In this paper we analyze a dynamic agency problem where contracting parties do not know the agent's future productivity at the beginning of the relationship. We consider a two-period model where both the agent and the principal observe the agent's second-period productivity at the end of the...

Ziel dieser Arbeit ist es, in die ökonomische Analyse des Versicherungsbetrugs einzuführenund einige grundlegende Determinanten für vertragswidriges Verhalten von Versicherungsnehmern aufzuzeigen. Dazu werden zunächst die strategischen Entscheidungsprobleme von Versicherungsneh-mern und...

Die Prinzipal-Agent-Theorie befasst sich vornehmlich mit betriebswirtschaftlichen Problemen, dieaus Interessenskonflikten in Vertragsbeziehungen bei asymmetrischer Information resultieren. Esexistiert eine große Vielfalt unterschiedlicher Theorievarianten, die sich jedoch um...

In this paper we analyze a dynamic agency problem where contracting parties do not know the agent's future productivity at the beginning of the relationship. We consider a two-period model where both the agent and the principal observe the agent's second-period productivity at the end of the...

This paper studies the effect of performance measurement error and bias on the principal's choice of whether to appoint a supervisor who signals private, pre-decision, productivity information to a subordinate. Without a supervisor, both agents are privately informed and relative performance...

This article investigates the impacts of asymmetric information within a Lucas (1978) asset pricing economy. Asymmetry enters via the assumption that one group of agents is equipped with superior information about the dividend process.(...)

This paper shows how this becomes an informational first-mover advantage that turns innovators into the market leader.

Rhodes-Kropf and Viswanathan (2004) suggest an adverse selection role of corporate cashreserve. Specifically, if investors know a bidder does not have to issue to invest, an attempt to doso sends a strong pessimistic signal of overvaluation. Despite its intuitiveness, this notion has notbeen...

Applying the framework of conditional event studies shows that equity issues reveal managers‟private information about stock mispricing, which investors only partially discount into stockprices at the seasoned equity offering (SEO) announcement date. Negative abnormal returnsoccur as prices...