This paper studies equilibrium portfolios in the standard neoclassical growth model under uncertainty with heterogeneous agents and dinamically complete markets. Preferences are purposely restricted to be quasi-homothetic. The main source of heterogeneity across agents is due to different...

Unlike outside investors, controlling groups have the option to trade on inside information, and can exercise it at the expense of the former. A simple theoretical model rationalizes the relationship between corporate governance and insider trading decisions through reputational arguments. We...

This paper explores labor conflicts in the Argentine education sector and provides a model that explains the politicization of public sector labor relations in a context of high discretion in the application of rules. First, we argue that in those contexts, institutions do not generate stable...