Moral - ein Thema für die Ökonomik? Diese von vielen zunächst zweifelnd vorgebrachte Frage wird inzwischen eindeutig affirmativ beantwortet. Die veränderte Einschätzung ist wohl nicht zufällig im zeitlichen Zusammenhang mit neueren Entwicklungen der Ökonomik zu sehen, vor allem der Neuen...

On 23 June 2010, the Magyar Nemzeti Bank and SUERF jointly organised a conference on "The Future of Banking in CESEE after the Financial Crisis", incorporating the SUERF Annual Lecture, delivered by Manfred Schepers, Vice President, Finance at the European Bank for Reconstruction and...

On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.

This paper analyzes innovation races in a moral hazard setting. I develop a model where two competing entrepreneurs, financed by a single venture capitalist, work independently on the same project. The venture capitalist cannot observe the allocation of funds she provides, which creates a moral...