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We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state. This change limited managers'...
Persistent link: https://www.econbiz.de/10013117403
interest of Credit Rating Agencies (CRAs). We model both the CRA conflict of understating credit risk to attract more business …, and the issuer conflict of purchasing only the most favorable ratings (issuer shopping), and examine the effectiveness of …
Persistent link: https://www.econbiz.de/10012757875
We examine the mechanics of deterrence and intervention when fear is a motive for conflict. We contrast results … distinguish predatory and preemptive incentives as determinants of conflict. We show that while weapons have an unambiguous …
Persistent link: https://www.econbiz.de/10012759352
this goal conflict, this paper develops two hypotheses. First, in times of financial-sector stress, political pressure is …
Persistent link: https://www.econbiz.de/10012759699
We study two parties who desire a smooth trading relationship under conditions of value and cost uncertainty. A rigid contract fixing price works well in normal times since there is nothing to argue about. However, when value or cost is exceptional, one party will hold up the other , damaging...
Persistent link: https://www.econbiz.de/10012759758
Policymakers can take actions to prevent local conflict before it begins, if such violence can be accurately predicted …
Persistent link: https://www.econbiz.de/10012867902
conflict when defense capability is fixed, but may allow for security and prosperity when defense capability is endogenous … of conflict and stagnation. We illustrate the model by analyzing the rise of civilization in Sumeria and Egypt, the first …
Persistent link: https://www.econbiz.de/10013009442
conjecture that increasing female property rights increased conflict within household and this increased conflict resulted in … with asymmetric information and costly conflict is consistent with these findings …
Persistent link: https://www.econbiz.de/10013056668
American politics have been characterized by a high degree of partisan conflict in recent years. Combined with a … this end, I construct a novel high- frequency indicator of partisan conflict. The partisan conflict index (PCI) uses a … may help explain the slow recovery observed since the 2007 recession ended. Partisan conflict is also associated with …
Persistent link: https://www.econbiz.de/10013021015
This research advances the hypothesis and establishes empirically that interpersonal population diversity, rather than fractionalization or polarization across ethnic groups, has been pivotal to the emergence, prevalence, recurrence, and severity of intrasocietal conflicts. Exploiting an...
Persistent link: https://www.econbiz.de/10013024494