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Financial Constraints and Moral Hazard: The Case of Franchising

Fan, Ying; Kühn, Kai-Uwe; Lafontaine, Francine - CESifo - 2013

Financial constraints are an important impediment to the growth of small businesses. We study theoretically and empirically how the financial constraints of agents affect their decisions to exert effort, and, hence the organizational decisions and growth of principals, in the context of...

Persistent link: https://www.econbiz.de/10010877784

The Impact of City Contracting Set-Asides on Black Self-Employment and Employment

Chatterji, Aaron K.; Chay, Kenneth Y.; Fairlie, Robert W. - CESifo - 2013

In the 1980s, many U.S. cities initiated programs reserving a proportion of government contracts for minority-owned businesses. The staggered introduction of these set-aside programs is used to estimate their impacts on the self-employment and employment rates of African-American men. Black...

Persistent link: https://www.econbiz.de/10010636597

Long Persuasion Games

Forges, Francoise; Koessler, Frédéric - CESifo - 2006

This paper characterizes geometrically the set of all Nash equilibrium payoffs achievable with unmediated communication …

Persistent link: https://www.econbiz.de/10005181479

Does Central Bank Communication really Lead to better Forecasts of Policy Decisions? New Evidence Based on a Taylor Rule Model for the ECB

Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2009

central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the … ECB communication that are all based on the ECB President’s introductory statement at the press conference following an … included in our Taylor rule model, the ECB communication indicators remain significant. …

Persistent link: https://www.econbiz.de/10005013956

Agency and Communication in IMF Conditional Lending: Theory and Empirical Evidence

Marchesi, Silvia; Sabani, Laura; Dreher, Axel - CESifo - 2009

We focus on the role that the transmission of information between a multilateral (the IMF) and a country has for the optimal design of conditional reforms. Our model predicts that when agency problems are especially severe, and/or IMF information is valuable, a centralized control is indeed...

Persistent link: https://www.econbiz.de/10005051565

Does Money Matter in the ECB Strategy? New Evidence Based on ECB Communication

Berger, Helge; Sturm, Jan-Egbert - CESifo - 2006

We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the monthly press conferences during 1999-2004. Over time, the relative amount of words devoted to the monetary analysis has decreased. Our analysis of indicators of the monetary policy...

Persistent link: https://www.econbiz.de/10005406390

The Role of Salience in Performance Schemes: Evidence from a Field Experiment

Englmaier, Florian; Roider, Andreas; Sunde, Uwe - CESifo - 2012

in quantity and quality of output. We use data from a controlled field experiment that changed the communication of the …, reduces quality, and increases in-pocket income of team managers. …

Persistent link: https://www.econbiz.de/10010539149

Communicating Subjective Evaluations

Lang, Matthias - CESifo - 2014

Should principals explain and justify their evaluations? Suppose the principal’s evaluation is private information, but she can provide justification by sending a costly cheap-talk message. If she does not provide justification, her message space is restricted, but the message is costless. I...

Persistent link: https://www.econbiz.de/10010781550

Information Transmission within Federal Fiscal Architectures: Theory and Evidence

Dreher, Axel; Gehring, Kai; Kotsogiannis, Christos; … - CESifo - 2013

of unverifiable information and the quality of communication depends on the conflict of interests between the government …

Persistent link: https://www.econbiz.de/10010693469

Information Transmission and Ownership Consolidation in Aid Programs

Dreher, Axel; Marchesi, Silvia - CESifo - 2013

This paper explores the role of information transmission in explaining donors’ choice between project aid and budget support. Budget support increases the involvement of recipient governments in the decision-making process and can thus be an example of a “delegation-scheme.” Conversely,...

Persistent link: https://www.econbiz.de/10010701088