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This paper assesses the practical relevance of the agency theory; that is to say, determines to what extent agency models allows us to better understand real-world contracts as well as the economic-policy conclusions that we could derive from positive analysis of these models. This paper will show that agency theory lacks practical relevance. We identify such a limit in its failure to engage in a comparative institutional analysis. Finally, we propose a counterfactual theory of agency problems which present counterfactual laws relating expropriation and agency problems and we Continue to download »

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Problems during pregnancy have warning signs. To stay as healthy as possible, know the warning signs listed below. Call your healthcare provider if any of the following occur
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This paper outlines and tests two agency models of dividends. According to the “outcome” model, dividends are the result of effective pressure by minority shareholders to force corporate insiders to disgorge cash. According to the “substitute” model, insiders interested in issuing equity in the future choose to pay dividends to establish a reputation for decent treatment of minority shareholders. The first model predicts that stronger minority shareholder rights should be associated with higher dividend Continue to download »

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ABSTRACT. We propose a model in which an optimal dynamic financing contract for a cash-constrained entrepreneur is a credit line with a growing credit limit. This simple contract, which resembles those used in practice, presents a good benchmark to understand dynamic moral hazard and adverse selection. In our setting the adverse selection problem is that only the agent initially knows the quality of the project. The moral hazard problem is that the agent, who privately observes stochastic cash flows, can Continue to download »

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