Charles Kahn is from the University of Illinois at Urbana-Champaign. Andrew Winton is from the University of Minnesota. This is a substantial revision of an earlier paper entitled “Project Choice, Moral Hazard, and Optimal Subsidiary Structure for Financial Intermediaries.” We are grateful to the late Herb Baer, Douglas Diamond, Paolo Fulghieri, Richard Green (the editor), Joseph Haubrich, Timothy Guinnane, John McMillan, Yossi Spiegel, Larry Wall, and an anonymous referee for their comments, and to Sen Li for research assistance. We also thank seminar participants at Bellcore, the Federal Reserve Bank of Chicago, the Federal Reserve Bank of Cleveland, the Federal Reserve Bank of New York, the Federal Reserve Bank of Philadelphia, INSEAD, New York University, Stanford University, the Stockholm School of Economics, Tulane University, Yale University, the University of Chicago, and the University of Texas.
Moral Hazard and Optimal Subsidiary Structure for Financial Institutions
Version of Record online: 27 NOV 2005
© 2004 the American Finance Association
The Journal of Finance
Volume 59, Issue 6, pages 2531–2575, December 2004
How to Cite
KAHN, C. and WINTON, A. (2004), Moral Hazard and Optimal Subsidiary Structure for Financial Institutions. The Journal of Finance, 59: 2531–2575. doi: 10.1111/j.1540-6261.2004.00708.x
- Issue online: 27 NOV 2005
- Version of Record online: 27 NOV 2005
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