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  1. Risking other people's money
    experimental evidence on bonus schemes, competition, and altruism
    Published: 2013
    Publisher:  Research Inst. of Industrial Economics, Stockholm

    We study risk taking on behalf of others in an experiment on a large random sample. The decision makers in our experiment are facing high-powered incentives to increase the risk on behalf of others through hedged compensation contracts or with... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 206 (989)
    Inter-library loan:
    No inter-library loan

     

    We study risk taking on behalf of others in an experiment on a large random sample. The decision makers in our experiment are facing high-powered incentives to increase the risk on behalf of others through hedged compensation contracts or with tournament incentives. Compared to a baseline condition without such incentives, we find that the decision makers respond strongly to these incentives that result in an increased risk exposure of others. However, we find that the increase in risk taking is mitigated by altruistic preferences and pro-social personality traits.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/95624
    Series: IFN working paper ; 989
    Subjects: Risikopräferenz; Experiment; Leistungsentgelt; Extensives Spiel; Altruismus; Incentives; competition; hedging; risk taking; social preferences
    Scope: Online-Ressource (49 S.), graph. Darst.
  2. Monetary policy and risk taking
    Author: Angeloni, Ignazio; Faia, Ester; Lo Duca, Marco
    Published: 2013
    Publisher:  SAFE, Frankfurt am Main

    We assess the effects of monetary policy on bank risk to verify the existence of a risk-taking channel - monetary expansions inducing banks to assume more risk. We first present VAR evidence confirming that this channel exists and tends to... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 431 (8)
    Inter-library loan:
    No inter-library loan

     

    We assess the effects of monetary policy on bank risk to verify the existence of a risk-taking channel - monetary expansions inducing banks to assume more risk. We first present VAR evidence confirming that this channel exists and tends to concentrate on the bank funding side. Then, to rationalize this evidence we build a macro model where banks subject to runs endogenously choose their funding structure (deposits vs. capital) and risk level. A monetary expansion increases bank leverage and risk. In turn, higher bank risk in steady state increases asset price volatility and reduces equilibrium output.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/88726
    Edition: This draft: January 2013
    Series: SAFE working paper series ; 8
    SAFE Working Paper ; No. 8
    Subjects: bank runs; risk taking; monetary policy
    Scope: Online-Ressource (39 S.), graph. Darst.
    Notes:

    First draft: November 2009