Internal monitoring is a cardinal responsibility of the board of directors, many of which have been subject to relentless criticism of conceding too much power to the managers and allowing them too much latitude. We analyze the role of internal monitoring in a dynamic adverse selection model, in...

Special Purpose Acquisition Companies (SPACs) have exploded in popularity in recent years. Their unique business model and structures beckon a comprehensive understanding of the incentives of SPAC sponsors and the implications of hidden information on the welfare of retail SPAC investors. This...

This paper studies how the firm designs its internal information system when facing an adverse selection problem arising from unobservable managerial abilities. While more precise information allows the firm to make ex-post more efficient investment decisions, noisier information has an ex-ante...