文档介绍：公司金融Chap001
OF FACFS
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Financial Manager
What is a university structure like?
What is a corporation structur of the existing stock?
to maximize the market value of the existing owners’ equity?
to maximize firm value?
Does this mean we should do anything and everything to maximize owner wealth? 亚洲船东警告中远 黄金福娃发霉
to maximize stakeholders’ value?
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Moral Hazard and Adverse Selection
Moral hazard
The risk that the presence of a contract will affect on the behaviour of one or more parties.
The classic example is in the insurance industry, where coverage against a loss might increase the risk-taking behaviour of the insured.
One illustration is that if somebody is insured against fire, he may take less care to avoid fire because he knows that, should a loss be incurred, the insurance company will ultimately bear the cost.
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Moral Hazard and Adverse Selection
Adverse selection
It occurs under the circumstance of asymmetric information, where one party holds the information that he/she might benefit from a contract while his/her counterpart may loss from it. However, the other party has no access to the information in the bargain.
This glossary originally implies the adverse effects to the insured by the increasing of insurance premium.
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Moral Hazard and Adverse Selection
Economists usually treat moral hazard and adverse selection as questions in the same category.
An example in banking (Stiglitz and Weiss, 1981)
The model of adverse selection
The model of moral hazard
eg. 恋爱—劣币驱逐良币
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The Agency Problem
Agency relationship
Principal hires an agent to represent his/her interest,
Stockholders (principals) hire managers (agents) to run the company
Agency problem：the separation of ownership and control，conflict of interests
理论研究：Michael C. Jensen and William H. Meckling, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, Vol. 3, No. 4 (1976)。
Agency costs
Indirect costs—错过