qdecmAAA金融风险管理.docxVIP

qdecmAAA金融风险管理 qdecmAAA金融风险管理 PAGE qdecmAAA金融风险管理 第一章 3. Identify and explain three economic disincentives that probably would dampen the flow of funds between household savers of funds and corporate users of funds in an economic world without financial intermediaries. Investors generally are averse to purchasing securities directly because of (a) monitoring costs, (b) liquidity costs, and (c) price risk. Monitoring the activities of borrowers requires extensive time, expense, and expertise. As a result, households would prefer to leave this activity to others, and by definition, the resulti