Many financial firms changed their corporate structure from partnership to corporation during the 1980s and 1990s. Some observers argue that this caused an overall decline in the risk management function at many of these firms, leading to more and larger financial losses. Why might this be the case? 

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The argument that changing the corporate structure from partnership to corporation during the 1980s and 1990s led to a decline in the risk management function at financial firms resulting in more and ... View the full answer