search query: @author Esty, B. C. / total: 3
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| Author: | Esty, B. C. |
| Title: | A case study of organizational form and risk shifting in the savings and loan industry |
| Journal: | Journal of Financial Economics
1997 : APR, VOL. 44:1, p. 57-76 |
| Index terms: | RISK LOANS SAVINGS BANKS INDUSTRIES ORGANIZATIONAL STRUCTURE |
| Language: | eng |
| Abstract: | The funding and investment strategies of two thrifts are analyzed, one mually and one stock owned. The stoc thrift implemented a riskier financial strategy and did so after converting to stock ownership. The stock thrift still made significant payouts to the controlling stakeholders, although this kind of strategy ultimately led to failure. The relation between organizational for and risk shifting in the thrift industry is illustrated in extreme terms by this case study. The importance of creditor monitoring in preventing risk shifting, is highlighted. |
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