Financial Economics and Insurance Economics
Economics of Information
Corporate Finance and Financial Markets
This paper presents a general equilibrium analysis on the interactions between pen- sion plan funding, capital structure, technology choice and the...
Within an asymmetric information set-up in which individuals differ in terms of their risk aversion and can choose whether or not to take preventative...
Compensation schemes often reward success but do not penalize failure. Fixed salaries with stock options or bonuses have this feature. Yet the...
Executive stock options reward success but do not penalise failure. In contrast, the standard principal- agent model implies that pay is normally...
Equilibrium credit rationing in the sense of Stiglitz and Weiss (1981) implies the marginal cost of funds to the borrower is infinite. So borrowers...
It is typically assumed that equilibrium credit rationing implies insufficient lending. By combining hidden types and hidden action, this paper shows...
Empirical evidence suggests that capital market constraints prevent low-wealth individuals from setting up in business. This may be attributable to...
