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R&D, capital investments, and financing under repeated moral hazard
Anderson, Ronald W.; Nyborg, Kjell G. - 2000
Persistent link: https://www.econbiz.de/10001492504
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Microfounded contest design
Kirkegaard, René - 2020
Persistent link: https://www.econbiz.de/10012172857
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Convertible bonds and bank risk-taking
Martynova, Natalya; Perotti, Enrico C. - 2018
We study how contingent capital affects banks' risk choices. When triggered in highly levered states, going …-concern conversion reduces risk-taking incentives, unlike conversion at default by traditional bail-inable debt. Interestingly …, contingent capital (CoCo) may be less risky than bail-inable debt as its lower priority is compensated by a lower induced risk …
Persistent link: https://www.econbiz.de/10011874283
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Credence goods, costly diagnosis, and subjective evaluation
Bester, Helmut; Dahm, Matthias - 2014
We study contracting between a consumer and an expert. The expert can invest in diagnosis to obtain a noisy signal about whether a low-cost service is sufficient or whether a high-cost treatment is required to solve the consumerś problem. This involves moral hazard because diagnosis effort and...
Persistent link: https://www.econbiz.de/10010429934
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Optimal procurement of a credence good under limited liability
Bester, Helmut; Yaofu, Ouyang - 2017
This paper analyzes the optimal contract for a consumer to procure a credence good from an expert when (i) the expert might misrepresent his private information about the consumer’s need, (ii) the expert might not choose the requested service since his choice of treatment is non-observable,...
Persistent link: https://www.econbiz.de/10011781931
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Subjective evaluation versus public information
Bester, Helmut; Münster, Johannes - 2013
This paper studies a principal-agent relation in which the principal's private information about the agent's effort choice is more accurate than a noisy public performance measure. For some contingencies the optimal contract has to specify ex post inefficiencies in the form of inefficient...
Persistent link: https://www.econbiz.de/10009752336
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Misappropriation of R&D subsidies : estimating treatment effects with one-sided noncompliance
Boeing, Philipp; Peters, Bettina - 2021
In evaluating the effectiveness of R&D subsidies, the literature has focused on potential crowding out effects, while the possibility of misappropriation of public funds that results from moral hazard behavior has been completely neglected. This study develops a theoretical framework with which...
Persistent link: https://www.econbiz.de/10012661468
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Mandated sick pay : coverage, utilization, and welfare effects
Maclean, Catherine; Pichler, Stefan; Ziebarth, Nicolas R. - 2021
This paper evaluates how sick pay mandates operate at the job level in the United States. Using the National Compensation Survey and difference-in-differences models, we estimate their impact on coverage rates, sick leave use, labor costs, and non-mandated fringe benefits. Sick pay mandates...
Persistent link: https://www.econbiz.de/10012671879
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Misappropriation of R&D subsidies : estimating treatment effects with one-sided noncompliance
Boeing, Philipp; Peters, Bettina - 2021
Persistent link: https://www.econbiz.de/10012818352
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Saving-investment correlations and government policy under credit constraints
Stefani, Maria Lucia - 1994
Persistent link: https://www.econbiz.de/10000881526