competition in market economies. We find evidence of the importance of a minimum of rivalry in both innovation and growth: the … from market power in product markets are utilised to undertake innovation. There is also some less clear-cut evidence that …

capital that is delegated is low, all funds follow the same strategy. However, when the equilibrium share of delegated capital …

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

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

We present a dynamic agency model of investment, borrowing and payout decisions by a mature corporation operating in … perfect financial markets. Risk-averse managers implement an inter-temporal strategy that maximizes their lifetime utility of … agency models and from dynamic models based on financing frictions. …

position through the “valuation channel” of external adjustment, namely capital gains and losses on the country’s external … assets and liabilities. We examine this valuation channel theoretically in a dynamic equilibrium portfolio model with … quantities in the definition of net foreign assets, we can characterize the first-order dynamics of both valuation effects and …

In this Paper we study the changes in corporate valuation induced by the formation of Economic and Monetary Union (EMU …