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The first stock exchanges involved government. The modern stock exchange is strangely devoid of government presence, at least in terms of the decision to halt trading. Meanwhile, over two-hundred billion dollars trades each day on the New York Stock Exchange, one of thirteen recognized domestic...
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We study firms' internal resource allocation using a dynamic principal-agent model with endogenous cash-flow volatility …
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We study a firm's internal resource allocation using a dynamic principal-agent model with endogenous cash flow …
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