Akin to many other European Union member states, over recent times the Luxembourgish telecommunications market is undergoing a process of market liberalisation, which is itself encapsulated by broader neoliberal tendencies. While many aspects of market liberalisation are similar to those in...

We investigate the cost of capital in a model with an agency conflict between inside managers and outside shareholders. Inside ownership reflects the classic tradeoff between incentives and risk diversification, and the severity of agency costs depends on a parameter representing investor...