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首页> 外文期刊>Journal of Financial Economic Policy >Subsidiary ownership decisions by bank holding companies Similar or different than other institutional investors?
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Subsidiary ownership decisions by bank holding companies Similar or different than other institutional investors?

机译：银行控股公司的附属所有权决定与其他机构投资者相似或不同？

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Purpose - This study aims to examine the intertemporal changes in the institutional ownership of publicly traded bank holding companies (BHCs) in the USA. The role of owned-subsidiary investing in the portfolio decisions is investigated as compared to unaffiliated banks and non-bank institutional investors. Design/methodology/approach - The authors apply panel regressions that control bank-fixed and time-fixed effects to study the impact of prudence, liquidity, information advantages and historical returns on each type of the institutional ownership from 1986 to 2014. Findings - The subsidiary banks tend to invest in more shares of their parent BHCs when they are traded for a short period of time and when they have low-market risk, low turnover, a low capital equity ratio and great reliance on off-balance activities. However, the impact of these determinants of institutional ownership is opposite for unaffiliated banks and non-bank institutions. Research limitations/implications - This study provides evidence that the criteria used by subsidiary banks to invest in their parent company stock are different than the unaffiliated banks and non-bank institutions, raising concerns about the owned-subsidiary investing activities and banks' trustees' duty to work in the best interest of their trust clients. Originality/value - This paper provides a comprehensive analysis of the level and market value of BHC institutional ownership over the past three decades and the impact of different determinants on the ownership of BHCs by subsidiary banks, unaffiliated banks and non-bank institutional investors.
机译：目的 - 本研究旨在审查美国公开交易银行持有公司（BHCS）的机构所有权的跨期变化。与未裁判银行和非银行机构投资者相比，调查了所有子公司投资投资组合决定的作用。设计/方法/方法 - 作者适用于控制银行固定和时间固定效果的面板回归，以研究1986年至2014年对每种机构所有权的审慎，流动性，信息优势和历史回报的影响。调查结果 - 当他们在短时间内交易时，附属银行倾向于投资更多母公司的母公司，当时他们拥有低位风险，低营业额，低资本股权，依赖余额活动。但是，这些决定因素的机构所有权的影响对非透明银行和非银行机构相反。研究限制/影响 - 本研究提供了证据表明，附属银行投资其母公司股票的标准与未消化的银行和非银行机构不同，提高了对所有子公司投资活动和银行受托人义务的担忧以他们的信任客户的最佳利益工作。原创性/价值 - 本文在过去三十年中，对BHC机构所有权的水平和市场价值进行了全面分析，以及不同决定因素对辅助银行，未透明银行和非银行机构投资者对BHC的所有权的影响。

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