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Bertola, Giuseppe - 2024

Trading the cost of better performance off the probability that an imprecise test’s performance estimate falls short of the pass threshold, an assessee may perform above the threshold (and fear failure because of negative errors) or below it (and hope to pass because of positive errors). This...

Persistent link: https://www.econbiz.de/10014514952

Geopolitical Risk on Stock Returns : Evidence from Inter-Korea Geopolitics

Jung, SeungHo; Lee, Jongmin; Lee, Seohyun - 2022

We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed...

Persistent link: https://www.econbiz.de/10013306737

Liquidity as an Investment Style

Ibbotson, Roger G. - 2013

We present comprehensive evidence in support of giving liquidity equal standing to size, value/growth, and momentum as investment styles, as defined by Sharpe (1992). First, we show that financial market liquidity, as identified by stock turnover, is an economically significant indicator of...

Persistent link: https://www.econbiz.de/10013093548

Dynamic principal-agent models

Renner, Philipp; Schmedders, Karl - 2016

We consider discrete time dynamic principal--agent problems with continuous choice sets and potentially multiple agents. We prove the existence of a unique solution for the principal's value function only assuming continuity of the functions and compactness of the choice sets. We do this by a...

Persistent link: https://www.econbiz.de/10011516045

Repeated Moral Hazard with Effort Persistence

Jarque, Arantxa - 2012

I study a problem of repeated moral hazard in which the effect of effort is persistent over time: each period's outcome distribution is a function of a geometrically distributed lag of past efforts. I show that when the utility of the agent is linear in effort, a simple rearrangement of terms in...

Persistent link: https://www.econbiz.de/10013096689

Moral Hazard and Persistence

Hopenhayn, Hugo A. - 2012

We study a multiperiod principal-agent problem with moral hazard in which effort is persistent: the agent is required to exert effort only in the initial period of the contract, and this effort determines the conditional distribution of output in the following periods. We provide a...

Persistent link: https://www.econbiz.de/10013096793

The Hazards of Agency

Mitnick, Barry M. - 2009

The theory of agency, which has seen many recent applications in the social sciences and management literatures, is … essentially a theory of failures: It seeks to understand the problems created when one party attempts to control another …. Indeed, applications of agency theory have cut across the economics literature and entered the study of many disciplinary …

Persistent link: https://www.econbiz.de/10014207256

Deadlines in product development

Zhang, Juanjuan - In: Management science : journal of the Institute for … 62 (2016) 11, pp. 3310-3326

Persistent link: https://www.econbiz.de/10011617127

Moral hazard with excess returns

Blonski, Matthias; Lilienfeld-Toal, Ulf von - In: Mathematics and financial economics 17 (2023) 3, pp. 537-572

Persistent link: https://www.econbiz.de/10014381102

Innovation through competitive experimentation

Achim, Peter - In: Journal of mathematical economics 111 (2024), pp. 1-15

Persistent link: https://www.econbiz.de/10015071639

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