This paper discusses the housing market in the Netherlands. Our study benefits from access to the DNB household survey (formerly known as CentER Savings Survey) and analyzes a panel dataset of 8867 households over the period 1992-2005.

What causes mergers and acquisitions (M&A)? This is an issue that still remains to some extent a puzzle. While we can, of course, come up with a story or motive for each individual merger or takeover case, finance theory has not quite managed yet to formulate a coherent theory that is generally...

We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...

We present a dynamic agency model of investment, borrowing and payout decisions by a mature corporation operating in perfect financial markets. Risk-averse managers implement an inter-temporal strategy that maximizes their lifetime utility of managerial rents. They under-invest and smooth payout...