global proportions. An amplification mechanism were the huge valuation losses on credit instruments, which dwarfed actual … losses from default. We argue that these valuation losses were driven not so much by a reassessment of risks as by a global … valuation losses on CDS contracts for these borrowers arose in large part from movements in global and regional risk pricing …

employers meet this challenge by monitoring employees carefully to prevent shirking. But there is another option that relies on … monitoring. This should be especially useful in work systems where monitoring by supervisors is more difficult, such as teamwork … systems. We analyze the relationship between screening and monitoring in the context of a principal-agent model and test the …

as monitoring, but also through agents intrinsic trustworthiness. Their relative usage, however, changes over time and … to potential returns. When monitoring becomes relatively cheaper over time, agents acquire lower trustworthiness, which … choosing governance methods tend to have higher monitoring intensities and lower trust. These results are consistent with the …

employers meet this challenge by monitoring employees carefully to prevent shirking. But there is another option that relies on … monitoring. This should be especially useful in work systems where monitoring by supervisors is more difficult, such as teamwork … systems. We analyze the relationship between screening and monitoring in the context of a principal-agent model and test the …

over the past decade. We find that business group affiliation continues to generate higher market valuation vis … propping through profit transfers among firms within a group and better monitoring through group level directorial interlocks … explains the higher market valuation of business group affiliated firms. The effect of propping and directorial interlocks on …

each year and over all five-years combined. In contrast, Tobins Q results (a market valuation measure) show that the mean …