Wall Street and the Housing Bubble er et meget interessant paper fra tre amerikanske professorer. De undersøger private ejendomshandler i årene op til finanskrisen foretaget af cheferne i de banker, der levede af at pakke bl.a. subprime-lån ind og sælge dem videre, og konstaterer på baggrund af deres survey, at cheferne ikke anede, at de var i gang med at køre ejendomsmarkedet i sænk med deres uheldige incitamentsstruktur, manglende overvågning af lån efter de blev solgt videre og den generelt underlødige udlånspraksis:
We analyze whether mid-level managers in securitized finance were aware of the housing bubble and a looming crisis in 2004-2006 using their personal home transaction data. To the extent that the practice of securitization may have led to lax screening of subprime borrowers, we find that the average person in our sample did not expect it to lead to problems in the wider housing market.
Certain groups of securitization agents were particularly aggressive in increasing their exposure to housing during this period, suggesting the need to expand the incentives-based view of the crisis to incorporate a role for beliefs.
Kategoriser denne under det løbende tema: “Det er ikke ulovligt at være inkompetent.”
Kassemesterens Klumme 