In the last twenty years, ERM has gained relevance in business management and was put to test in many “tail” situations, starting from the SARS outbreaks in 2003 up to recent financial crises (subprime and sovereign debt crises) and regional pandemic. Notwithstanding the lesson learnt, prima...

Significant research on risk management has focused on the development and assessment of risk management models. However, risk management has been often criticized as being inadequate and not achieving its main objectives of bringing greater certainty to projects by minimizing threats and...

This paper investigates the relationship between governance mechanisms, risk management practices and performance of water and sanitation projects in Uganda. A quantitative cross-sectional survey was conducted with a sample of 66 water and sanitation projects in South-western Uganda. Data were...

This paper studies optimal policy in a business-cycle setting in which firms have a blurry understanding of the state of the economy due to informational or cognitive constraints. The latter are not only the source of nominal rigidity but also an impediment in the coordination of production. The...

A recent literature has introduced heterogeneous firms into models of international trade. This literature has adopted the convention of treating individual firms as points on a continuum. While the continuum offers many advantages this convenience comes at some cost: (1) Shocks to individual...

How does increasing globalization affect corporate transparency? Freer trade represents different facets and in theory has ambiguous effects on corporate transparency. On the one hand, by exposing firms to more product market competition, it could discourage discretionary disclosure. On the...

This paper provides the first comprehensive documentation of the main features of corporate bond issues in domestic and international markets and analyzes how firms use these markets after they internationalize. We find that debt issues in domestic and international bond markets have different...

We study optimal monetary policy in an environment in which firms' pricing and production decisions are subject to informational frictions. Our framework accommodates multiple formalizations of these frictions, including dispersed private information, sticky information, and certain forms of...