influenced by delegation and precautionary motives. This can entail “contagion”, i.e. parallel reactions of the loan volumes in …

delegation and precautionary motives. We then show that these two phenomena create a separate channel of shock propagation, a …

. In this paper we show that delegation can be the only way to exploit gains from diversification when overload costs of … diversification are high; delegation thus is the key ingredient to be able to diversify. … of credit due to moral hazard between the entrepreneur and external investors. Diversification could mitigate the moral …

. In this paper we show that delegation can be the only way to exploit gains from diversification when overload costs of … diversification are high; delegation thus is the key ingredient to be able to diversify. … of credit due to moral hazard between the entrepreneur and external investors. Diversification could mitigate the moral …

paper we show that delegation can be the only way to exploit the gains from diversification when overload costs of … diversification are high; delegation thus is the key ingredient to be able to diversify. … hazard between entrepreneurs and investors. Diversification could mitigate the moral hazard problem. However for a single …

. In this paper we show that delegation can be the only way to exploit gains from diversification when overload costs of … diversification are high; delegation thus is the key ingredient to be able to diversify. … of credit due to moral hazard between the entrepreneur and external investors. Diversification could mitigate the moral …