منابع مشابه
Banks and Bubbles : How Good are Bankers at Spotting Winners ?
This paper examines the bank lending relationships of a large sample of technology and nontechnology firms that went public during the 1996 through 2000 period. We use a unique hand collected dataset to examine the characteristics of firms that establish pre-IPO bank lending relationships and whether post-IPO performance is related to the existence and size of pre-IPO banking relationships. We ...
متن کاملCentral Bankers and Uncertainty
For the majority of my professional life, I have had the good fortune to be simultaneously involved both as a participant in, and as an academic observer of, central banks. Today, and as is suitable for this occasion and audience, I shall be primarily emphasising my academic observations. Nevertheless, my study of central bank behaviour is inevitably informed and coloured by my previous years a...
متن کاملOn Bankers and Their Incentives
I model the principal-agent problem in a banking context, where the agent must not only be induced to exert costly unveri able e¤ort but also to exercise duciary discretion in lending money on behalf of an employing bank. I show that the spread in wage outcomes necessary to induce duciary discretion may be prohibitively expensive; instead, the bank may opt for a second-best solution where exc...
متن کاملLending Booms, Smart Bankers and Financial Crises
This paper develops a theory of financial crises that explains why crises should be expected to follow periods of sustained lending booms and high banking profitability. When the behavior of agents is affected by the availability heuristic and there is a long period of sustained banking profitability, all agents—banks as well as those who fund banks and those who regulate them—end up in an “ava...
متن کاملFrom Builders to Bankers
The notion of business development as a partial cure to the economic condition of blacks is not a new one, but black leaders have never unanimously agreed that business ownership is an effective instrument of economic success. The violence and civil disorders of the 1960s, however, spurred strong interest in programs to develop and promote both urban black business and black-owned and controlle...
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ژورنال
عنوان ژورنال: The Annals of Iowa
سال: 1882
ISSN: 0003-4827,2473-9006
DOI: 10.17077/0003-4827.11941