The effect of limited liability on debt contracts has been analysed as creating the possibility of credit rationing and hence inefficiently low levels of investment. In this paper we instead focus on restrictions on the use of debt finance to avoid moral hazard problems but which add...

Three designs of auctions with quality thresholds are considered. The quality threshold is not known with certainty by the bidders. In one scheme, quality plans submitted by potential bidders are evaluated first and price bids for only those plans that have been approved are invited. The second...

An increase over time in the proportion of young people obtaining a degree is likely to impact on the relative ability compositions (i) of graduates and non-graduates and (ii) across graduates with different classes of degree award. In a signalling framework, we examine the implications of this...

In this paper we seek to characterise a market for heterogeneous managers created by heterogeneous firms and the decisions on investment in both sector-specific and firm-specific human capital when those decisions are made prior to the realisation of firms' profitability and the degree of...