kaal:claim:3949098-021

Traditional underwriting also fails at the agent level, because individual agents within an underwriter may sacrifice the underwriter's overall reputation for personal gain, for example by putting out a fraudulent offering.

Source quote, verbatim

individual agents within an underwriter may decide to sacrifice the underwriter's overall reputation for personal gain.

From

Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021), II. Basic Concept, 4. Decentralized Underwriting, p. 13
https://ssrn.com/abstract=3949098 · source PDF

Cite as

Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098

Holds when

traditional underwriting firms where agent and firm incentives diverge

Classification

failuresupport: arguedfailure: Agent Expropriation Of Firm Reputationfamily: agency-cost-and-managerial-opportunismcorporate-governancedefireputationai-and-agents

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