This study analyzes a continuous-time N-agent Brownian hidden-action model with exponential utilities, in which agents' actions jointly determine the mean and the variance of the outcome process. In order to give a theoretical justi¯cation for the use of linear contracts, as in Holmstrom and...

We study how ownership structure and management objectives interact in determining the company size without assuming information constraints or explicit costs of management. In symmetric agent economies, the optimal company size balances the returns to scale of the production function and the...

This study uses a multi-output multi-input Data Efficiency Analysis (DEA) to estimate the performance of all thirty-two participated football teams in the UEFA Champions League (CL) tournament 2005-06. The estimates are based on official match statistics from all 125 matches.

Abstract: I apply the Beveridge-Nelson business cycle decomposition method to the time series of murder in the United States (1900-2004). Separating out “permanent” from “cyclical” murder, I hypothesize that the cyclical part coincides with documented waves of organized crime, internal...

The U.S. and China are the world’s largest and second largest CO2 emitters, respectively, and to what extent the U.S. and China get involved in combating global climate change is extremely important both for lowering compliance costs of climate mitigation and adaptation and for moving...

The present paper embarks on an analysis of interactions between the US and Euroland in the capital, foreign exchange, money and stock markets from 1994 until 2006. Estimating multivariate EGARCH processes for the structural financial innovations determines causality-in-variance effects and...