{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,4]],"date-time":"2026-04-04T05:57:18Z","timestamp":1775282238853,"version":"3.50.1"},"reference-count":82,"publisher":"Springer Science and Business Media LLC","issue":"1-2","license":[{"start":{"date-parts":[[2019,9,24]],"date-time":"2019-09-24T00:00:00Z","timestamp":1569283200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2019,9,24]],"date-time":"2019-09-24T00:00:00Z","timestamp":1569283200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"funder":[{"DOI":"10.13039\/501100000835","name":"University of Bath","doi-asserted-by":"crossref","id":[{"id":"10.13039\/501100000835","id-type":"DOI","asserted-by":"crossref"}]}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Ann Oper Res"],"published-print":{"date-parts":[[2021,4]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>The paper investigates the importance of banks\u2019 business classification in shaping the risk profile of financial institutions on a global scale. We employ a rare-event logit model based on a state-of-the-art list of major global distress events from the global financial crisis. When clustering banks by their business strategies using a community detection approach, we show that (i) capital enhanced resilience only for traditional banks that were on average less capitalized than other banks; (ii) boosting ROE, usually associated with riskier exposures, improved resilience for stable funded and asset diversified banks; (iii) conversely, higher levels of ROA exacerbated banks\u2019 vulnerability when associated with concentrated (not-diversified) investment structures; (iv) size in terms of total assets contributed to instability only for wholesale-funded institutions due to their high levels of unstable funding. Liquidity, on the contrary, reduced the institution likelihood of being in distress, regardless of its business classification. Although our findings refer to the recent financial crisis, they provide evidence that a tailored risk monitoring based on a proper peer group identification can facilitate banks\u2019 distresses prediction.<\/jats:p>","DOI":"10.1007\/s10479-019-03383-z","type":"journal-article","created":{"date-parts":[[2019,9,24]],"date-time":"2019-09-24T12:03:12Z","timestamp":1569326592000},"page":"481-530","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":11,"title":["Banks\u2019 business strategies on the edge of distress"],"prefix":"10.1007","volume":"299","author":[{"given":"Andrea","family":"Flori","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8770-403X","authenticated-orcid":false,"given":"Simone","family":"Giansante","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Claudia","family":"Girardone","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Fabio","family":"Pammolli","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2019,9,24]]},"reference":[{"issue":"3","key":"3383_CR1","doi-asserted-by":"crossref","first-page":"59","DOI":"10.1257\/aer.102.3.59","volume":"102","author":"V Acharya","year":"2012","unstructured":"Acharya, V., Engle, R., & Richardson, M. (2012). Capital shortfall: A new approach to ranking and regulating systemic risks. American Economic Review, 102(3), 59\u201364.","journal-title":"American Economic Review"},{"key":"3383_CR2","doi-asserted-by":"crossref","first-page":"2","DOI":"10.1093\/rfs\/hhw088","volume":"1","author":"V Acharya","year":"2017","unstructured":"Acharya, V., Pedersen, L., Philippon, T., & Richardson, M. (2017). Measuring systemic risk. Review of Financial Studies, 1, 2\u201347.","journal-title":"Review of Financial Studies"},{"key":"3383_CR3","doi-asserted-by":"crossref","unstructured":"Adrian, T., & Brunnermeier, M. (2011). CoVaR. Working paper. Princeton University and Federal Reserve Bank of New York.","DOI":"10.3386\/w17454"},{"key":"3383_CR4","doi-asserted-by":"crossref","first-page":"219","DOI":"10.1016\/j.jebo.2012.04.006","volume":"85","author":"K Anand","year":"2013","unstructured":"Anand, K., Gai, P., Kapadia, S., Brennan, S., & Willison, M. (2013). A network