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The importance of capital market in economy

Andrieş, Alin Marius - In: CES working papers 1 (2009) 2, pp. 69-75

All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses issues concerning the place and role of capital market within the financial...

Persistent link: https://www.econbiz.de/10011992017

Does financial development drive private investment in Ghana?

Sakyi, Daniel; Boachie, Micheal Kofi; Immurana, Mustapha - In: Economies : open access journal 4 (2016) 4, pp. 1-12

There is ample evidence from economic growth literature that investment accelerates economic growth and development of … focused more on encouraging private sector investment through the development of the financial sector. This paper investigates … the short- and long-run impact of financial development on private investment in Ghana for the years 1970 …

Persistent link: https://www.econbiz.de/10011610224

Optimal unemployment insurance with monitoring

Setty, Ofer - In: Quantitative economics : QE ; journal of the … 10 (2019) 2, pp. 693-733

I model job-search monitoring in the optimal unemployment insurance framework, in which job-search effort is the worker’s private information. In the model, monitoring provides costly information upon which the government conditions unemployment benefits. Using a simple one-period model with...

Persistent link: https://www.econbiz.de/10012042453

A unifying approach to incentive compatibility in moral hazard problems

Kirkegaard, René - In: Theoretical economics : TE ; an open access journal in … 12 (2017) 1, pp. 25-51

A new approach to moral hazard is presented. Once local incentive compatibil- ity is satis?ed, the problem of verifying global incentive compatibility is shown to be isomorphic to the problem of comparing two classes of distribution functions. Thus, tools from choice under uncertainty can be...

Persistent link: https://www.econbiz.de/10011704635

Optimal form of retention for securitized loans under moral hazard

Dionne, Georges; Malekan, Sara - In: Risks : open access journal 5 (2017) 4, pp. 1-13

We address the moral hazard problem of securitization using a principal-agent model where the investor is the principal and the lender is the agent. Our model considers structured asset-backed securitization with a credit enhancement (tranching) procedure. We assume that the originator can...

Persistent link: https://www.econbiz.de/10011783323

The optimal contract under adverse selection in a moral-hazard model with a risk-averse agent

Maréchal, François; Thomas, Lionel - In: Games 9 (2018) 1/12, pp. 1-22

This paper studies the optimal contract offered by a risk-neutral principal to a risk-averse agent when the agent’s hidden ability and action both improve the probability of the project being successful. We show that if the agent is sufficiently prudent and able, the principal induces a higher...

Persistent link: https://www.econbiz.de/10011849217

A general solution method for moral hazard problems

Ke, Rongzhu; Ryan, Christopher Thomas - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 3, pp. 1425-1481

Principal-agent models are pervasive in theoretical and applied economics, but their analysis has largely been limited to the ``first-order approach'' (FOA) where incentive compatibility is replaced by a first-order condition. This paper presents a new approach to solving a wide class of...

Persistent link: https://www.econbiz.de/10011937391

Optimal delegated search with adverse selection and moral hazard

Ulbricht, Robert - In: Theoretical economics : TE ; an open access journal in … 11 (2016) 1, pp. 253-278

The paper studies a model of delegated search. The distribution of search revenues is unknown to the principal and has to be elicited from the agent in order to design the optimal search policy. At the same time, the search process is unobservable, requiring search to be self-enforcing. The two...

Persistent link: https://www.econbiz.de/10011672191

STO vs. ICO : a theory of token issues under moral hazard and demand uncertainty

Miglo, Anton - In: Journal of risk and financial management : JRFM 14 (2021) 6, pp. 1-35

This paper considers a financing problem for an innovative firm that is launching a web-based platform. The entrepreneur, on one hand, faces a large degree of demand uncertainty on his product and on the other hand has to deal with incentive problems of professional blockchain participants who...

Persistent link: https://www.econbiz.de/10012587665

Financing capacity with stealing and shirking

Véricourt, Francis de; Gromb, Denis - In: Management science : journal of the Institute for … 65 (2019) 11, pp. 5128-5141

Persistent link: https://www.econbiz.de/10012125937

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