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  1. Communication and social preferences
    an experimental analysis
    Autor*in: Cabrales, Antonio; Feri, Francesco; Gottardi, Piero; Meléndez-Jiménez, Miguel A.
    Erschienen: January 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper reports on experiments regarding cheap talk games where senders attempt deception when their interests are not in conflict with those of the receiver. The amount of miscommunication is higher than in previous experimental findings on cheap... mehr

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    This paper reports on experiments regarding cheap talk games where senders attempt deception when their interests are not in conflict with those of the receiver. The amount of miscommunication is higher than in previous experimental findings on cheap talk games in situations where senders’ and receivers’ interests are not in conflict. We obtain this even though, as in previous literature, some participants appear to feature a cost of lying. We argue our findings could be attributed to distributional preferences of senders who lie to avoid the receiver getting a higher payoff than herself.

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/232447
    Schriftenreihe: CESifo working paper ; no. 8850 (2021)
    Schlagworte: experiments; cheap talk; deception; conflicts of interest; social preferences
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  2. Conflicting incentives in the management of 529 plans
    Autor*in: Balthrop, Justin; Cici, Gjergji
    Erschienen: 2022
    Verlag:  Centre for Financial Research, Cologne

    Section 529 plans have experienced tremendous growth, yet we know little about how the incentives of their sponsors (i.e., states) and program managers affect investors. We study how the incentives of these key players relate to plan characteristics.... mehr

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    Section 529 plans have experienced tremendous growth, yet we know little about how the incentives of their sponsors (i.e., states) and program managers affect investors. We study how the incentives of these key players relate to plan characteristics. Plans where states exhibit a greater tendency to extract revenue offer investment menus with higher underlying fees, weaker performance, and limited options. In addition, their sponsors offer no other direct or indirect benefits that offset these plans’ inferior investment menus. Our evidence suggests conflicts of interest faced by program managers and lack of investment sophistication of sponsoring states as likely explanations.

     
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    hdl: 10419/251514
    Schriftenreihe: CFR working paper ; no. 22, 06
    Schlagworte: 529 plans; conflicts of interest; plan sponsor; program manager; revenue sharing
    Umfang: 1 Online-Ressource (circa 44 Seiten)
  3. The effectiveness of revolving door laws
    evidence from government debt management
    Autor*in: Silano, Filippo
    Erschienen: September 2022
    Verlag:  Universität Hamburg, Fakultät für Rechtswissenschaft, [Hamburg]

    The increasing presence of the revolving door across several dimensions of statecraft has prompted the introduction of laws addressing the phenomenon's risks. Focusing on executive branches in charge of issuing and managing government debt - debt... mehr

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    The increasing presence of the revolving door across several dimensions of statecraft has prompted the introduction of laws addressing the phenomenon's risks. Focusing on executive branches in charge of issuing and managing government debt - debt management units (DMUs) -, this article delivers a case study assessing the effectiveness of revolving door policies, with the overarching purpose of designing regulatory solutions. In government debt management, the revolving door denotes the transition of employees working at the dealers to DMUs, and vice versa. Dealers are financial institutions either appointed by the domestic DMU to participate in auctions of government securities, or exclusively distributing bonds in the secondary market. Drawing on a comparative legal analysis across eight OECD countries and career data from a sample of public debt managers, this study provides empirical evidence that despite legislations curbing the revolving door are in force, the dynamic is free to flow. Reasons are lack of effective monitoring, credible enforcement mechanisms and adequate ethical culture. Addressing shortcomings, policy proposals advocate the establishment of independent oversight bodies endowed with sanctioning power, and measures enhancing the transparency of public officials' career moves. Identifying and plugging loopholes in the framework in force, this study aims at steering policymakers through the ongoing process of modernising conflict of interest regulation.

