J
Joel Shapiro
Researcher at University of Oxford
Publications - 56
Citations - 3258
Joel Shapiro is an academic researcher from University of Oxford. The author has contributed to research in topics: Credit rating & Structured finance. The author has an hindex of 17, co-authored 52 publications receiving 2993 citations. Previous affiliations of Joel Shapiro include Pompeu Fabra University.
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Conflicts of interest, information provision, and competition in the financial services industry
TL;DR: In this paper, the authors present a new model of competition between banks, where price competition influences the ensuing incentives for truthful information revelation, which may lead to conflicts of interest in the provision of information by sellers.
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Executive Compensation and Risk Taking
TL;DR: In this paper, a theoretical model of shareholders, debtholders, depositors, and an executive suggests that excessive risk taking (in the form of risk shifting) may be addressed by basing compensation on both stock price and the price of debt (proxied by the credit default swap spread).
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Executive Compensation and Risk Taking
TL;DR: In this paper, a theoretical model of shareholders, debtholders, depositors, and an executive suggests that excessive risk taking (in the form of risk shifting) may be addressed by basing compensation on both stock price and the price of debt (proxied by the credit default swap spread).
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The Credit Ratings Game
TL;DR: In this article, the authors examine the effectiveness of a number of proposed regulatory solutions of CRAs and find that CRAs are more prone to inflate ratings when there is a larger fraction of naive investors in the market who take ratings at face value, or when CRA expected reputation costs are lower.
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Credit Ratings Accuracy and Analyst Incentives
Heski Bar-Isaac,Joel Shapiro +1 more
TL;DR: In this article, the authors construct a model in which analysts initially work at a CRA and can then either remain or move to a bank, and find that rating agency accuracy increases with CRA monitoring, bank profitability, and can be non-monotonic in the probability of an analyst leaving.