The Principal-agent Relations in a Financial Intermediary PDF Download
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Author: Samuel Barak Bulmash
Publisher:
ISBN:
Category : Savings and loan associations
Languages : en
Pages : 124
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Book Description
Author: Samuel Barak Bulmash
Publisher:
ISBN:
Category : Savings and loan associations
Languages : en
Pages : 124
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Book Description
Author:
Publisher: GRIN Verlag
ISBN: 3346416925
Category : Business & Economics
Languages : en
Pages : 18
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Book Description
Seminar paper from the year 2018 in the subject Economics - Micro-economics, grade: 2,0, University of Hohenheim, language: English, abstract: This paper studies the relationship between investors and investment advisers with regard to the principal-agent theory. Especially, the payment of commissions, kick-backs or other inducements from product provider to financial adviser and their impact of product recommendations are the focus of this paper. At the end, this paper should answer the research question, to what extent is the investor-investment adviser relationship a principal-agent relationship and how do commission payments affect the decision of both participants. Furthermore, this paper contents the political aspect, especially the analysis of the latest German policy with regard to consumer protection in financial markets. This paper is divided in six chapters. Chapter 2 is a definition and classification of various types of financial advisers. In chapter 3, this work elaborates the principal-agent theory and compare it to our case of financial advice. In chapter 4, we set up a model of the interdependence between product provider, adviser and customer. In addition, this model gives information about payments and related incentives. The following 5th chapter, analyzes the latest policy intervention of the European Union with regard to the German financial advice market. The last chapter is a conclusion of the previous chapters.
Author: Thomas Mccann
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The purpose of this document is to explore the principal-agent problem that exists between financial advisors and their clients. My thesis is that there is an inherent principle-agent problem in the financial services industry that is often exploited. As a result, the current relationship between financial advisors and their clients must be reevaluated. By looking at quantitative methods of evaluating a principal-agent problem and applying it to the world of financial services, it is clear that there are alternatives to a financial advisor that would be better for the retail investor. Due to this fact, a new contract is required to mitigate the principal-agent problem. To create this new contract, I have analyzed the texts of Adam Smith and Immanuel Kant and have drafted their philosophies to better illustrate the actual role of the financial advisor. By adjusting the role of financial advisor to become similar to that of a teacher, and restructuring their payment incentives, the principal-agent problem is lessened and utilizing a financial advisor becomes a more appealing option for the retail investor.
Author: Henry Hansmann
Publisher:
ISBN:
Category : Contracts
Languages : en
Pages : 32
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Author: Danny Busch
Publisher: Oxford University Press
ISBN: 019105836X
Category : Law
Languages : en
Pages : 321
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Book Description
This book explores a range of problems in the application of agency law in commercial practice. Moving beyond the limited introductory resources currently available, it "tests" abstract agency law concepts in specific commercial contexts, with reference to jurisdictions around the world. There is an enduring commonality of concepts and principles within agency law, both within the Commonwealth and within the jurisdictions of the United States. The book's comparative approach, drawing together analysis of national and international jurisdictions, provides innovative perspectives and insights, as well as practical guidance on solving commercial problems. The book opens with a detailed introductory chapter which provides a broad overview of the agency issues arising in specific commercial contexts. The subsequent chapters are grouped thematically: company law, financial transactions and services, sale of goods; as well as agency in procedural contexts. Topics covered include the role of the director and directorial board in company law and agency law, agency in shipping law, undisclosed principal in sale of goods cases, regulation of conflicts of interest in securities transactions, poseur-agents and transactional intermediation, the operation of agency in retail financial services, the agent's warranty of authority, and power of attorney. This book is an invaluable resource on both agency theory and commercial practice.
Author: Diane-Laure Arjaliès
Publisher: Oxford University Press
ISBN: 0192524100
Category : Business & Economics
Languages : en
Pages : 264
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Book Description
Investment is no longer a matter of individual savers directly choosing which shares or bonds to buy. Rather, most of their money flows through a 'chain': an often extended sequence of intermediaries. What goes on in that chain is of huge importance: The world's investment managers, who are now almost as well paid as top bankers, control assets equivalent in value to around a year of total global economic output. In Chains of Finance, five social scientists discuss the ways in which the intermediaries in the chain influence each other, channel the flows of savers' money, enhance investment decisions, and form audiences for each other's performances of financially competent selves. The central argument of the book is that investment management is fashioned profoundly by the opportunities and constraints this chain creates. Whether chains constrain or enable, however, they always entangle, tying intermediaries to each other - silently and profoundly shaping the investment management industry. Chains of Finance is a novel analysis that will make students, social scientists, financial professionals, and regulators looking at the workings of financial markets in a new light. A must-read for anyone looking for insights into the decision-making processes of investment managers and those influenced by and working for them.
Author: Peter H. Huang
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Book Description
Individuals invest in securities markets via such financial intermediaries as brokers and dealers. Federal securities laws regulate the behavior of securities professionals towards their customers. The relationship between investors and securities professionals is an example of a principal-agent relationship. Such relationships suffer from well-known incentive and informational problems. This Article focuses on some novel emotional and psychological consequences of such relationships for investment decisions. This Article considers how expectations about securities investment behavior can interact with guilt on the part of securities professionals from breaching their clients' trust. This Article explains how imposing a fiduciary duty of loyalty can alter expectations about investment behavior, emotions that depend on those investment expectations, and investment behavior itself. This Article also discusses the applicability of such models to other fiduciary relationships.
Author: Mads Andenas
Publisher: Routledge
ISBN: 113504337X
Category : Law
Languages : en
Pages : 556
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Book Description
Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.
Author: W. Fred van Raaij
Publisher: Springer
ISBN: 1137544252
Category : Business & Economics
Languages : en
Pages : 286
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Book Description
Government policies, marketing campaigns of banks, insurance companies, and other financial institutions, and consumers' protective actions all depend on assumptions about consumer financial behavior. Unfortunately, many consumers have no or little knowledge of budgeting, financial products, and financial planning. It is therefore important that organizations and market authorities know why consumers spend, borrow, insure, invest, and save for their retirement - or why they do not. Understanding Consumer Financial Behavior provides a systemic economic and behavioral approach to the way people handle their finances. It discusses the different types of financial behaviors consumers may engage in and explores the psychological explanations for their behavior and choices. This exciting new book is essential reading for scholars of marketing, finance, and management; financial professionals; and consumer policy makers.
Author: Editor : Sona Kapila
Publisher: Academic Foundation
ISBN: 9788171885633
Category :
Languages : en
Pages : 230
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Book Description
