Now showing items 21-30 of 243
Can a Bonus Overcome Moral Hazard?
An Experiment on Voluntary Payments, Competition, and Reputation in Markets for Expert Services
Interactions between players with private information and opposed interests are often prone to bad advice and inefficient outcomes, e.g. markets for financial or health care services. In a deception game we investigate ...
Forecasting Limit Order Book Liquidity Supply Demand Curves with Functional AutoRegressive Dynamics
Limit order book contains comprehensive information of liquidity on bid and ask sides. We propose a Vector Functional AutoRegressive (VFAR) model to describe the dynamics of the limit order book and demand curves and utilize ...
Government Bond Liquidity and Sovereign-Bank Interlinkages
Banks in the euro area typically hold a large amount of government debt in their bond portfolios, which are valued both for their low credit risk and high liquidity. During the sovereign debt crisis, these characteristics ...
Not Working at Work: Loafing, Unemployment and Labor Productivity
Using the American Time Use Survey (ATUS) 2003-12, we estimate time spent by workers in non-work while on the job. Non-work time is substantial and varies positively with the local unemployment rate. While the average time ...
Crowdfunding, demand uncertainty, and moral hazard - a mechanism design approach
Crowdfunding challenges the traditional separation between finance and marketing. It creates economic value by reducing demand uncertainty, which enables a better screening of positive NPV projects. Entrepreneurial moral ...
Price discovery in the markets for credit risk
A Markov switching approach
We examine price discovery in the Credit Default Swap and cor- porate bond market. By using a Markov switching framework we are able to analyze the dynamic behavior of the information shares dur- ing tranquil and crisis ...