model of financial system resilience. Journal of Economic Behavior and Organization, 85, 219\u2013235.","journal-title":"Journal of Economic Behavior and Organization"},{"key":"3383_CR5","doi-asserted-by":"crossref","unstructured":"Ayadi, R., Arbak, E., & De Groen, P. W. (2011). Business models in European banking: A pre-and post-crisis screening. Center for European Policy Studies.","DOI":"10.2139\/ssrn.1945779"},{"key":"3383_CR6","unstructured":"Ayadi, R., Arbak, E., & De Groen, P. W. (2012). Regulation of European banks and business models: Towards a new paradigm? Centre for European Policy Studies."},{"key":"3383_CR7","doi-asserted-by":"crossref","unstructured":"Ayadi, R., & De Groen, P. W. (2015). Banking business models 2015 Europe. Alphonse and Dorim\u00e9ne Desjardins International Institute for Cooperatives and International Research Centre on Cooperative Finance.","DOI":"10.2139\/ssrn.2784334"},{"key":"3383_CR8","unstructured":"BCBS. (2011). Global systemically important banks: Assessment methodology and the additional loss absorbency requirement. Bank of International Settlements."},{"key":"3383_CR9","unstructured":"BCBS. (2013). Capital requirements for banks\u2019 equity investments in funds. Bank of International Settlements."},{"issue":"1","key":"3383_CR10","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jfineco.2011.12.005","volume":"105","author":"A Beltratti","year":"2012","unstructured":"Beltratti, A., & Stultz, R. M. (2012). The credit crisis around the globe: Why did some banks perform better? Journal of Financial Economics, 105(1), 1\u201317.","journal-title":"Journal of Financial Economics"},{"issue":"3","key":"3383_CR11","doi-asserted-by":"crossref","first-page":"121","DOI":"10.1257\/jep.8.3.121","volume":"8","author":"GJ Benston","year":"1994","unstructured":"Benston, G. J. (1994). Universal banking. Journal of Economic Perspectives, 8(3), 121\u2013144.","journal-title":"Journal of Economic Perspectives"},{"issue":"1","key":"3383_CR12","doi-asserted-by":"crossref","first-page":"146","DOI":"10.1016\/j.jfineco.2013.02.008","volume":"109","author":"AN Berger","year":"2013","unstructured":"Berger, A. N., & Bouwman, C. H. S. (2013). How does capital affect bank performance during financial crises $$\\alpha $$. Journal of Financial Economics, 109(1), 146\u2013176.","journal-title":"Journal of Financial Economics"},{"key":"3383_CR13","doi-asserted-by":"crossref","first-page":"225","DOI":"10.1016\/j.jbankfin.2013.11.041","volume":"45","author":"F Betz","year":"2014","unstructured":"Betz, F., Opric\u0103, S., Peltonen, T. A., & Sarlin, P. (2014). Predicting distress in European banks. Journal of Banking and Finance, 45, 225\u2013241.","journal-title":"Journal of Banking and Finance"},{"issue":"10","key":"3383_CR14","doi-asserted-by":"crossref","first-page":"P10008+","DOI":"10.1088\/1742-5468\/2008\/10\/P10008","volume":"2008","author":"VD Blondel","year":"2008","unstructured":"Blondel, V. D., Guillaume, J.-L., Lambiotte, R., & Lefebvre, E. (2008). Fast unfolding of communities in large networks. Journal of Statistical Mechanics: Theory and Experiment, 2008(10), P10008+.","journal-title":"Journal of Statistical Mechanics: Theory and Experiment"},{"key":"3383_CR15","doi-asserted-by":"crossref","unstructured":"Brownlees, C., & Engle, R. (2016). SRISK: A conditional capital shortfall index for systemic risk measurement. Review of Financial Studies (forthcoming).","DOI":"10.1093\/rfs\/hhw060"},{"issue":"1","key":"3383_CR16","first-page":"1","volume":"3","author":"T Cali\u0144ski","year":"1974","unstructured":"Cali\u0144ski, T., & Harabasz, J. (1974). A dendrite method for cluster analysis. Communications in Statistics: Theory and Methods, 3(1), 1\u201327.","journal-title":"Communications in Statistics: Theory and Methods"},{"key":"3383_CR17","unstructured":"Casu, B., Girardone, C., & Molyneux, P. (2015). Introduction to banking (2nd ed.). Pearson Education."