that a large portion of the detected herding can be explained by identical trading among funds of the same investment …, international and therefore complex investment universe. Further, we approximate a fund s portfolio complexity by its size and find …

undertakes a location-specific investment that is not contractible. When long-term contracts are feasible, the regulator averts …-term contracts are feasible, contracts with positive transfers in the second period cannot be implemented if the firm's investment is …

We consider a two-stage principal-agent model with limited liability in which a CEO is employed as agent to gather …

In a principal-agent setup, we investigate agents disclosure of conflict of interests revealing deliberate or …

This paper derives the optimal financial contract when a borrowing entrepreneur can evade taxes in a model of costly … standard debt contracts are not optimal when tax evasion is possible. Instead, the optimal contract is debt-like only for very …

-term contract that has to be renegoti- ated after the realization of the state of the world, they take the initial contract as a …-term contracts. First, it explains why parties often abstain from writing a beneficial long-term contract or why some contracts … allocation of ownership rights to protect relationship-specific investments rather than writing a specific performance contract …

contractible. If the firm can make a take-it-or leave-it offer, the optimal contract is also state-dependent but always suboptimal … leading to agency costs due inequity aversion. If the parties bargain over the optimal contract, the optimal division of … surplus is more equitable compared to the case with a purely selfish worker. Moreover, the optimal contract with bargaining …

-term contract that has to be renegotiated after the realization of the state of the world, they take the initial contract as a …-term contracts. First, it explains why parties often abstain from writing a beneficial long-term contract or why some contracts … allocation of ownership rights to protect relationship-specific investments rather than writing a specific performance contract …