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The Internal Governance of Firms
Acharya, Viral V; Myers, Stewart C; Rajan, Raghuram G - C.E.P.R. Discussion Papers - 2009
theory of investment and dividend policy, where dividends are paid by self-interested CEOs to maintain a balance between …
Persistent link: https://www.econbiz.de/10004980207
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Active Agents, Passive Principals: Does High-Powered CEO Compensation Really Improve Incentives
Dow, James; Raposo, Clara - C.E.P.R. Discussion Papers - 2002
In this Paper we use agency theory to study the active role of the CEO in the formulation of corporate strategy. We …
Persistent link: https://www.econbiz.de/10005504388
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Contracting under Incomplete Information and Social Preferences: An Experimental Study
Hoppe, Eva I; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2013
cornerstone of contract theory. We have conducted an experiment with 720 participants to explore whether the theoretical insights … are reflected by the behavior of subjects in the laboratory and to what extent deviations from standard theory can be … agency theory is indeed useful to qualitatively predict how variations in the degree of uncertainty affect subjects' behavior …
Persistent link: https://www.econbiz.de/10011084433
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Gathering Information before Signing a Contract: Experimental Evidence
Hoppe, Eva I; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2009
A central insight of agency theory is that when a principal offers a contract to a privately informed agent, the … particular, we investigate settings with both exogenous and endogenous information structures. We find that theory is indeed a …
Persistent link: https://www.econbiz.de/10005789080
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Asymmetric Sequential Search under Incomplete Information
Minchuk, Yizhaq; Sela, Aner - C.E.P.R. Discussion Papers - 2015
We study a two-stage sequential search model with two agents who compete for one job. The agents arrive sequentially, each one in a different stage. The agents' abilities are private information and they are derived from heterogeneous distribution functions. In each stage the designer chooses an...
Persistent link: https://www.econbiz.de/10011276381
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Learning From Stock Prices and Economic Growth
Peress, Joël - C.E.P.R. Discussion Papers - 2011
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the acquisition of information about firms, its partial revelation through stock prices, capital allocation and income. The stock market allows investors to share their costly private...
Persistent link: https://www.econbiz.de/10009293661
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The Political Cost of Reforms
Bonfiglioli, Alessandra; Gancia, Gino A - C.E.P.R. Discussion Papers - 2011
-term limit to governments. The predictions of this theory are consistent with a number of empirical regularities on the …
Persistent link: https://www.econbiz.de/10009644031
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Composition of International Capital Flows: A Survey
Kirabaeva, Korolai; Razin, Assaf - C.E.P.R. Discussion Papers - 2010
In this survey, we focus on key mechanisms through which liquidity and financial shocks affect major types of capital flows. We focus on a few models that examine the role of asymmetric information, liquidity preferences, limited enforcement, and incomplete markets on the composition of capital...
Persistent link: https://www.econbiz.de/10008468525
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Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk
Heider, Florian; Hoerova, Marie; Holthausen, Cornelia - C.E.P.R. Discussion Papers - 2010
We study the functioning and possible breakdown of the interbank market in the presence of counterparty risk. We allow banks to have private information about the risk of their assets. We show how banks' asset risk affects funding liquidity in the interbank market. Several interbank market...
Persistent link: https://www.econbiz.de/10008530367
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Currency Attacks with Multiple Equilibria and Imperfect Information: The Role of Wage-setters
Femminis, Gianluca - C.E.P.R. Discussion Papers - 2002
We consider a dynamic stochastic model of currency attacks, characterised by imperfect information about the fundamental. Agents, who imperfectly know the state of the economy, not only decide whether to attack the peg, but also formulate expectations concerning the probability of future...
Persistent link: https://www.econbiz.de/10005123840