Palomino, Frédéric; Prat, Andrea - C.E.P.R. Discussion Papers - 1999
riskiness of the portfolio. This represents a departure from the existing literature on agency theory in that moral hazard is … not only effort exertion but also risk taking behavior. The moral hazard problem with risk taking involves an incentive … portfolio. This represents a departure from the existing literature on agency theory in that moral hazard is not only effort …