Using a panel of large firms from Spain, we check the relative time persistence of different types of labour conflicts such as strikes, collective conflicts, lockouts and other conflicts with lost working hours but with no specific legal form. The results show that no legal form labour conflicts...

A tax buyout is a contract between tax authorities and a tax payer which reduces the marginal income tax rate in exchange for a lump-sum payment. While previous contributions have focussed on labour supply, we consider the interaction with tax evasion and show that a buyout can increase expected...

Empirical literature on moral hazard focuses exclusively on the direct impact of asymmetric information on market outcomes, thus ignoring possible repercussions. We present a field experiment in which we consider a phenomenon that we call second-degree moral hazard – the tendency of the supply...

In order to improve the country's monopolistic environment, the Japanese government took several deregulation measures during the last decade. However, industrial monopolies remain regionally; some new mechanism has therefore become necessary to induce the regional monopoly firms improve the...

Transparency has become a catchword and in the economic-political debate is often seen as a universal remedy for all sorts of problems. In this paper, we analyze and discuss the meaning and use of the concept of transparency in economic research. We look for common denominators across different...

The art industry is a complex system in which many different actors interact in the production process in different roles and at different stages of the supply chain: artists, dealers, critics, art advisor, collecting societies and other actors who work at different levels in the process of...

We study the effect of bank loan announcements on the borrowing firms' bond and equity prices. Our sample consists of 896 loan deals signed between 1997 to 2003 involving 364 different US firms. Wereport the first comprehensive evidence that also firm bond prices react to bank loan...

This paper studies risk selection between public and private health insurance when some individuals can purchase private insurance by opting out of otherwise mandatory public insurance. Using a theoretical model, I show that public insurance is adversely selected when insurers and insureds are...

This paper analyzes a multi-auction setting in which informed strategic agents are endowed with heterogeneous noisy signals about the liquidation value of a risky asset. One result is that when the variance of the noise is small the competition between traders takes the form of a rat race during...

<!--Début du contenu @xml:lang="en"-->?Recent research in industrial organization has emphasized the strategic value of incomplete contracts in vertical inter-firm relationships. This paper offers a screening rationale for contractual incompleteness in a class of producer-retailer economies when countervailing incentives arise. By...