Although school autonomy is often advocated as a way to improve student achievement, many countries are experiencing a counterbalancing trend: the emergence of 'chains' that bind schools together into structures with varying degrees of centralization. Despite their prominence, no evidence exists...

Sustainability-Linked Bonds - an innovative debt product that incorporates incentivized sustainability targets - are becoming increasingly popular to encourage issuers to improve their sustainability performance. However, existing Sustainability-Linked Bond structures allow issuers to weaken the...

We model how quality concerns affect the relationship between a firm and its supplier. A firm concerned about uncontractible quality for a customizable good has to pay higher prices to sustain a relationship with the supplier. If the customizable good has sufficiently volatile demand, then a...

We set up a model on the hold-up problem with uncertain bargaining power and find that, when agents are overconfident about their bargaining power ex ante, both of them may endogenously choose incomplete contract over complete contract even when complete contracting is feasible. The intuition...

Sustainability-Linked Bonds (SLBs) – an innovative debt product that incorporates incentivized sustainability targets – are becoming increasingly popular to encourage issuers to improve their sustainability performance. However, existing SLB structures allow issuers to weaken the link...

Sustainability-Linked Bonds (SLBs) – an innovative debt product that incorporates incentivized sustainability targets – are becoming increasingly popular to encourage issuers to improve their sustainability performance. However, existing SLB structures allow issuers to weaken the link...