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Languages : en
Pages :
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In this paper we investigate the implications of providing loan officers with a compensation structure that rewards loan volume and penalizes poor performance versus a fixed wage unrelated to performance. We study detailed transaction information for more than 45,000 loans issued by 240 loan officers of a large commercial bank in Europe. We examine the three main activities that loan officers perform: monitoring, originating, and screening. We find that when the performance of their portfolio deteriorates, loan officers increase their effort to monitor existing borrowers, reduce loan origination, and approve a higher fraction of loan applications. These loans, however, are of above-average quality. Consistent with the theoretical literature on multitasking in incomplete contracts, we show that loan officers neglect activities that are not directly rewarded under the contract, but are in the interest of the bank. In addition, while the response by loan officers constitutes a rational response to a time allocation problem, their reaction to incentives appears myopic in other dimensions.
Author: Beatriz Armendariz
Publisher: MIT Press
ISBN: 0262512017
Category : Business & Economics
Languages : en
Pages : 361
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Book Description
An assessment of "the microfinance revolution" from an economics perspective that draws on lessons from academia and international practice to challenge conventional assumptions.
Author: Arindam Bandyopadhyay
Publisher: Cambridge University Press
ISBN: 110714647X
Category : Business & Economics
Languages : en
Pages : 390
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Book Description
This book explains how a proper credit risk management framework enables banks to identify, assess and manage the risk proactively.
Author: Jean Tirole
Publisher: Princeton University Press
ISBN: 1400830222
Category : Business & Economics
Languages : en
Pages : 657
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Book Description
"Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.
Author: Benjamin Hermalin
Publisher: Elsevier
ISBN: 0444635408
Category : Business & Economics
Languages : en
Pages : 762
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Book Description
The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. - Concentrates on underlying principles that change little, even as the empirical literature moves on - Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces - Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field's substantive findings, all of which help point the way forward
Author: Michael Gudger
Publisher: Food & Agriculture Org.
ISBN: 9789251041734
Category : Political Science
Languages : en
Pages : 154
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Book Description
The problem of collateral is a daily issue for lenders and causes much debate in the development finance community. Given the difficulties experienced in arranging traditional forms of loan security, such as land or chattel mortgages, various collateral substitutes have been proposed. Among the substitutes for traditional collateral is the loan guarantee. Guarantee systems for loans have been proposed, planned and implemented in various countries. The assumption made by proponents of such a service is that the guarantee organization is either better informed about the risk of the loan than the lender or it is better structured financially to be able to manage the risk. Despite the apparent attractiveness of a loan guarantee, the empirical evidence available gives little encouragement. Nevertheless, interest in guarantees continues.
Author: Christine K. Volkmann
Publisher: Springer Science & Business Media
ISBN: 3834987522
Category : Business & Economics
Languages : en
Pages : 514
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Book Description
This textbook focuses on the management challenges of founding a new venture and managing its rapid growth as the firm evolves. It covers crucial management areas in the entrepreneurship context such as entrepreneurial finance, marketing, and human resource management. Also, more hands-on management topics like writing a business plan and choosing a legal form for a venture are covered. A key chapter of the book is dedicated to leadership challenges in managing rapidly growing young firms located in new industries and technology areas. The book is written from a Continental European perspective to cater for its European target audience in entrepreneurship courses to be held in English.
Author: Kim Goodwin
Publisher: John Wiley & Sons
ISBN: 1118079884
Category : Computers
Languages : en
Pages : 770
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Book Description
Whether you’re designing consumer electronics, medical devices, enterprise Web apps, or new ways to check out at the supermarket, today’s digitally-enabled products and services provide both great opportunities to deliver compelling user experiences and great risks of driving your customers crazy with complicated, confusing technology. Designing successful products and services in the digital age requires a multi-disciplinary team with expertise in interaction design, visual design, industrial design, and other disciplines. It also takes the ability to come up with the big ideas that make a desirable product or service, as well as the skill and perseverance to execute on the thousand small ideas that get your design into the hands of users. It requires expertise in project management, user research, and consensus-building. This comprehensive, full-color volume addresses all of these and more with detailed how-to information, real-life examples, and exercises. Topics include assembling a design team, planning and conducting user research, analyzing your data and turning it into personas, using scenarios to drive requirements definition and design, collaborating in design meetings, evaluating and iterating your design, and documenting finished design in a way that works for engineers and stakeholders alike.
Author: J. Gueyie
Publisher: Springer
ISBN: 1137301929
Category : Business & Economics
Languages : en
Pages : 259
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Book Description
Microfinance in developing countries is a collection of studies by leading researchers in the field of microfinance. It discusses key issues that the rapidly growing microfinance industry currently faces, and offers interesting views and analysis of topical matters concerning the microfinance realm.
Author: Orley Ashenfelter
Publisher:
ISBN:
Category : Labor economics
Languages : en
Pages :
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Book Description
