The Demise of Double Liability as an Optimal Contract for Large-Bank Stockholders

This paper tests the optimal-contracting hypothesis, drawing upon data from a natural experiment that ended during the Great Depression. The subjects of our experiment are bank stockholders. The experimental manipulation concerns the imposition of state or federal restrictions on the contracts they

本文针对最优契约假说（optimal-contracting hypothesis）开展实证检验，所用研究数据取自一场在大萧条（Great Depression）期间终止的自然实验（natural experiment）。本次实验的研究对象为银行股东，实验干预手段围绕对其契约施加州级或联邦级限制展开。