We present a dynamic agency model of investment, borrowing and payout decisions by a mature corporation operating in … agency models and from dynamic models based on financing frictions. …

Using an agency model, we show how delegation, by generating additional private information, improves dynamic …

This paper develops an agency model in which firms can influence their own incentives to provide a non …

supervision. Central bank communication will constitute a central policy tool for that purpose. The paper asks how such … communication will affect financial markets, exploiting the fact that many central banks have had some financial stability role in … times, but can have a substantially larger effect during periods of financial stress. Moreover, central bank communication …

in quantity and quality of output. We use data from a controlled field experiment that changed the communication of the …

communication between the sender and the receiver in a way consistent with the theoretical predictions. Deviations from the …