firms and banks are subject to moral hazard and monitoring is essential. Multiple-bank lending is optimal whenever the …. The model predicts a greater use of multiple-bank lending when banks are small relative to investment projects, firms are …

banking sector as a whole that depends on total bank capital. Equilibrium risk and market risk premiums can be solved in … closed form as functions of aggregate bank capital. We explore the empirical properties of the model in light of recent …

is operated by a sequence of managers. In our model, firms replace their managers not only upon poor performance to … provide incentives, but also when outside managers are at a comparative advantage to lead the firm through a new growth phase … of the tenure of the incumbent manager onto the present value of future managers’ compensation. …

This paper provides empirical evidence that managers adjust firm advertising expenditures to influence investor … expenditures is consistent with the idea that managers are exploiting the return effect induced by advertising to the benefit of …