Information and Incentives Inside the Firm: Evidence from Loan Officer Rotation
研究发现，银行定期轮换贷款官员能减少其隐瞒坏消息的动机，使报告更准确，从而提升贷款决策质量。
ABSTRACT We present evidence that reassigning tasks among agents can alleviate moral hazard in communication. A rotation policy that routinely reassigns loan officers to borrowers of a commercial bank affects the officers' reporting behavior. When an officer anticipates rotation, reports are more accurate and contain more bad news about the borrower's repayment prospects. As a result, the rotation policy makes bank lending decisions more sensitive to officer reports. The threat of rotation improves communication because self‐reporting bad news has a smaller negative effect on an officer's career prospects than bad news exposed by a successor.