一、讲座主题：The Making of (Modern) Banks

二、主讲人：李昭

李昭，中南财经政法大学副教授，西班牙庞贝法布拉大学(Universitat Pompeu Fabra)获经济学博士，研究兴趣是银行学、公司金融和金融监管。研究论文发表于Management Science，Journal of economic dynamic and control等期刊，主持国家自然科学基金青年项目“全局博弈理论及在中央银行流动性救助和金融监管上的应用”。2021年中国国际金融与政策论坛(CIFFP)，优秀论文奖。

三、主要内容：

A bank is a nexus of contracts. For a bank to issue riskless, money-like, claims, its financing and executive compensation contracts must be jointly designed to induce banker effort and discourage risk-taking. Our model explains why bankers get high pay for producing mediocre outcomes, and why pure charter value (or market value of equity) is insufficient to prevent banker risk-taking. Outside shareholders, contributing book equity, are useful despite introducing another layer of agency problems. When bankers’incentive contracts are opaque, each banker’s pay should depend on the entire bank’s performance although he controls only his own performance.

四、时间：2022年11月22日14:00-16:00

五、地点：腾讯会议458-117-099 密码：1122