haku: @indexterm portfolio management / yhteensä: 694
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| Tekijä: | Hollis, A. Sweetman, A. |
| Otsikko: | The role of local depositors in controlling expenses in small-scale financial intermediation: An empirical analysis |
| Lehti: | Economica
2007 : VOL. 74:296, p. 713-735 |
| Asiasana: | finance small business risk management portfolio management costs investments loans funds contracts Irish Republic |
| Kieli: | eng |
| Tiivistelmä: | Using data on Irish loan funds, a 19th century quasi-bank system, it is explored how the capital structure affects managerial agency to impact non-interest expenses. These organizations had no equity-holders being financed by deposits and 'capital', comprising donations and accumulated profits, creating problems of managerial moral hazard. Higher net income is associated with higher salaries and other non-interest expenses. More surprisingly, higher 'capital'-deposit ratios led to higher expenses even after controlling for net income. |
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