欧洲央行-游戏测试_欧盟范围内压力测试的窗口装饰和投资组合相似性（英）-2025_81页_10mb

• 将以上内容转换为专业的报告摘要如下：

The study examines the impact of EU-wide stress tests on banks' behavior and systemic risk using a difference-in-differences framework. Key findings include significant anticipatory capital ratio management prior to stress tests, with poorly performing banks engaging in more aggressive de-risking through risk-weighted asset reduction rather than capital increases. Portfolio similarity decreases across banks following the tests, contributing positively to systemic risk reduction by limiting synchronized portfolio adjustments. This effect is robust to country and business model clusters, indicating stress tests promote portfolio differentiation rather than convergence, thereby enhancing financial stability. Policy suggestions include monitoring weaker banks due to heightened sensitivity to stress test timing, while noting the design minimizes unwanted synchronization effects. The research provides a systematic analysis of strategic behaviors and resilience enhancement mechanisms.