},{"key":"3383_CR18","doi-asserted-by":"crossref","first-page":"1825","DOI":"10.1038\/srep01825","volume":"3","author":"T Chakraborty","year":"2013","unstructured":"Chakraborty, T., Srinivasan, S., Ganguly, N., Bhowmick, S., & Mukherjee, A. (2013). Constant communities in complex networks. Scientific Reports, 3, 1825.","journal-title":"Scientific Reports"},{"issue":"3","key":"3383_CR19","doi-asserted-by":"crossref","first-page":"181","DOI":"10.1007\/s10693-008-0029-4","volume":"33","author":"V Chiorazzo","year":"2008","unstructured":"Chiorazzo, V., Milani, C., & Salvini, F. (2008). Income diversification and bank performance: Evidence from Italian banks. Journal of Financial Services Research, 33(3), 181\u2013203.","journal-title":"Journal of Financial Services Research"},{"issue":"1\u20132","key":"3383_CR20","doi-asserted-by":"crossref","first-page":"5","DOI":"10.1007\/s10693-011-0116-9","volume":"42","author":"RA Cole","year":"2012","unstructured":"Cole, R. A., & White, L. J. (2012). D\u00e9j\u00e0 vu all over again: The causes of US commercial bank failures this time around. Journal of Financial Services Research, 42(1\u20132), 5\u201329.","journal-title":"Journal of Financial Services Research"},{"issue":"2","key":"3383_CR21","doi-asserted-by":"crossref","first-page":"523","DOI":"10.1007\/s10479-015-1857-x","volume":"247","author":"R Cont","year":"2016","unstructured":"Cont, R., & Minca, A. (2016). Credit default swaps and systemic risk. Annals of Operations Research, 247(2), 523\u2013547.","journal-title":"Annals of Operations Research"},{"issue":"1","key":"3383_CR22","doi-asserted-by":"crossref","first-page":"501","DOI":"10.1111\/1540-6261.00430","volume":"57","author":"MM Cornett","year":"2002","unstructured":"Cornett, M. M., Ors, E., & Tehranian, H. (2002). Bank performance around the introduction of a section 20 subsidiary. Journal of Finance, 57(1), 501\u2013521.","journal-title":"Journal of Finance"},{"key":"3383_CR23","doi-asserted-by":"crossref","first-page":"S22","DOI":"10.1016\/j.jbankfin.2015.04.019","volume":"61","author":"C Curi","year":"2015","unstructured":"Curi, C., Lozano-Vivas, A., & Zelenyuk, V. (2015). Foreign bank diversification and efficiency prior to and during the financial crisis: Does one business model fit all? Journal of Banking and Finance, 61, S22\u2013S35.","journal-title":"Journal of Banking and Finance"},{"issue":"1","key":"3383_CR24","doi-asserted-by":"crossref","first-page":"68","DOI":"10.1177\/002795010519200108","volume":"192","author":"A Demirg\u00fc\u00e7-Kunt","year":"2005","unstructured":"Demirg\u00fc\u00e7-Kunt, A., & Detragiache, E. (2005). Cross-country empirical studies of survey. National Institute Economic Review, 192(1), 68\u201383.","journal-title":"National Institute Economic Review"},{"issue":"3","key":"3383_CR25","doi-asserted-by":"crossref","first-page":"626","DOI":"10.1016\/j.jfineco.2010.06.004","volume":"98","author":"A Demirg\u00fcc-Kunt","year":"2010","unstructured":"Demirg\u00fcc-Kunt, A., & Huizinga, H. P. (2010). Bank activity and funding strategies: The impact on risk and return. Journal of Financial Economics, 98(3), 626\u2013650.","journal-title":"Journal of Financial Economics"},{"key":"3383_CR26","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1111\/j.2517-6161.1977.tb01600.x","volume":"39","author":"AP Dempster","year":"1977","unstructured":"Dempster, A. P., Laird, N. M., & Rubin, D. B. (1977). Maximum likelihood from incomplete data via the EM algorithm. Journal of the Royal Statistical Society Series B (Methodological), 39, 1\u201338.","journal-title":"Journal of the Royal Statistical Society Series B (Methodological)"},{"issue":"5","key":"3383_CR27","doi-asserted-by":"crossref","first-page":"315","DOI":"10.1016\/j.omega.2009.09.007","volume":"38","author":"Y Demyanyk","year":"2010","unstructured":"Demyanyk, Y., & Hasan, I. (2010). Financial crises and bank failures: A review of prediction methods. Omega, 38(5), 315\u2013324.","journal-title":"Omega"},{"key":"3383_CR28","doi-asserted-by":"crossref","first-page":"143","DOI":"10.1016\/j.jbankfin.2015.11.013","volume":"66","author":"R DeYoung","year":"2016","unstructured":"DeYoung, R., & Jang, K. Y. (2016). Do