Showing 1 - 8 of 8
The authors analyze the existence and uniqueness of equilibrium in a class of monopolistic rational expectations models. They show the equivalence between the Kyle (1985) model of inside trading where the insider observes the amount of noise trading and the Kyle (1989) model of informed...
Persistent link: https://www.econbiz.de/10005242530
An entrepreneur with limited liability needs to finance an infinite horizon investment project. An agency problem arises because she can divert operating cash flows before reporting them to the financiers. We first study the optimal contract in discrete time. This contract can be implemented by...
Persistent link: https://www.econbiz.de/10005312653
An entrepreneur with limited liability needs to finance an infinite horizon investment project. An agency problem arises because she can divert operating cash flows before reporting them to the financiers. We first study the optimal contract in discrete time. This contract can be implemented by...
Persistent link: https://www.econbiz.de/10010637945
We analyse the optimal Initial Public Offering (IPO) mechanism in a multidimensional adverse selection setting where institutional investors have private information about the market valuation of the shares, the intermediary has private information about the demand, and the institutional...
Persistent link: https://www.econbiz.de/10010638053
The canonical selection contracting programme takes the agent's participation decision as deterministic and finds the optimal contract, typically satisfying this constraint for the worst type. Upon weakening this assumption of known reservation values by introducing independent randomness into...
Persistent link: https://www.econbiz.de/10010638065
We analyse the optimal Initial Public Offering (IPO) mechanism in a multidimensional adverse selection setting where institutional investors have private information about the market valuation of the shares, the intermediary has private information about the demand, and the institutional...
Persistent link: https://www.econbiz.de/10005168001
The canonical selection contracting programme takes the agent's participation decision as deterministic and finds the optimal contract, typically satisfying this constraint for the worst type. Upon weakening this assumption of known reservation values by introducing independent randomness into...
Persistent link: https://www.econbiz.de/10005168170
Persistent link: https://www.econbiz.de/10005168192