For Richer, for Poorer: Bankers' Liability and Bank Risk in New England, 1867 to 1880
نویسندگان
چکیده
We study whether banks are riskier if managers have less liability. focus on New England between 1867 and 1880 consider the introduction of marital property laws that limited liability for newly wedded bankers. find with who married after a law had higher leverage, delayed loss recognition, made more risky fraudulent loans, lost capital deposits in Long Depression 1873 to 1878. These effects were most pronounced bankers largest reduction no evidence limiting increased firm investment at county level.
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ژورنال
عنوان ژورنال: Journal of Finance
سال: 2021
ISSN: ['0022-1082', '1540-6261']
DOI: https://doi.org/10.1111/jofi.13011