Biais, Bruno; Rochet, Jean-Charles; Woolley, Paul - London School of Economics (LSE) - 2009
become too high, investors may give up on incentives, and risk and failure rates rise. Furthermore, if the innovation is … fundamental value of the innovation: is it strong or fragile? Second, it is difficult to monitor managers, which creates moral … financial innovation wave which took place at the beginning of this century. …