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The best research on moral hazard, done by the remarkable Nobelist Kenneth Arrow and in later years by some of his disciples like Joseph Stiglitz, actually makes a case for regulation.
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Hazard does not mention other factors.
So in that sense moral hazard did affect investors' decisions.
To the Editor: What part of "moral hazard" does the good professor not understand?
And there certainly are situations where moral hazard does seem to have an effect on people's choices.
Now, on to the next filling station hazard: Do you see people smoking while they fill up?
The term "moral hazard" does not appear in the Davis Polk document, but that is what this is all about.
He was right: the economics of "moral hazard" do explain why they took on so much debt.
If moral hazard does not cause systemically important firms to take excessive risks, then why do they sometimes engage in that risk-taking?
The association between residual disease status and mortality hazard did not differ significantly among histologic subtypes of ovarian cancer (p for interaction=0.32).
Mourinho would not be drawn on whether Hazard does enough "without the ball", though, merely smiling and saying, "we are doing OK now.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com