banks actively manage their liquidity? Journal of Banking and Finance, 66, 143\u2013161.","journal-title":"Journal of Banking and Finance"},{"issue":"3","key":"3383_CR29","doi-asserted-by":"crossref","first-page":"397","DOI":"10.1016\/j.jfi.2013.01.001","volume":"22","author":"R DeYoung","year":"2013","unstructured":"DeYoung, R., & Torna, G. (2013). Nontraditional banking activities and bank failures during the financial crisis. Journal of Financial Intermediation, 22(3), 397\u2013421.","journal-title":"Journal of Financial Intermediation"},{"issue":"2","key":"3383_CR30","doi-asserted-by":"crossref","first-page":"123","DOI":"10.1016\/j.qref.2011.12.008","volume":"52","author":"D Dietrich","year":"2012","unstructured":"Dietrich, D., & Vollmer, U. (2012). Are universal banks bad for financial stability? Germany during the world financial crisis. Quarterly Review of Economics and Finance, 52(2), 123\u2013134.","journal-title":"Quarterly Review of Economics and Finance"},{"issue":"1","key":"3383_CR31","doi-asserted-by":"crossref","first-page":"151","DOI":"10.1007\/s10479-008-0371-9","volume":"168","author":"L Duan","year":"2009","unstructured":"Duan, L., Xu, L., Liu, Y., & Lee, J. (2009). Cluster-based outlier detection. Annals of Operations Research, 168(1), 151\u2013168.","journal-title":"Annals of Operations Research"},{"key":"3383_CR32","unstructured":"EBA. (2014). Guidelines: On common procedures and methodologies for the supervisory review and evaluation process (SREP). European Banking Authority."},{"issue":"2","key":"3383_CR33","first-page":"33","volume":"6","author":"A Estrella","year":"2000","unstructured":"Estrella, A., Park, S., & Peristiani, S. (2000). Capital ratios as predictors of bank failure. Economic Policy Review, 6(2), 33\u201352.","journal-title":"Economic Policy Review"},{"issue":"1","key":"3383_CR34","doi-asserted-by":"crossref","first-page":"27","DOI":"10.1093\/biomet\/80.1.27","volume":"80","author":"D Firth","year":"1993","unstructured":"Firth, D. (1993). Bias reduction of maximum likelihood estimates. Biometrika, 80(1), 27\u201338.","journal-title":"Biometrika"},{"key":"3383_CR35","doi-asserted-by":"crossref","first-page":"273","DOI":"10.2307\/2601102","volume":"30","author":"MJ Flannery","year":"1998","unstructured":"Flannery, M. J. (1998). Using market information in prudential bank supervision: A review of the US empirical evidence. Journal of Money, Credit and Banking, 30, 273\u2013305.","journal-title":"Journal of Money, Credit and Banking"},{"key":"3383_CR36","doi-asserted-by":"crossref","first-page":"201802976","DOI":"10.1073\/pnas.1802976116","volume":"116","author":"A Flori","year":"2019","unstructured":"Flori, A., Pammolli, F., Buldyrev, S. V., Regis, L., & Stanley, H. E. (2019). Communities and regularities in the behavior of investment fund managers. Proceedings of the National Academy of Sciences, 116, 201802976.","journal-title":"Proceedings of the National Academy of Sciences"},{"issue":"3\u20135","key":"3383_CR37","doi-asserted-by":"crossref","first-page":"75","DOI":"10.1016\/j.physrep.2009.11.002","volume":"486","author":"S Fortunato","year":"2010","unstructured":"Fortunato, S. (2010). Community detection in graphs. Physics Reports, 486(3\u20135), 75\u2013174.","journal-title":"Physics Reports"},{"issue":"7","key":"3383_CR38","doi-asserted-by":"crossref","first-page":"2216","DOI":"10.1016\/j.jbankfin.2013.02.032","volume":"37","author":"C-P Georg","year":"2013","unstructured":"Georg, C.-P. (2013). The effect of the interbank network structure on contagion and common shocks. Journal of Banking and Finance, 37(7), 2216\u20132228.","journal-title":"Journal of Banking and Finance"},{"key":"3383_CR39","volume-title":"Determinants of ex-ante banking system distress: A macro\u2013micro empirical exploration of some recent episodes","author":"B Gonz\u00e1lez-Hermosillo","year":"1999","unstructured":"Gonz\u00e1lez-Hermosillo, B. (1999). Determinants of ex-ante banking system distress: A macro\u2013micro empirical exploration of some recent episodes. New York: International Monetary Fund."