We study a controlled experiment in which a bank's loan officers were incentivized based on originated loan volume to encourage prospecting for new business. While treated loan officers did attract new applications, both extensive and intensive margins of loan origination expanded ( 31% new...

Introduction: finance as a working rich observatory -- The size of bonuses -- The distribution of bonuses -- Property rights in the firm -- The sense of ownership of profit -- Assets and power -- A hold-up case -- Towards a model of hold-up -- The labour market as asset transfer -- What do heads...