Curti, Filippo and Mihov, Atanas 2018. Fraud recovery and the quality of country governance. Journal of Banking & Finance, Vol. 87, p. 446.
Wei, Lu Li, Jianping and Zhu, Xiaoqian 2018. Operational Loss Data Collection: A Literature Review. Annals of Data Science,
Jiménez-Rodríguez, Enrique Feria-Domínguez, José and Sebastián-Lacave, Alonso 2018. Assessing the Health-Care Risk: The Clinical-VaR, a Key Indicator for Sound Management. International Journal of Environmental Research and Public Health, Vol. 15, Issue. 4, p. 639.
Barakat, Ahmed Ashby, Simon and Fenn, Paul 2018. The reputational effects of analysts' stock recommendations and credit ratings: Evidence from operational risk announcements in the financial industry. International Review of Financial Analysis, Vol. 55, p. 1.
Jiang, Xingnan 2018. Operational risk and its impact on North American and British banks. Applied Economics, Vol. 50, Issue. 8, p. 920.
Hambuckers, J. Kneib, T. Langrock, R. and Silbersdorff, A. 2018. A Markov-switching generalized additive model for compound Poisson processes, with applications to operational loss models. Quantitative Finance, p. 1.
McNulty, James E. and Akhigbe, Aigbe 2017. What do a bank’s legal expenses reveal about its internal controls and operational risk?. Journal of Financial Stability, Vol. 30, p. 181.
Abdymomunov, Azamat and Ergen, Ibrahim 2017. Tail Dependence and Systemic Risk in Operational Losses of the US Banking Industry. International Review of Finance, Vol. 17, Issue. 2, p. 177.
Kaspereit, Thomas Lopatta, Kerstin Pakhchanyan, Suren and Prokop, Jörg 2017. Systemic operational risk. The Journal of Risk Finance, Vol. 18, Issue. 3, p. 252.
Abdymomunov, Azamat and Mihov, Atanas 2017. Operational Risk and Risk Management Quality: Evidence from U.S. Bank Holding Companies. Journal of Financial Services Research,
Pakhchanyan, Suren 2016. Operational Risk Management in Financial Institutions: A Literature Review. International Journal of Financial Studies, Vol. 4, Issue. 4, p. 20.
Chavez-Demoulin, Valérie Embrechts, Paul and Hofert, Marius 2016. An Extreme Value Approach for Modeling Operational Risk Losses Depending on Covariates. Journal of Risk and Insurance, Vol. 83, Issue. 3, p. 735.
Sharifi, Sirus Haldar, Arunima and Rao, S.V.D. Nageswara 2016. Relationship between operational risk management, size, and ownership of Indian banks. Managerial Finance, Vol. 42, Issue. 10, p. 930.
Zhou, Xiaoping Durfee, Antonina V. and Fabozzi, Frank J. 2016. On stability of operational risk estimates by LDA: From causes to approaches. Journal of Banking & Finance, Vol. 68, p. 266.
Bryce, Cormac Webb, Rob Cheevers, Carly Ring, P. and Clark, G. 2016. Should the insurance industry be banking on risk escalation for solvency II?. International Review of Financial Analysis, Vol. 46, p. 131.
Al-Amri, Khalid and Davydov, Yevgeniy 2016. Testing the effectiveness of ERM: Evidence from operational losses. Journal of Economics and Business, Vol. 87, p. 70.
Mizgier, Kamil J. Hora, Manpreet Wagner, Stephan M. and Jüttner, Matthias P. 2015. Managing operational disruptions through capital adequacy and process improvement. European Journal of Operational Research, Vol. 245, Issue. 1, p. 320.
Li, Larry and Moosa, Imad 2015. Operational risk, the legal system and governance indicators: a country-level analysis. Applied Economics, Vol. 47, Issue. 20, p. 2053.
Bhat, Gauri and Ryan, Stephen G. 2015. The impact of risk modeling on the market perception of banks’ estimated fair value gains and losses for financial instruments. Accounting, Organizations and Society, Vol. 46, p. 81.
We examine the incidence of operational losses among U.S. financial institutions using publicly reported loss data from 1980 to 2005. We show that most operational losses can be traced to a breakdown of internal control, and that firms suffering from these losses tend to be younger and more complex, and have higher credit risk, more antitakeover provisions, and chief executive officers (CEOs) with higher stock option holdings and bonuses relative to salary. These findings highlight the correlation between operational risk and credit risk, as well as the role of corporate governance and proper managerial incentives in mitigating operational risk.
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