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Firms, contracts, and financial structure
This essay contributes to contact theory as it has been developed in economic analysis, particularly in the context of the firm. It develops a general model of the firm, and then analyzes in greater…
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The Theory of Contracts
This paper was presented at the World Congress of the Econometric Society, Cambridge, Massachusetts, 1985
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An Economist's Perspective on the Theory of the Firm
An outsider to the field of economics would probably take it for granted that economists have a highly developed theory of the firm. After all, firms are the engines of growth of modern capitalistic…
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Firms, Contracts and Financial Structures.
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Companies Should Maximize Shareholder Welfare Not Market Value
What is the appropriate objective function for a firm? We analyze this question for the case where shareholders are prosocial and externalities are not perfectly separable from production decisions.…
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A New Capital Regulation for Large Financial Institutions
We design a new, implementable capital requirement for large financial institutions (LFIs) that are too big to fail. Our mechanism mimics the operation of margin accounts. To ensure that LFIs do not…
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Is 'Bounded Rationality' an Important Element of a Theory of Institutions?
Corporate Governance: Some Theory and Implications," The Economic Journal
Banks are Where the Liquidity is
What is so special about banks that their demise often triggers government intervention? In this paper we show that, even ignoring interconnectedness issues, the failure of a bank causes a larger…
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Liquidity and Inefficient Investment
We study the role of fiscal policy in a complete markets model where the only friction is the nonpledgeability of human capital. We show that the competitive equilibrium is constrained inefficient,…
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