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We analyze a problem of maximization of expected terminal wealth and consumption under constraints in a general framework including financial models with constrained portfolios, labor income and large investor models. By using general optional decomposition under constraints in a multiplicative...
Persistent link: https://www.econbiz.de/10005134845
This study analyzes the interaction of agency problems in public policy and of agency problems inside the firm: it investigates the case of a large privatized firm subject to many policy constraints. The last steps of Telefonica's privatization were designed to promote a disperse ownership and...
Persistent link: https://www.econbiz.de/10005413213
This paper analyses the efficacy of the governance structure of occupational pension funds (Pensionskassen – PKs) in … distribution of power, by the underlying governance structure of PKs. This section focuses on the structural conflict of interest … companies). The institutional interests of PKs are determined by the governance structure at the micro and meso levels and the …
Persistent link: https://www.econbiz.de/10005561560
in governance. Its significance has broadened geographically as well as across different sectors. It has been observed … existing literature on transparency in finance and governance, indicates remaining knowledge gaps, and offers some hypothesis … adequate enforcement. The last section elaborates on the concomitant link between financial markets and governance, discussing …
Persistent link: https://www.econbiz.de/10005561607