},{"key":"3383_CR40","volume-title":"Slapped by the invisible hand: The panic of 2007","author":"GB Gorton","year":"2010","unstructured":"Gorton, G. B. (2010). Slapped by the invisible hand: The panic of 2007. Oxford: Oxford University Press."},{"issue":"2","key":"3383_CR41","doi-asserted-by":"crossref","first-page":"107","DOI":"10.1023\/A:1012801612483","volume":"17","author":"M Halkidi","year":"2001","unstructured":"Halkidi, M., Batistakis, Y., & Vazirgiannis, M. (2001). On clustering validation techniques. Journal of Intelligent Information Systems, 17(2), 107\u2013145.","journal-title":"Journal of Intelligent Information Systems"},{"key":"3383_CR42","volume-title":"Data mining: Concepts and techniques","author":"J Han","year":"2011","unstructured":"Han, J., Kamber, M., & Pei, J. (2011). Data mining: Concepts and techniques. Berlin: Elsevier."},{"key":"3383_CR43","unstructured":"Hawkins, J., & Mihaljek, D. (2001). The banking industry in the emerging market economies: Competition, consolidation and systemic stability: An overview. BIS papers 4."},{"issue":"2","key":"3383_CR44","doi-asserted-by":"crossref","first-page":"561","DOI":"10.1111\/j.1540-5907.2010.00447.x","volume":"54","author":"J Honaker","year":"2010","unstructured":"Honaker, J., & King, G. (2010). What to do about missing values in time-series crosssection data. American Journal of Political Science, 54(2), 561\u2013581.","journal-title":"American Journal of Political Science"},{"key":"3383_CR45","doi-asserted-by":"crossref","first-page":"129","DOI":"10.1086\/654383","volume":"14","author":"T Hoshi","year":"1999","unstructured":"Hoshi, T., & Kashyap, A. (1999). The Japanese Banking Crisis: Where did it come from and how will it end? NBER Macroeconomics Annual, 14, 129\u2013201.","journal-title":"NBER Macroeconomics Annual"},{"key":"3383_CR46","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jimonfin.2016.10.008","volume":"71","author":"A Hryckiewicz","year":"2017","unstructured":"Hryckiewicz, A., & Koz\u0142owski, \u0141. (2017). Banking business models and the nature of financial crisis. Journal of International Money and Finance, 71, 1\u201324.","journal-title":"Journal of International Money and Finance"},{"key":"3383_CR47","doi-asserted-by":"crossref","first-page":"2036","DOI":"10.1016\/j.jbankfin.2009.05.017","volume":"33","author":"X Huang","year":"2009","unstructured":"Huang, X., Zhou, H., & Zhu, H. (2009). A framework for assessing the systemic risk of major financial institutions. Journal of Banking and Finance, 33, 2036\u20132049.","journal-title":"Journal of Banking and Finance"},{"issue":"3","key":"3383_CR48","doi-asserted-by":"crossref","first-page":"319","DOI":"10.1016\/j.jfineco.2009.12.001","volume":"97","author":"V Ivashina","year":"2010","unstructured":"Ivashina, V., & Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial Economics, 97(3), 319\u2013338.","journal-title":"Journal of Financial Economics"},{"issue":"11","key":"3383_CR49","doi-asserted-by":"crossref","first-page":"2811","DOI":"10.1016\/j.jbankfin.2011.03.005","volume":"35","author":"JY Jin","year":"2011","unstructured":"Jin, J. Y., Kanagaretnam, K., & Lobo, G. J. (2011). Ability of accounting and audit quality variables to predict bank failure during the financial crisis. Journal of Banking and Finance, 35(11), 2811\u20132819.","journal-title":"Journal of Banking and Finance"},{"key":"3383_CR50","doi-asserted-by":"crossref","first-page":"305","DOI":"10.1023\/A:1018934824176","volume":"74","author":"A Joseph","year":"1997","unstructured":"Joseph, A., & Bryson, N. (1997). W-efficient partitions and the solution of the sequential clustering problem. Annals of Operations Research, 74, 305\u2013319.","journal-title":"Annals of Operations Research"},{"issue":"1","key":"3383_CR51","doi-asserted-by":"crossref","first-page":"33","DOI":"10.1111\/1540-6261.00415","volume":"57","author":"AK Kashyap","year":"2002","unstructured":"Kashyap, A. K., Rajan, R., & Stein, J. C. (2002). Banks as liquidity