| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w12695
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| 来源ID | Working Paper 12695
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| The Economics of Conflicts of Interest in Financial Institutions |
| Hamid Mehran; Rene M. Stulz
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| 发表日期 | 2006-11-15
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| 出版年 | 2006
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| 语种 | 英语
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| 摘要 | A conflict of interest exists when a party to a transaction could potentially make a gain from taking actions that are detrimental to the other party in the transaction. This paper examines the economics of conflicts of interest in financial institutions and reviews the growing empirical literature (mostly focused on analysts) on the economic implications of these conflicts. Economic analysis shows that, although conflicts of interest are omnipresent when contracting is costly and parties are imperfectly informed, there are important factors that mitigate their impact and, strikingly, it is possible for customers of financial institutions to benefit from the existence of such conflicts. The empirical literature reaches conclusions that differ across types of conflicts of interest, but overall these conclusions are more ambivalent and certainly more benign than the conclusions drawn by journalists and politicians from mostly anecdotal evidence. Though much has been made of conflicts of interest arising from investment banking activities, there is no consensus in the empirical literature supporting the view that conflicts resulting from these activities had a systematic adverse impact on customers of financial institutions. |
| 主题 | Financial Economics
; Financial Markets
; Financial Institutions
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| URL | https://www.nber.org/papers/w12695
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570358
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推荐引用方式
GB/T 7714 |
Hamid Mehran,Rene M. Stulz. The Economics of Conflicts of Interest in Financial Institutions. 2006.
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文件名：
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w12695.pdf
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格式：
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Adobe PDF
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