全球智库信息集成服务系统(G2TT): Legal Protection in Retail Financial Markets

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14972
来源ID	Working Paper 14972
	Legal Protection in Retail Financial Markets
	Bruce I. Carlin; Simon Gervais
发表日期	2009-05-21
出版年	2009
语种	英语
摘要	Given the importance of sound advice in retail financial markets and the fact that financial institutions outsource their advice services, what legal rules maximize social welfare in the market? We address this question by posing a theoretical model of retail markets in which a firm and a broker face a bilateral hidden action problem when they service clients in the market. All participants in the market are rational, and prices are set based on consistent beliefs about equilibrium actions of the firm and the broker. We characterize the optimal law within our modeling context, and derive how the legal system splits the blame between parties to the transaction. We also analyze how complexity in assessing clients and conflicts of interest affect the law. Since these markets are large, the implications of the analysis have great welfare import.
主题	Financial Economics ; Financial Markets ; Other ; Law and Economics
URL	https://www.nber.org/papers/w14972
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/572648
推荐引用方式 GB/T 7714	Bruce I. Carlin,Simon Gervais. Legal Protection in Retail Financial Markets. 2009.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w14972.pdf（280KB）	智库出版物		限制开放	CC BY-NC-SA	浏览