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A Simple Dynamic Model of Credit and Aggregate Demand

Diaz-Bautista, Alejandro; Escandon, Julio R. - EconWPA - 2003

The purpose of the paper is to present a tractable model of an old topic which is becoming more important in macroeconomics: the link between financial structure and economic activity.

Persistent link: https://www.econbiz.de/10005126180

Optimal Unemployment Insurance with Variable Skill Levels

Pollak, Andreas - EconWPA - 2004

I study the consequences of heterogeneity of skills for the design of an optimal unemployment insurance, using a principal-agent set-up with a risk neutral insurer and infinitely lived risk averse agents. Agents, who are characterised by different productivities or skills, are employed by firms...

Persistent link: https://www.econbiz.de/10005408328

Why Are There Explicit Contracts of Employment?

James, Harvey; Johnson, Derek - EconWPA - 2002

understanding of two fundamental problems that arise when agency relationships are established between a worker and firm. The first … is that agency relationships often require the creation of specific property rights in order for firm owners to realize … productive efficiencies of scale or scope from agency. The second is that the economic characteristics of the agency relationship …

Persistent link: https://www.econbiz.de/10005076642

Corporate Diversification and Agency

Hermalin, Benjamin E.; Katz, Michael L. - EconWPA - 1994

can otherwise be explained by, the agency relationship between securities holders and managers. We argue that the value of … diversification in an agency relationship derives not from its effects on risk, but rather from its effects on the principal …

Persistent link: https://www.econbiz.de/10005134525

Why Funds of Funds?

Lai, Richard Kum-yew - EconWPA - 2005

Private equity funds of funds (FOFs) have become big business. Today, FOFs form 14% of new money raised. I test six explanations for the rise of FOFs. First, I find that FOFs do not generally deliver superior returns. They do, however, do well enough for the limited partners (LPs) that hire...

Persistent link: https://www.econbiz.de/10005134791

Three Union Regulations for Environment Protection Agency: A Game with 12 bank notes

Mullat, Joseph - EconWPA - 2001

the interaction of interests between companies and environment protection agency, which takes into account the nature …

Persistent link: https://www.econbiz.de/10005407567

AGENCY, ASSOCIATIONS AND CULTURE: A THALE OF STATE AND SOCIETY

Talpos, Ioan; Dima, Bogdan; Enache, Cosmin; Mutascu, … - EconWPA - 2005

theoretical foundation, elements resumed by a set of critical postulates and a special definition of state as the dominant agency …

Persistent link: https://www.econbiz.de/10005408429

Do Tender Offers Create Value? New Methods and Evidence

BHAGAT, SANJAI; DONG, MING; HIRSHLEIFER, DAVID A.; … - EconWPA - 2004

We develop the Probability Scaling Method, which rescales short-window announcement period returns; and the Intervention Method, which uses returns associated with intervening events, to estimate value improvements from tender offers. These methods address biases in conventional techniques,...

Persistent link: https://www.econbiz.de/10005413073

A Tale of Two Wages: Separating Contract from Governance

Harvey S. James Jr. - EconWPA - 1997

This paper distinguishes between governance structure and contractual form. The basic premise is that researchers often confuse these two concepts when they develop or empirically test models within the transaction cost framework. In the paper I utilize a simple principal- agent model to show...

Persistent link: https://www.econbiz.de/10005561837

Stealth-Trading: Which Traders' Trades Move Stock Prices?

Chakravarty, Sugato - EconWPA - 2002

Using audit trail data for a sample of NYSE firms, we show that medium size trades are associated with a disproportionately large cumulative stock price change relative to their proportion of all trades and volume. This result is consistent with the predictions of the stealth- trading hypothesis...

Persistent link: https://www.econbiz.de/10005134701