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- catalog abstract "From 1863-1933, commercial bank shareholders were subject to a broad range of liability rules ranging from limited liability to unlimited liability for creditor obligations. By increasing shareholder liability, the regulators hoped to reduce incentives for risk shifting in these highly leveraged institutions. Using a contingent claims model to generate predictions and data from 1911-15, I find that equity trades as if contingent liability were in effect and that portfolio allocation is a function of liability severity. These findings show that the shape of the equityholders payoff function has a significant impact on incentives particularly with regard to risk taking and, more generally, that contingent liability could be an effective complement to existing bank regulations.".
- catalog contributor b9939337.
- catalog created "1996.".
- catalog date "1996".
- catalog date "1996.".
- catalog dateCopyrighted "1996.".
- catalog description "From 1863-1933, commercial bank shareholders were subject to a broad range of liability rules ranging from limited liability to unlimited liability for creditor obligations. By increasing shareholder liability, the regulators hoped to reduce incentives for risk shifting in these highly leveraged institutions. Using a contingent claims model to generate predictions and data from 1911-15, I find that equity trades as if contingent liability were in effect and that portfolio allocation is a function of liability severity. These findings show that the shape of the equityholders payoff function has a significant impact on incentives particularly with regard to risk taking and, more generally, that contingent liability could be an effective complement to existing bank regulations.".
- catalog description "Includes bibliographical references (p. 29-31).".
- catalog extent "36 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; HBS 97-021.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 97-021".
- catalog issued "1996".
- catalog issued "1996.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "Liability rules and risk taking in commercial banks / by Benjamin C. Esty.".
- catalog type "text".