This paper studies banks’ investment in risk management human capital following the Global Financial Crisis and the advent of stress testing. Our results suggest that ‘Too Big to Fail’ distortions may have weakened large banks’ incentive to invest in risk management talent. Stress testing, which focuses on the largest banks, spurred demand for skilled quantitative risk managers, but only narrowly in anticipation of a test and following poor performance on a test. Stress testing does not affect demand for the over 90 % of risk management jobs not linked to passing tests, limiting its effectiveness in improving risk management practices.

中文翻译：

---

银行压力测试、人力资本投资和风险管理

本文研究了全球金融危机和压力测试出现后银行对风险管理人力资本的投资。我们的结果表明，“太大而不能倒”的扭曲可能削弱了大型银行投资风险管理人才的动力。压力测试侧重于最大的银行，刺激了对熟练的量化风险管理者的需求，但只是在预期测试和测试表现不佳的情况下勉强增长。压力测试不会影响对超过 90% 的与通过测试无关的风险管理工作的需求，从而限制了其在改进风险管理实践方面的有效性。