Risk-neutral individuals take more risky decisions when they have limited liability. Risk-neutral managers may not when … return. Further results on the form of contracts are also derived. -- managers ; risky decisions ; limited liability … acting as agents under contract and taking costly actions to acquire information before taking decisions. Limited liability …

Risk-neutral individuals take more risky decisions when they have limited liability. Risk-neutral managers may not when … acting as agents under contract and taking costly actions to acquire information before taking decisions. Limited liability … actions. The resulting decisions may be less, rather than more, risky. Making a decision after acquiring information provides …

Risk-neutral individuals take more risky decisions when they have limited liability. Risk-neutral managers may not when … acting as agents under contract and taking costly actions to acquire information before taking decisions. Limited liability … actions. The resulting decisions may be less, rather than more, risky. Making a decision after acquiring information provides …

to decide how many pieces of information they wanted to purchase non-sequentially in order to make a decision under …

We analyze how reputational concerns of arbitrators affect the quality of their decision process, in particular … acquisition but may induce arbitrators to bias their decisions towards one party in the dispute. This decision bias is greater …

-relevant private information, we show the VA decision also provides contract-relevant private information. We develop an approach to … signal when the VA decision suggests the firm expects the loss to be transitory (persistent). We show that variation in … performance signal. Overall, our results suggest that extracting private information from the VA decision provides an innovative …

, the fund manager is often replaced. We argue that this may lead to excessive risk-taking if fund managers differ in … ability and have the opportunity to take excessive risk. To match the benchmark, fund managers may increase the risk of their …

We present a model with dynamic investment flows, where fund managers have the ability to generate excess returns and …