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framework for corporate insolvency resolution are constantly changing to enhance the efficiency of such mechanisms. This pursuit … contrasts with the lack of specific efficiency data available to both legislators and researchers, there are no solid statistics … to investigate the phenomenon from the perspective of its efficiency, which makes it impossible in practice to …
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Information asymmetries are important in theory but difficult to identify in practice. We estimate the empirical importance of adverse selection and moral hazard in a consumer credit market using a new field experiment methodology. We randomized 58,000 direct mail offers issued by a major South...
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