contingent capital proposed in the literature, the COERC is less risky in a world where bank assets can experience sudden jumps …. A bank that issues COERCs also has a smaller incentive to choose investments that are subject to large losses. …

We argue that the existence of CEO private control benefits complements managerial reputation in counteracting costly … empirically using bankruptcy filings in Sweden, where a filing automatically terminates CEO employment and requires the firm to be … sold in an open auction. The median CEO income loss is a dramatic 40%, suggesting that bankruptcy filing damages CEO …

managers have a preference for smooth time-paths of profits – as revealed by the empirical literature on ‘income smoothing … termination threats make collusion supportable at any discount factor, independent of contracts’ duration. When managers have …

constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …

model with banks and financial intermediation is constructed in which default-risk can be priced. It is shown how the credit …

, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into … that auctions of dollar assets by foreign central banks disproportionately benefited countries that were more exposed to …