英文标题：
《The Intrafirm Complexity of Systemically Important Financial
  Institutions》
---
作者：
Robin L. Lumsdaine, Daniel N. Rockmore, Nicholas Foti, Gregory Leibon,
  J. Doyne Farmer
---
最新提交年份：
2015
---
英文摘要：
  In November, 2011, the Financial Stability Board, in collaboration with the International Monetary Fund, published a list of 29 \"systemically important financial institutions\" (SIFIs). This designation reflects a concern that the failure of any one of them could have dramatic negative consequences for the global economy and is based on \"their size, complexity, and systemic interconnectedness\". While the characteristics of \"size\" and \"systemic interconnectedness\" have been the subject of a good deal of quantitative analysis, less attention has been paid to measures of a firm\'s \"complexity.\" In this paper we take on the challenges of measuring the complexity of a financial institution and to that end explore the use of the structure of an individual firm\'s control hierarchy as a proxy for institutional complexity. The control hierarchy is a network representation of the institution and its subsidiaries. We show that this mathematical representation (and various associated metrics) provides a consistent way to compare the complexity of firms with often very disparate business models and as such may provide the foundation for determining a SIFI designation. By quantifying the level of complexity of a firm, our approach also may prove useful should firms need to reduce their level of complexity either in response to business or regulatory needs. Using a data set containing the control hierarchies of many of the designated SIFIs, we find that in the past two years, these firms have decreased their level of complexity, perhaps in response to regulatory requirements.
---
中文摘要：
2011年11月，金融稳定委员会与国际货币基金组织（IMF）合作，公布了29家“系统重要性金融机构”（SIFI）的名单。这一名称反映了一种担忧，即任何一个国家的失败都可能对全球经济产生巨大的负面影响，这是基于“它们的规模、复杂性和系统互联性”。虽然“规模”和“系统互联性”的特征一直是大量定量分析的主题，但对企业“复杂性”的衡量关注较少在本文中，我们接受了衡量金融机构复杂性的挑战，并为此探索了如何利用单个企业的控制层级结构来衡量机构复杂性。控制层级是机构及其子公司的网络表示。我们表明，这种数学表示法（以及各种相关指标）提供了一种一致的方法来比较企业的复杂性，这些企业往往具有完全不同的商业模式，因此可以为确定SIFI指定提供基础。通过量化企业的复杂性水平，如果企业需要降低其复杂性水平以应对业务或监管需求，我们的方法也可能证明是有用的。使用包含许多指定SIFI的控制层级的数据集，我们发现在过去两年中，这些公司降低了其复杂性水平，可能是为了响应监管要求。
---
分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
--
一级分类：Computer Science        计算机科学
二级分类：Social and Information Networks        社会和信息网络
分类描述：Covers the design, analysis, and modeling of social and information networks, including their applications for on-line information access, communication, and interaction, and their roles as datasets in the exploration of questions in these and other domains, including connections to the social and biological sciences. Analysis and modeling of such networks includes topics in ACM Subject classes F.2, G.2, G.3, H.2, and I.2; applications in computing include topics in H.3, H.4, and H.5; and applications at the interface of computing and other disciplines include topics in J.1--J.7. Papers on computer communication systems and network protocols (e.g. TCP/IP) are generally a closer fit to the Networking and Internet Architecture (cs.NI) category.
涵盖社会和信息网络的设计、分析和建模，包括它们在联机信息访问、通信和交互方面的应用，以及它们作为数据集在这些领域和其他领域的问题探索中的作用，包括与社会和生物科学的联系。这类网络的分析和建模包括ACM学科类F.2、G.2、G.3、H.2和I.2的主题；计算应用包括H.3、H.4和H.5中的主题；计算和其他学科接口的应用程序包括J.1-J.7中的主题。关于计算机通信系统和网络协议（例如TCP/IP）的论文通常更适合网络和因特网体系结构（CS.NI）类别。
--
一级分类：Physics        物理学
二级分类：Physics and Society        物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
--

---
PDF下载：
-->