Moral hazard in active asset management

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Moral Hazard in Dynamic Risk Management

We consider a contracting problem in which a principal hires an agent to manage a risky project. When the agent chooses volatility components of the output process and the principal observes the output continuously, the principal can compute the quadratic variation of the output, but not the individual components. This leads to moral hazard with respect to the risk choices of the agent. To find...

متن کامل

Moral hazard in ecology

The recent global financial crisis may have lessons for ecologists. One driver of the problems many countries faced toward the end of the previous decade was risky speculation by larger banks (Okamoto, 2009). In cases where such investments succeed, the bank is the winner. When such investments fail they have the potential to ruin the bank. However, the largest banks are often deemed to be so i...

متن کامل

Simple Models of Operating Moral Hazard and Investing Moral Hazard

In this paper, we depict and analyze simple models of moral hazard, namely “operating moral hazard” and “investing moral hazard.” First we assume that a corporation exists primarily for the benefit of their shareholders. Then, moral hazard occurs when managers choose an option knowingly that is not optimum for shareholders. We evaluate the loss to shareholders in terms of cash flow to them in t...

متن کامل

Moral Hazard and Risk Management in Agri-Environmental Policy

This paper develops the key finding of Hogan, Ozanne and Colman (2000) that risk aversion among farmers ameliorates the moral hazard problem in relation to agri-environmental policy compliance. It is shown that risk averse farmers who face uncertainty in their production income are more likely to comply with such a policy as a means of risk management. In addition, it is shown that a principal ...

متن کامل

Moral Hazard and Observability

Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/about/terms.html. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your perso...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Journal of Financial Economics

سال: 2017

ISSN: 0304-405X

DOI: 10.1016/j.jfineco.2017.05.010