Sabourian, H. and Sibert, Anne (2011) Why did the bankers behave so badly? Working Paper. Birkbeck, University of London, London, UK.
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Abstract
It is widely believed that bankers played an important role in causing the financial crisis that began in August 2007. In this paper we demonstrate that the compensation system in the financial services industry which rewards perceived talents, rather than long-term performance, leads rational bankers to exhibit belief persistence, overconfidence and confirmation bias.
Metadata
| Item Type: | Monograph (Working Paper) |
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| Additional Information: | JEL classification: D81, D82, D83, G21 |
| Keyword(s) / Subject(s): | conformation bias, belief persistence, overconfidence, signalling, financial crisis |
| School: | Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School |
| Depositing User: | Sarah Hall |
| Date Deposited: | 06 May 2014 16:20 |
| Last Modified: | 02 Aug 2023 17:10 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/9683 |
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