Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers

被引：65

作者：

Cole, Shawn ^{[1
,2
]}

Kanz, Martin ^{[3
]}

Klapper, Leora ^{[3
]}

机构：

[1] Harvard Univ, Sch Business, Cambridge, MA 02138 USA

[2] NBER, Cambridge, MA 02138 USA

[3] World Bank, Dev Econ Res Grp, Washington, DC USA

来源：

JOURNAL OF FINANCE | 2015年 / 70卷 / 02期

关键词：

INFORMATION; ECONOMICS; BOOMS;

D O I：

10.1111/jofi.12233

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We conduct an experiment with commercial bank loan officers to test how performance compensation affects risk assessment and lending. High-powered incentives lead to greater screening effort and more profitable lending decisions. This effect is muted, however, by deferred compensation and limited liability, two standard features of loan officer compensation contracts. We find that career concerns and personality traits affect loan officer behavior, but show that the response to incentives does not vary with traits such as risk-aversion, optimism, or overconfidence. Finally, we present evidence that incentives distort the assessment of credit risk, even among professionals with many years of experience.

引用

页码：537 / 575

页数：39

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