haku: @journal_id 789 / yhteensä: 95
viite: 50 / 95
| Tekijä: | Thadden, E.-L., von |
| Otsikko: | Intermediated versus direct investment: optimal liquidity provision and dynamic incentive compatibility |
| Lehti: | Journal of Financial Intermediation
1998 : APR, VOL. 7:2, p. 177-197 |
| Asiasana: | INVESTMENT LIQUIDITY FINANCE |
| Kieli: | eng |
| Tiivistelmä: | The existing banking literature leaves largely unanswered the question: what is the validity of bank liquidity provision if investors can dynamically readjust their portfolios? To address this question, the author analyzes the problem of optimal liquidity provision through bank deposit contracts in a simple continuous-time equilibrium model under uncertainty. The model introduces the possibility of investors' directly investing in the market, which gives rise to a moral hazard problem in the use of deposit contracts. |
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