Competition for Talent under Performance Manipulation

Ivan Marinovic , Paul Povel   Jul 08,201823

We study the effects of introducing competition for CEOs, assuming that the talent of CEOs is not observable and... Read More

Published: Journal of Accounting and Economics, 2017, 64(1), 1-14

Proxy Advisory Firms: The Economics of Selling Information to Voters

Nadya Malenko , Andrey Malenko   Dec 13,2016

Proxy advisors play an important role by providing investors with research and recommendations on how to vote their shares. This... Read More

Selling to Advised Buyers

Anton Tsoy , Andrey Malenko   Dec 13,2016

In many cases, buyers are not fully informed about their valuations and rely on the advice of biased experts. For... Read More

Transparency and Talent Allocation in Money Management

Günter Strobl , Simon Gervais   Dec 13,2016

We construct and analyze the equilibrium of a model of delegated portfolio management in which money managers signal their investment... Read More

Bank Resolution and the Structure of Global Banks

Patrick Bolton , Martin Oehmke   Dec 14,2016

A theory framework to assess how global, too-big-to-fail banks can be successfully resolved by national regulators. Read More

Alternating-offer Bargaining with the Global Games Information Structure

Anton Tsoy   Dec 28,2016

This paper studies frequent-offer limits of perfect Bayesian equilibria in the alternating-offer bilateral bargaining model with private correlated values. The... Read More

A Dynamic Model of Optimal Creditor Dispersion

Hongda Zhong   Dec 30,2016

Firms often choose to raise capital from multiple creditors even though doing so may lead to inefficient liquidation caused by... Read More