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1、外文翻译TheInfluenceofCompetitiononBankBusinessLoanRatesMaterialSource:KluwerAcademicPublishersAuthor:TlmothyH.HannanToattempttodistinguishbetweentheeffectsofeconomicconditionsandmanagerialdecisionsonlossrates,weuseanalysis-of-varianceandregressiontests.Specifically,wecomparebanksacrossgeograph
2、icregionsandwecomparemoney-centerbankswithregionalones.Weassumethatmoney-centerbanksfacethesamesetofinternationalandnationaleconomicconditions.Incontrast,weassumethatregionalbanksfacethesamesetofmoney-market(e.g.,Treasurybillrates)andnationaleconomicconditionsasmoney-centerbanksbutthattheya
3、remoresensitivetoregionaleconomicfactors(e.g.,LOAN-LOSSEXPERIENCEANDRISK-TAKINGBEHAVIOR45thoseassociatedwithenergy,commodity,andrealestateprices)andlesssensitivetointernationalconditions.Withinregions,ourgroupingsserveonlyaspartialcontrolsforexternalfactorsaffectingloan-lossexperience.Hypot
4、hesesrelatedtomanagerialdecisions:therewardforrisk-takingandcoincidentrisk-taking:Adoptinglowcreditstandards(amanagerialdecision)isonewayforlenderstogeneratehighexpectedloanreturns.Otherwaysincludevariationinthesize,type,maturity,andmethodofrepaymentoftheloan(e.g.,securedversusunsecured,lon
5、gtermversusshortterm,andamortizedversuslump-sum).Ourloan-lossrateisanexpostmeasureofloanperformance,afteradverseexternalcircumstanceshavebeenexperienced.Priortothisdeterioration,weshouldobservebankswithhigherlossratestohavehadhighergrossloanyieldsthanbankswithlowerlossrates.Managerswithagre
6、aterpenchantforrisk-taking(orfraud)willbemorelikelytolowerthebank'screditstandardsandadoptmoreliberallendingpracticeswiththeexpectationofincreasedprofits.Incontrast,moreconservativemanagerswillselectsaferloanswithlowerreturns.Onbalance,bankswithhigherlossratesshouldhavebeenrewardedwithhighe
7、rloanyieldspriortotherealizedlosses.Inadditiontofocusingonthecompensationforrisktaking,weusethreefactorstomeasurecoincidentrisk-takingbybanks:(1)theratioofloanstoassets,(2)theratioofvolatilefundstototalliabilities,and(3)theratioofequitytoassets.Theextent
