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Conflicts of Interest in Financial Intermediation
Authors:Guido Palazzo  Lena Rethel
Affiliation:(1) Internef, University of Lausanne, Lausanne, VD, 1003, Switzerland;(2) Department of Politics and International Studies (PAIS), University of Warwick, Coventry, Cv4 7AL, United Kingdom
Abstract:The last years have seen a surge of scandals in financial intermediation. This article argues that the agency structure inherent to most forms of financial intermediation gives rise to conflicts of interest. Though this does not excuse scandalous behavior it points out market imperfections. There are four types of conflicts of interest: personal-individual, personal-organizational, impersonal-individual, and finally, impersonal-organizational conflicts. Analyzing recent scandals we find that all four types of conflicts of interest prevail in financial intermediation.
Keywords:financial intermediation  conflict of interests  principal-agent theory
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