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This paper analyzes whether risk shifting took place in the European Union’s banking sector in 2002–2009. We also identify the type of risk shifting, if any, in the sample. In addition, our method provides a way to determine which variables incentivize/disincentivize risk shifting. Our main...
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In the crisis that started in 2007, banks’ off-balance sheet activity has been blamed for flooding the market with low-quality assets and contributing to spreading risk throughout the economic system. Nevertheless, this view is hardly sustainable within the context of sophisticated markets....
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type="main" xml:id="sjpe12037-abs-0001" <title type="main">Abstract</title> <p>This study discusses informal hiring in terms of a standard principal–agent model. We have developed an adverse selection model of the labour market where effort is not contractible and employers have the opportunity to use informal search...</p>
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