We show that asset opacity can improve the efficiency of investment in the economy. We consider a model where underinvestment arises from speculative cash-hoardings aiming to benefit from fire-sale prices. Whereas opacity provides no benefit to asset originators in the case of isolated...

This study compares the efficacy of some commonly observed vendor selection and contracting mechanisms with respect to two key challenges in service outsourcing: vendor selection and contract efficiency. We show that competitive bidding yields good selection but contract inefficiency (positive...

The problem of zombie enterprises originated in Japan's bubble economy around 1990. Afterward, after China's oversupply problem in 2016, it gained attention and received policy support from the Chinese government in solving related problems. The contribution of this measurement is to integrate...