, risk and efficiency. Compensation analyses show strong variation in compensation schemes between banks and bank divisions …

political debate. At the same time, the literature is surprisingly silent about the magnitude of possible efficiency costs of a … backof-the-envelope calculations of the possible efficiency cost of a tax distortion of the debtequity decision. -- Debt …

efficiency of the courts in avoiding Type I (finding an innocent firm guilty of inappropriate care) and Type II (finding a guilty … indicate that an increase in the efficiency of the court system in avoiding errors raises safety care levels, thereby reducing …] share for firms [financiers] as well as a lower standard level of care. -- environmental policy ; court efficiency …

lawsuit, to identify the real effects of these guarantees on the allocation of credit (“allocative efficiency”). Using matched … bank/firm data, we find that public guarantees reduce allocative efficiency. With guarantees in place, poorly performing …