     
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    hdl: 10419/264441
    Schriftenreihe: Institute of Law and Economics working paper series ; no. 63 (2022)
    Schlagworte: revolving doors; conflicts of interest; public integrity; government debt management; effectiveness of policies; enforcement; regulatory governance
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  4. Narrative persuasion
    Autor*in: Barron, Kai; Fries, Tilman
    Erschienen: [2023]
    Verlag:  Wissenschaftszentrum Berlin für Sozialforschung gGmbH, Berlin, Germany

    Modern life offers nearly unbridled access to information; it is the harnessing of this information to guide decision-making that presents a challenge. We study how one individual may try to shape the way another person interprets objective... mehr

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    Modern life offers nearly unbridled access to information; it is the harnessing of this information to guide decision-making that presents a challenge. We study how one individual may try to shape the way another person interprets objective information by proposing a causal explanation (or narrative) that makes sense of this objective information. Using an experiment, we examine the use of narratives as a persuasive tool in the context of financial advice where advisors may hold incentives that differ from those of the individuals they are advising. Our results reveal several insights about the underlying mechanisms that govern narrative persuasion. First, we show that advisors construct self-interested narratives and make them persuasive by tailoring them to fit the objective information. Second, we demonstrate that advisors are able to shift investors' beliefs about the future performance of a company. Third, we identify the types of narratives that investors find convincing, namely those that fit the objective information well. Finally, we evaluate the efficacy of several potential policy interventions aimed at protecting investors. We find that narrative persuasion is difficult to protect against.

     
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    hdl: 10419/268276
    Schriftenreihe: Discussion paper / WZB, Wissenschaftszentrum Berlin für Sozialforschung, Research Area: Markets and Choice, Research Unit: Economics of Change ; SP II 2023, 301 (January 2023)
    Schlagworte: Narratives; beliefs; financial advice; conflicts of interest; behavioral finance
    Umfang: 1 Online-Ressource (circa 115 Seiten), Illustrationen
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    Datei gelöscht auf Wunsch der Autoren
  5. Narrative persuasion
    Autor*in: Barron, Kai; Fries, Tilman
    Erschienen: January 2023
    Verlag:  CESifo, Munich, Germany

    Modern life offers nearly unbridled access to information; it is the harnessing of this information to guide decision-making that presents a challenge. We study how one individual may try to shape the way another person interprets objective... mehr

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    Modern life offers nearly unbridled access to information; it is the harnessing of this information to guide decision-making that presents a challenge. We study how one individual may try to shape the way another person interprets objective information by proposing a causal explanation (or narrative) that makes sense of this objective information. Using an experiment, we examine the use of narratives as a persuasive tool in the context of financial advice where advisors may hold incentives that differ from those of the individuals they are advising. Our results reveal several insights about the underlying mechanisms that govern narrative persuasion. First, we show that advisors construct self-interested narratives and make them persuasive by tailoring them to fit the objective information. Second, we demonstrate that advisors are able to shift investors' beliefs about the future performance of a company. Third, we identify the types of narratives that investors find convincing, namely those that fit the objective information well. Finally, we evaluate the efficacy of several potential policy interventions aimed at protecting investors. We find that narrative persuasion is difficult to protect against.

     
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    hdl: 10419/271850
    Schriftenreihe: CESifo working papers ; 10206 (2023)
    Schlagworte: narratives; beliefs; financial advice; conflicts of interest; behavioural finance
    Umfang: 1 Online-Ressource (circa 114 Seiten), Illustrationen
  6. Institutional arrangements for bank resolution
    Autor*in: Baudino, Patrizia; Sánchez, Carlos; Walters, Ruth
    Erschienen: 2021
    Verlag:  Bank for International Settlements, Financial Stability Institute, [Basel]

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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292594664
    Schriftenreihe: FSI insights on policy implementation ; no 32 (May 2021)
    Schlagworte: resolution; resolution authority; supervision; institutional arrangements; operational independence; mandates; conflicts of interest
    Umfang: 1 Online-Ressource (circa 41 Seiten)
  7. Adjudicator compensation systems and investor-state dispute settlement
    Autor*in: Gaukrodger, David
    Erschienen: 2017
    Verlag:  OECD Publishing, Paris

    Compensation for adjudicators is generally considered as a core issue for judicial independence and for attracting good judges in the institutional design for courts. This paper examines compensation systems for adjudicators and dispute settlement... mehr

