@article{1643,
  author = {Markus K. Brunnermeier and Gang Dong and Darius Palia},
  title = {Banks{\textquoteright} Non-Interest Income and Systemic Risk},
  abstract = { <p>
	This paper finds non-interest income to be positively correlated with total systemic risk for a large sample of U.S. banks. ~Decomposing total systemic risk into three components, we find that non-interest income has a positive relationship with a bank{\textquoteright}s tail risk, a positive relationship with a bank{\textquoteright}s interconnectedness risk, and an insignificant or positive relationship with a bank{\textquoteright}s exposure to macroeconomic and finance factors. These results are generally robust to endogenizing for non-interest income and for trading and other non-interest income activities.
</p>
 },
  year = {2020},
  journal = {Review of Corporate Financial Studies},
  volume = {9},
  pages = {229-255},
  url = {https://academic.oup.com/rcfs/article/9/2/229/5835882},
  language = {eng},
}