| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19594 |
| 来源ID | Working Paper 19594 |
| Risky Investments with Limited Commitment | |
| Thomas F. Cooley; Ramon Marimon; Vincenzo Quadrini | |
| 发表日期 | 2013-10-31 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Over the last three decades there has been a dramatic increase in the size of the financial sector and in the compensation of financial executives. This increase has been associated with greater risk-taking and the use of more complex financial instruments. Parallel to this trend, the organizational structure of the financial sector has changed with the traditional partnership replaced by public companies. The organizational change has increased the competition for managerial talent, which may have weakened the commitment between investors and managers. We show how increased competition and the weaker commitment can raise the managerial incentives to undertake risky investment. In the general equilibrium, this change results in higher risk-taking, a larger and more productive financial sector with greater income inequality (within and across sectors), and a lower market valuation of financial institutions. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w19594 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577268 |
| 推荐引用方式 GB/T 7714 | Thomas F. Cooley,Ramon Marimon,Vincenzo Quadrini. Risky Investments with Limited Commitment. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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