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    Compensation for adjudicators is generally considered as a core issue for judicial independence and for attracting good judges in the institutional design for courts. This paper examines compensation systems for adjudicators and dispute settlement administrators in investor-state dispute settlement (ISDS). The paper uses in part a comparative perspective based on approaches in domestic courts in advanced economies, an approach rarely taken in analysing investor-state arbitration. The first section of the paper provides historical context and examines the reform of remuneration of judges to replace private litigant fees with salaries in colonial America and the United States, France and England in the 18th and early 19th centuries. Subsequent sections address debates over the impact of compensation systems on adjudicators; contemporary approaches to the compensation of judges in advanced economies; the co-existence in advanced economies of national courts with salaried judges since the early 19th century with generally strong support for commercial arbitration based on ad hoc fee-based remuneration; and similarities and differences between commercial arbitration and investment arbitration, focusing how the largely similar compensation systems may have different effects and be differently perceived by the public. Annexes to the paper report on discussions about adjudicator compensation at the 2016 OECD Investment Treaty Conference and gather some preliminary facts about adjudicator and dispute administrator compensation in investor-state arbitration as well as the investment court system included in the recent EU-Canada CETA trade and investment agreement.

     
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  8. The reverse revolving door in the supervision of European banks
    Autor*in: Colonnello, Stefano; Koetter, Michael; Sclip, Alex; Wagner, Konstantin
    Erschienen: December 2023
    Verlag:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    We show that around one third of executive directors on the boards of national supervisory authorities (NSA) in European banking have an employment history in the financial industry. The appointment of executives without a finance background... mehr

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    We show that around one third of executive directors on the boards of national supervisory authorities (NSA) in European banking have an employment history in the financial industry. The appointment of executives without a finance background associates with negative valuation effects. Appointments of former bankers, in turn, spark positive stock market reactions. This „proximity premium“ of supervised banks is a more likely driver of positive valuation effects than superior financial expertise or intrinsic skills of former executives from the financial industry. Prior to the inception of the European Single Supervisory Mechanism, the presence of former financial industry executives on the board of NSA associates with lower regulatory capital and faster growth of banks, pointing to a more lenient supervisory style.

     
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    hdl: 10419/281191
    Schriftenreihe: IWH discussion papers ; 2023, no. 25 (December 2023)
    Schlagworte: banking supervision; conflicts of interest; revolving door
    Umfang: 1 Online-Ressource (III, 70 Seiten, 1,15 MB), Diagramme
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    Literaturverzeichnis: Seite 30-32
  9. Adjudicator compensation systems and investor-state dispute settlement
    Autor*in: Gaukrodger, David
    Erschienen: 2017
    Verlag:  OECD Publishing, Paris

    Compensation for adjudicators is generally considered as a core issue for judicial independence and for attracting good judges in the institutional design for courts. This paper examines compensation systems for adjudicators and dispute settlement... mehr

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    Compensation for adjudicators is generally considered as a core issue for judicial independence and for attracting good judges in the institutional design for courts. This paper examines compensation systems for adjudicators and dispute settlement administrators in investor-state dispute settlement (ISDS). The paper uses in part a comparative perspective based on approaches in domestic courts in advanced economies, an approach rarely taken in analysing investor-state arbitration. The first section of the paper provides historical context and examines the reform of remuneration of judges to replace private litigant fees with salaries in colonial America and the United States, France and England in the 18th and early 19th centuries. Subsequent sections address debates over the impact of compensation systems on adjudicators; contemporary approaches to the compensation of judges in advanced economies; the co-existence in advanced economies of national courts with salaried judges since the early 19th century with generally strong support for commercial arbitration based on ad hoc fee-based remuneration; and similarities and differences between commercial arbitration and investment arbitration, focusing how the largely similar compensation systems may have different effects and be differently perceived by the public. Annexes to the paper report on discussions about adjudicator compensation at the 2016 OECD Investment Treaty Conference and gather some preliminary facts about adjudicator and dispute administrator compensation in investor-state arbitration as well as the investment court system included in the recent EU-Canada CETA trade and investment agreement.

