Do labor markets discipline? Evidence from RMBS bankers
Publication
, Journal Article
Griffin, JM; Kruger, S; Maturana, G
Published in: Journal of Financial Economics
September 1, 2019
This paper examines whether employees involved in residential mortgage-backed security (RMBS) securitization experienced internal and external labor market consequences relative to similar non-RMBS employees in the same banks and why. Senior RMBS bankers experienced similar levels of job retention, promotion, and external job opportunities. Even signers of RMBS deals with high loss and misreporting rates or deals implicated in lawsuits experienced no adverse internal or external labor market outcomes. These findings are likely not explained by targeted or delayed employee discipline, small legal fines, or protection due to pending litigation but are consistent with implicit upper-management approval of RMBS activities.
Duke Scholars
Published In
Journal of Financial Economics
DOI
ISSN
0304-405X
Publication Date
September 1, 2019
Volume
133
Issue
3
Start / End Page
726 / 750
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1606 Political Science
- 1502 Banking, Finance and Investment
- 1402 Applied Economics
Citation
APA
Chicago
ICMJE
MLA
NLM
Griffin, J. M., Kruger, S., & Maturana, G. (2019). Do labor markets discipline? Evidence from RMBS bankers. Journal of Financial Economics, 133(3), 726–750. https://doi.org/10.1016/j.jfineco.2018.11.005
Griffin, J. M., S. Kruger, and G. Maturana. “Do labor markets discipline? Evidence from RMBS bankers.” Journal of Financial Economics 133, no. 3 (September 1, 2019): 726–50. https://doi.org/10.1016/j.jfineco.2018.11.005.
Griffin JM, Kruger S, Maturana G. Do labor markets discipline? Evidence from RMBS bankers. Journal of Financial Economics. 2019 Sep 1;133(3):726–50.
Griffin, J. M., et al. “Do labor markets discipline? Evidence from RMBS bankers.” Journal of Financial Economics, vol. 133, no. 3, Sept. 2019, pp. 726–50. Scopus, doi:10.1016/j.jfineco.2018.11.005.
Griffin JM, Kruger S, Maturana G. Do labor markets discipline? Evidence from RMBS bankers. Journal of Financial Economics. 2019 Sep 1;133(3):726–750.
Published In
Journal of Financial Economics
DOI
ISSN
0304-405X
Publication Date
September 1, 2019
Volume
133
Issue
3
Start / End Page
726 / 750
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1606 Political Science
- 1502 Banking, Finance and Investment
- 1402 Applied Economics