انگیزه های موسسات مالی هنگامی که آنها دارایی های مالی با ریسک اعتباری را برای سرمایه گذاران خرده فروشی قرار می دهند

This paper analyzes the conflict of interest that exists when a financial institution issues and places a financial asset with credit risk among retail investors. Four regulatory measures are presented and analyzed in order to improve retail investors protection. Theoretically, it is shown that two of these measures, setting a price cap to the issue and an adequate enforcement could implement a first best social optimum.