This note studies a moral hazard model of joint production in which there are strong gains to coordination. The mechanism we propose for resolving the tacit collusion problem that arises in our setting is simple. A key aspect of the mechanism is the use of at- will contracts which provide the...

We examine effects of government actions and related accounting policies on the corporate bond market implied by changes in relations between aggregate bond returns and cash flow and discount rate news. We capture the influence of risk by partitioning bonds into investment and speculative...

Over much of the last decade, the United States and Japan have been embroiled in a trade dispute over access to Japanese markets for semiconductors and downstream products. This study examines stock price reactions for firms affected by a subset of events commencing with the filing of a Section...