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- Publisher Website: 10.1016/j.jfs.2021.100938
- Scopus: eid_2-s2.0-85114905663
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Article: Professional norms and risk-taking of bank employees: Do expectations of peers’ risk preferences matter?
Title | Professional norms and risk-taking of bank employees: Do expectations of peers’ risk preferences matter? |
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Authors | |
Keywords | Banking Field experiments Professional norms Risk-taking |
Issue Date | 2021 |
Citation | Journal of Financial Stability, 2021, v. 56, article no. 100938 How to Cite? |
Abstract | Using experimental data, we document that the impact of professional norms on the risk-taking of bank employees depends on their expectations of peers’ risk preferences. When the professional identity of bank employees is made salient, those who expect colleagues to take more risk than themselves increase risky investments by 5.2% points in a mock investment task, while others do not statistically change their risk-taking behaviors. Data from placebo experiments with non-bank employees do not exhibit such empirical patterns. The results are consistent with peer effects and social identity theories, and challenge the existing evidence that professional norms in the banking industry decrease risk-taking. |
Persistent Identifier | http://hdl.handle.net/10722/311970 |
ISSN | 2021 Impact Factor: 3.554 2020 SCImago Journal Rankings: 2.272 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | An, Jiafu | - |
dc.contributor.author | Jiang, Mengfei | - |
dc.contributor.author | Xu, Jiaman | - |
dc.date.accessioned | 2022-04-06T04:31:53Z | - |
dc.date.available | 2022-04-06T04:31:53Z | - |
dc.date.issued | 2021 | - |
dc.identifier.citation | Journal of Financial Stability, 2021, v. 56, article no. 100938 | - |
dc.identifier.issn | 1572-3089 | - |
dc.identifier.uri | http://hdl.handle.net/10722/311970 | - |
dc.description.abstract | Using experimental data, we document that the impact of professional norms on the risk-taking of bank employees depends on their expectations of peers’ risk preferences. When the professional identity of bank employees is made salient, those who expect colleagues to take more risk than themselves increase risky investments by 5.2% points in a mock investment task, while others do not statistically change their risk-taking behaviors. Data from placebo experiments with non-bank employees do not exhibit such empirical patterns. The results are consistent with peer effects and social identity theories, and challenge the existing evidence that professional norms in the banking industry decrease risk-taking. | - |
dc.language | eng | - |
dc.relation.ispartof | Journal of Financial Stability | - |
dc.subject | Banking | - |
dc.subject | Field experiments | - |
dc.subject | Professional norms | - |
dc.subject | Risk-taking | - |
dc.title | Professional norms and risk-taking of bank employees: Do expectations of peers’ risk preferences matter? | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.jfs.2021.100938 | - |
dc.identifier.scopus | eid_2-s2.0-85114905663 | - |
dc.identifier.volume | 56 | - |
dc.identifier.spage | article no. 100938 | - |
dc.identifier.epage | article no. 100938 | - |
dc.identifier.isi | WOS:000704335500005 | - |