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dc.contributor.authorGropp, Reinten_US
dc.contributor.authorKöhler, Matthiasen_US
dc.date.accessioned2010-08-11T09:10:34Z-
dc.date.available2010-08-11T09:10:34Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/37293-
dc.description.abstractIn this paper, we analyse whether bank owners or bank managers were the driving force behind the risks incurred in the wake of the financial crisis of 2007/2008. We show that owner controlled banks had higher profits in the years before the crisis, and incurred larger losses and were more likely to require government assistance during the crisis compared to manager-controlled banks. The results are robust to controlling for a wide variety of bank specific, country specific, regulatory and legal variables. Regulation does not seem to mitigate risk taking by bank owners. We find no evidence that profit smoothing drives our findings. The results suggest that privately optimal contracts aligning the incentives of management and shareholders may not be socially optimal in banks.en_US
dc.language.isoengen_US
dc.publisherVerein für Socialpolitik Frankfurt a. M.en_US
dc.relation.ispartofseriesBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Risk Taking and Productivity in International Banking E7-V1en_US
dc.subject.jelG21en_US
dc.subject.jelG30en_US
dc.subject.jelG34en_US
dc.subject.ddc330en_US
dc.subject.keywordBanksen_US
dc.subject.keywordrisk takingen_US
dc.subject.keywordcorporate governanceen_US
dc.subject.keywordownership structureen_US
dc.subject.keywordfinancial crisisen_US
dc.titleBank Owners or Bank Managers: Who is Keen on Risk? Evidence from the Financial Crisisen_US
dc.typeConference Paperen_US
dc.identifier.ppn654821267-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie

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