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1、JournalofAppliedCorporateFinanceSUMMER1996VOLUME9.2RAROCatBankofAmerica:FromTheorytoPracticebyEdwardZaik,JohnWalter,andGabrielaKelling,BankofAmerica,andChristopherJames,UniversityofFloridaRAROCATBANKOFbyEdwardZaik,JohnWalter,andGabrielaKelling,BankofAmerica,AMERICA:FROMwithChristopherJames,T
2、HEORYTOPRACTICEUniversityofFloridaincethelate1980s,anumberoflargeU.S.mancethatmanagementcanusetocomparetheSbankshaveinvestedheavilyinsystemseconomicasopposedtotheaccountingprofitabilitydesignedtomeasuretherisksassociatedofbusinesseswithdifferentsourcesofriskandwiththeirdifferentlinesofbusine
3、ss.Thedifferentcapitalrequirements.immediatepurposeofsuchriskmeasurementsys-TheuseofRAROCbymajormoney-centerandtemsistoprovidebankmanagementswithamoreregionalbankstoformulatecapitalstructuretargetsreliablewaytodeterminetheamountofcapitalandtoevaluateperformanceisamajordeparturenecessarytosup
4、porteachoftheirmajoractivities,fromtraditionalpractice.Bankshavelongreliedonandthustodeterminetheequitycapitalrequiredbymeasuressuchasreturnonassets(ROA)andreturnthebankasawhole.onbookequity(ROE)toevaluatetheirownperfor-Thisrecentinterestinmeasuringriskispartlyamance,bothattheconsolidatedlev
5、elandforresponsetothegreaterregulatoryemphasisonindividualoperatingunits.Andcapitaladequacycapitaladequacythathascomewithimplementationhasbeendeterminedprimarilybybanks’abilitytooftheBaselrisk-basedcapitalrequirementsissuedmeetminimumcapitalrequirementssetbyregula-in1988andthepassageofFDICIA
6、in1991.Eventors.Neithertheregulatoryrequirementsnorcon-moreimportantthansuchregulatorychanges,how-ventionally-appliedROAorROEmeasuresaread-ever,arefundamentalchangesinthebusinessofjustedinanysystematicwayfordifferencesinthebankingthathaveforcedbankmanagementstoseekrisksofthebank’svariousacti
7、vities.TheBaselbetterwaystomeasureoperatingperformance.Asguidelines,forexample,effectivelyassignthesametheprogressivederegulation(capitalrequirementscapitalrequirementtoallcommercialloans,regard-aside)oftheindustrycontinues,banksarechoosinglessofth
