Investment and Diversification in the American Whaling Industry
分析了19世纪美国捕鲸业中投资决策与融资安排的关系，发现经理人因道德风险而保留大量股权，导致航行缺乏多样化，增加了行业整体风险，并揭示了金融市场发展与经济活动范围之间的联系。
This article analyzes the connection between investment decisions and financing arrangements in the nineteenth-century American whaling industry. Managers of whaling ventures shared their risks by selling some equity claims but retained a substantial portion due to moral hazard considerations. As a result, they had little incentive to consider the covariance between their own returns, and those of others, in planning their voyages. This stifled diversity in whaling voyages and increased industry-wide risk. The analysis suggests a link between financial market development, or the extent of risk sharing in financial markets, and the range of economic activities pursued.