providers: An explanation for the coexistence of lending and deposit-taking. The Journal of Finance, 57(1), 33\u201373.","journal-title":"The Journal of Finance"},{"key":"3383_CR52","first-page":"1","volume":"82","author":"MS Khan","year":"2016","unstructured":"Khan, M. S., Scheule, H., & Wu, E. (2016). Funding liquidity and bank risk taking. Journal of Banking and Finance, 82, 1\u201314.","journal-title":"Journal of Banking and Finance"},{"issue":"2","key":"3383_CR53","doi-asserted-by":"crossref","first-page":"132","DOI":"10.1016\/j.jfs.2007.04.003","volume":"3","author":"T Kick","year":"2007","unstructured":"Kick, T., & Koetter, M. (2007). Slippery slopes of stress: Ordered failure events in German banking. Journal of Financial Stability, 3(2), 132\u2013148.","journal-title":"Journal of Financial Stability"},{"key":"3383_CR54","doi-asserted-by":"crossref","first-page":"195","DOI":"10.1016\/j.jfs.2014.02.005","volume":"16","author":"M K\u00f6hler","year":"2015","unstructured":"K\u00f6hler, M. (2015). Which banks are more risky? The impact of business models on bank stability. Journal of Financial Stability, 16, 195\u2013212.","journal-title":"Journal of Financial Stability"},{"key":"3383_CR55","doi-asserted-by":"crossref","first-page":"583","DOI":"10.1016\/j.jebo.2012.05.015","volume":"83","author":"A Krause","year":"2012","unstructured":"Krause, A., & Giansante, S. (2012). Interbank lending and the spread of bank failures: A network model of systemic risk. Journal of Economic Behavior and Organization, 83, 583\u2013608.","journal-title":"Journal of Economic Behavior and Organization"},{"key":"3383_CR56","first-page":"10","volume-title":"Resolution of banking crises: The good, the bad, and the ugly","author":"L Laeven","year":"2010","unstructured":"Laeven, L., & Valencia, F. (2010). Resolution of banking crises: The good, the bad, and the ugly (pp. 10\u2013146). New York: International Monetary Fund."},{"key":"3383_CR57","doi-asserted-by":"crossref","unstructured":"Laeven, L. & Valencia, F. (2012). Systemic banking crises database: An update (pp. 1\u201332).","DOI":"10.2139\/ssrn.2096234"},{"issue":"4","key":"3383_CR58","doi-asserted-by":"crossref","first-page":"e18961","DOI":"10.1371\/journal.pone.0018961","volume":"6","author":"A Lancichinetti","year":"2011","unstructured":"Lancichinetti, A., Radicchi, F., Ramasco, J. J., & Fortunato, S. (2011). Finding statistically significant communities in networks. PLoS ONE, 6(4), e18961.","journal-title":"PLoS ONE"},{"issue":"7","key":"3383_CR59","doi-asserted-by":"crossref","first-page":"1436","DOI":"10.1016\/j.jbankfin.2010.01.006","volume":"34","author":"A Lozano-Vivas","year":"2010","unstructured":"Lozano-Vivas, A., & Pasiouras, F. (2010). The impact of non-traditional activities on the estimation of bank effciency: International evidence. Journal of Banking and Finance, 34(7), 1436\u20131449.","journal-title":"Journal of Banking and Finance"},{"key":"3383_CR60","doi-asserted-by":"crossref","first-page":"542","DOI":"10.1080\/07350015.2017.1386567","volume":"37","author":"A Lucas","year":"2018","unstructured":"Lucas, A., Schaumburg, J., & Schwaab, B. (2018). Bank business models at zero interest rates. Journal of Business and Economic Statistics, 37, 542\u2013555.","journal-title":"Journal of Business and Economic Statistics"},{"issue":"6","key":"3383_CR61","doi-asserted-by":"crossref","first-page":"539","DOI":"10.1002\/gepi.21742","volume":"37","author":"C Ma","year":"2013","unstructured":"Ma, C., Blackwell, T., Boehnke, M., Scott, L. J., & Investigators, G. (2013). Recommended joint and meta-analysis strategies for case-control association testing of single low-count variants. Genetic Epidemiology, 37(6), 539\u2013550.","journal-title":"Genetic Epidemiology"},{"issue":"4","key":"3383_CR62","doi-asserted-by":"crossref","first-page":"275","DOI":"10.1002\/for.2327","volume":"34","author":"M Manzaneque","year":"2015","unstructured":"Manzaneque, M., Garc\u00edA-P\u00e9rez-De-Lema, D., & Ant\u00f3n Renart, M. (2015). Bootstrap replacement to