage1739
eui.subscribe.skiptrue
dc.identifier.issue6
dc.rights.licenseAttribution 4.0 International*


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Attribution 4.0 International
Except where otherwise noted, this item's license is described as Attribution 4.0 International