     
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  10. Bank ratings
    what determines their quality?
    Autor*in: Hau, Harald; Langfield, Sam; Marqués Ibáñez, David
    Erschienen: 2012
    Verlag:  European Central Bank, Frankfurt am Main

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    Staats- und Universitätsbibliothek Bremen
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    hdl: 10419/153917
    Schriftenreihe: Working paper series / European Central Bank ; 1484
    Schlagworte: Bank; Kreditwürdigkeit; Dienstleistungsqualität; Ratingagentur; USA; EU-Staaten; Interessenkonflikt; conflicts of interest
    Umfang: Online-Ressource (41 S.), graph. Darst.
  11. Bank ratings
    what determines their quality?
    Autor*in: Hau, Harald; Langfield, Sam; Marqués Ibáñez, David
    Erschienen: 2012
    Verlag:  Swiss Finance Inst., Genève

    This paper examines the quality of credit ratings assigned to banks in Europe and the United States by the three largest rating agencies over the past two decades. We interpret credit ratings as relative assessments of creditworthiness, and define a... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    This paper examines the quality of credit ratings assigned to banks in Europe and the United States by the three largest rating agencies over the past two decades. We interpret credit ratings as relative assessments of creditworthiness, and define a new ordinal metric of rating error based on banks' expected default frequencies. Our results suggest that rating agencies assign more positive ratings to large banks and to those institutions more likely to provide the rating agency with additional securities rating business (as indicated by private structured credit origination activity). These competitive distortions are economically significant and help perpetuate the existence of "too-big-to-fail" banks. We also show that, overall, differential risk weights recommended by the Basel accords for investment grade banks bear no significant relationship to empirical default probabilities.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; 12,31
    Swiss Finance Institute Research Paper ; No. 12-31
    Schlagworte: Bank; Kreditwürdigkeit; Dienstleistungsqualität; Ratingagentur; USA; EU-Staaten; Interessenkonflikt; conflicts of interest
    Umfang: Online-Ressource, graph. Darst.
  12. Narrative persuasion
    Autor*in: Barron, Kai; Fries, Tilman
    Erschienen: [2023]
    Verlag:  Collaborative Research Center Transregio 190, [München]

    Modern life offers nearly unbridled access to information; it is the harnessing of this information to guide decision-making that presents a challenge. We study how one individual may try to shape the way another person interprets objective... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 553
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    Modern life offers nearly unbridled access to information; it is the harnessing of this information to guide decision-making that presents a challenge. We study how one individual may try to shape the way another person interprets objective information by proposing a causal explanation (or narrative) that makes sense of this objective information. Using an experiment, we examine the use of narratives as a persuasive tool in the context of financial advice where advisors may hold incentives that differ from those of the individuals they are advising. Our results reveal several insights about the underlying mechanisms that govern narrative persuasion. First, we show that advisors construct self-interested narratives and make them persuasive by tailoring them to fit the objective information. Second, we demonstrate that advisors are able to shift investors’ beliefs about the future performance of a company. Third, we identify the types of narratives that investors find convincing, namely those that fit the objective information well. Finally, we evaluate the efficacy of several potential policy interventions aimed at protecting investors. We find that narrative persuasion is difficult to protect against.

     
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    Sprache: Englisch
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    Format: Online
    Weitere Identifier:
    hdl: 10419/282160
    Schriftenreihe: Discussion paper / Rationality & Competition, CRC TRR 190 ; no. 469 (December 09, 2023)
    Schlagworte: Narratives; beliefs; financial advice; conflicts of interest; behavioral finance
    Umfang: 1 Online-Ressource (circa 113 Seiten), Illustrationen
  13. Bank ratings
    what determines their quality?
    Autor*in: Hau, Harald; Langfield, Sam; Marqués Ibáñez, David
    Erschienen: 2012
    Verlag:  Centre for Economic Policy Research, London

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 32 (9171)
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Array ; 9171
    Schlagworte: Bank; Kreditwürdigkeit; Dienstleistungsqualität; Ratingagentur; USA; EU-Staaten; Interessenkonflikt; conflicts of interest
    Umfang: 34, [5] S., graph. Darst.
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    Parallel als Online-Ausg. erschienen