validate the infuence of the economic cycle on the structure and the accuracy level of business failure prediction models. Journal of Forecasting, 34(4), 275\u2013289.","journal-title":"Journal of Forecasting"},{"key":"3383_CR63","doi-asserted-by":"crossref","first-page":"244","DOI":"10.1016\/j.jfs.2017.02.004","volume":"33","author":"A Martin-Oliver","year":"2017","unstructured":"Martin-Oliver, A., Ruano, S., & Salas-Fum\u00e1s, V. (2017). The fall of Spanish cajas: Lessons of ownership and governance for banks. Journal of Financial Stability, 33, 244\u2013260.","journal-title":"Journal of Financial Stability"},{"key":"3383_CR64","doi-asserted-by":"crossref","first-page":"57","DOI":"10.1016\/j.jfs.2015.12.002","volume":"22","author":"F Mergaerts","year":"2016","unstructured":"Mergaerts, F., & Vander Vennet, R. (2016). Business models and bank performance: A long-term perspective. Journal of Financial Stability, 22, 57\u201375.","journal-title":"Journal of Financial Stability"},{"issue":"2","key":"3383_CR65","doi-asserted-by":"crossref","first-page":"853","DOI":"10.1007\/s10479-018-2814-2","volume":"271","author":"MM Mousavi","year":"2018","unstructured":"Mousavi, M. M., & Ouenniche, J. (2018). Multi-criteria ranking of corporate distress prediction models: Empirical evaluation and methodological contributions. Annals of Operations Research, 271(2), 853\u2013886.","journal-title":"Annals of Operations Research"},{"issue":"2 Pt 2","key":"3383_CR66","first-page":"16","volume":"69","author":"MEJ Newman","year":"2004","unstructured":"Newman, M. E. J., & Girvan, M. (2004). Finding and evaluating community structure in networks. Physical Review E Statistical, Nonlinear and Soft Matter Physics, 69(2 Pt 2), 16.","journal-title":"Physical Review E Statistical, Nonlinear and Soft Matter Physics"},{"issue":"2","key":"3383_CR67","doi-asserted-by":"crossref","first-page":"407","DOI":"10.1016\/j.jinteco.2012.02.002","volume":"88","author":"JD Ostry","year":"2012","unstructured":"Ostry, J. D., Ghosh, A. R., Chamon, M., & Qureshi, M. S. (2012). Tools for managing financial-stability risks from capital inflows. Journal of International Economics, 88(2), 407\u2013421.","journal-title":"Journal of International Economics"},{"key":"3383_CR68","doi-asserted-by":"publisher","unstructured":"Ouenniche, J., Bouslah, K., Perez-Gladish, B., & Xu, B. (2019). A new VIKOR-based in-sample-out-of-sample classifier with application in bankruptcy prediction. Annals of Operations Research. https:\/\/doi.org\/10.1007\/s10479-019-03223-0.","DOI":"10.1007\/s10479-019-03223-0"},{"key":"3383_CR69","first-page":"rfw039","volume":"21","author":"T Paligorova","year":"2016","unstructured":"Paligorova, T., & Santos, J. A. C. (2016). Banks\u2019 exposure to rollover risk and the maturity of corporate loans. Review of Finance, 21, rfw039.","journal-title":"Review of Finance"},{"issue":"10","key":"3383_CR70","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1371\/journal.pone.0162855","volume":"11","author":"M Puliga","year":"2016","unstructured":"Puliga, M., Flori, A., Pappalardo, G., Chessa, A., & Pammolli, F. (2016). The accounting network: How financial institutions react to systemic crisis. PLoS ONE, 11(10), 1\u201314.","journal-title":"PLoS ONE"},{"key":"3383_CR71","volume-title":"Bank business models","author":"R Roengpitya","year":"2014","unstructured":"Roengpitya, R., Tarashev, N., & Tsatsaronis, K. (2014). Bank business models. Basel: BIS."},{"issue":"1","key":"3383_CR72","doi-asserted-by":"crossref","first-page":"29","DOI":"10.1257\/jep.25.1.29","volume":"25","author":"A Shleifer","year":"2011","unstructured":"Shleifer, A., & Vishny, R. (2011). Fire sales in finance and macroeconomics. The Journal of Economic Perspectives, 25(1), 29\u201348.","journal-title":"The Journal of Economic Perspectives"},{"issue":"5","key":"3383_CR73","doi-asserted-by":"crossref","first-page":"853","DOI":"10.1353\/mcb.2004.0076","volume":"36","author":"KJ Stiroh","year":"2004","unstructured":"Stiroh, K. J. (2004). Diversification in banking: Is noninterest income the answer? Journal of Money, Credit, and Banking, 36(5), 853\u2013882.","journal-title":"Journal of Money, Credit, and Banking"},{"key":"3383_CR74","volume-title":"Introduction to data mining","author":"P-N Tan","year":"2006","unstructured":"Tan, P.-N., Steinbach, M., & Kumar, V. (2006). Introduction to data mining (Vol. 1). Boston: Pearson."},{"issue":"2","key":"3383_CR75","doi-asserted-by":"crossref","first-page":"287","DOI":"10.1257\/jel.49.2.287","volume":"49","author":"J Tirole","year":"2011","unstructured":"Tirole, J. (2011). Illiquidity and all its friends. Journal of Economic Literature, 49(2), 287\u2013325.","journal-title":"Journal of Economic Literature"},{"key":"3383_CR76","doi-asserted-by":"crossref","first-page":"2930","DOI":"10.1038\/srep02930","volume":"3","author":"VA Traag","year":"2013","unstructured":"Traag, V. A., Krings, G., & Van Dooren, P. (2013). Significant scales in community structure. Scientific Reports, 3, 2930.","journal-title":"Scientific Reports"},{"key":"3383_CR77","unstructured":"van Dongen, S., & Enright, A. J. (2012). Metric distances derived from cosine similarity and Pearson and Spearman correlations. CoRR arXiv:1208.3145."},{"issue":"2","key":"3383_CR78","doi-asserted-by":"crossref","first-page":"214","DOI":"10.1016\/j.jfi.2013.05.001","volume":"23","author":"MRC van Oordt","year":"2013","unstructured":"van Oordt, M. R. C. (2013). Securitization and the dark side of diversification. Journal of Financial Intermediation, 23(2), 214\u2013231.","journal-title":"Journal of Financial Intermediation"},{"key":"3383_CR79","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jbankfin.2015.08.023","volume":"61","author":"F Vazquez","year":"2015","unstructured":"Vazquez, F., & Federico, P. (2015). Bank funding structures and risk: Evidence from the global financial crisis. Journal of Banking and Finance, 61, 1\u201314.","journal-title":"Journal of Banking and Finance"},{"issue":"3","key":"3383_CR80","doi-asserted-by":"crossref","first-page":"373","DOI":"10.1016\/j.jfi.2009.07.002","volume":"19","author":"W Wagner","year":"2010","unstructured":"Wagner, W. (2010). Diversification at financial institutions and systemic crises. Journal of Financial Intermediation, 19(3), 373\u2013386.","journal-title":"Journal of Financial Intermediation"},{"issue":"585","key":"3383_CR81","doi-asserted-by":"crossref","first-page":"989","DOI":"10.1111\/ecoj.12104","volume":"125","author":"T Wang","year":"2015","unstructured":"Wang, T. (2015). Competition and increasing returns to scale: A model of bank size. Economic Journal, 125(585), 989\u20131014.","journal-title":"Economic Journal"},{"issue":"301","key":"3383_CR82","doi-asserted-by":"crossref","first-page":"236","DOI":"10.1080\/01621459.1963.10500845","volume":"58","author":"J Ward","year":"1963","unstructured":"Ward, J. (1963). Hierarchical grouping to optimize an objective function. Journal of the American Statistical Association, 58(301), 236\u2013244.","journal-title":"Journal of the American Statistical Association"}],"container-title":["Annals of Operations Research"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-019-03383-z.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/article\/10.1007\/s10479-019-03383-z\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-019-03383-z.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,4,2]],"date-time":"2021-04-02T16:24:36Z","timestamp":1617380676000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/s10479-019-03383-z"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2019,9,24]]},"references-count":82,"journal-issue":{"issue":"1-2","published-print":{"date-parts":[[2021,4]]}},"alternative-id":["3383"],"URL":"https:\/\/doi.org\/10.1007\/s10479-019-03383-z","relation":{},"ISSN":["0254-5330","1572-9338"],"issn-type":[{"value":"0254-5330","type":"print"},{"value":"1572-9338","type":"electronic"}],"subject":[],"published":{"date-parts":[[2019,9,24]]},"assertion":[{"value":"24 September 2019","order":1,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}}]}}