University of Salerno

Displaying 11 - 16 of 16 results

  • Optimal Compensation Contracts For Optimistic Managers

    White Papers // Sep 2010 // provided by University of Salerno

    Managers with anticipatory emotions have higher current utility if they are optimistic about the future. The authors study an employment contract between an (endogenously) optimistic manager and realistic investors. The manager faces a trade-off between ensuring that the chosen levels of effort reflect accurate news and savoring emotionally beneficial good ...

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  • Households' Indebtedness And Financial Fragility

    White Papers // Sep 2010 // provided by University of Salerno

    The paper studies the determinants of international differences in household indebtedness, and inquires whether indebtedness is associated with increased "Financial fragility", as measured by the sensitivity of household arrears and insolvencies to macroeconomic shocks. It also investigates whether financial fragility is affected by institutional factors, such as information sharing arrangements, ...

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  • Legal Institutions, Innovation And Growth

    White Papers // Jul 2010 // provided by University of Salerno

    The authors build a stylized model of endogenous technological change and analyze the relationship between legal institutions, innovation and growth. Two legal systems are analyzed: a rigid system, where an uncontingent law is written ex ante and a flexible system where law-makers select the law ex post. They show that ...

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  • Vertical Separation With Private Contracts

    White Papers // Jul 2010 // provided by University of Salerno

    The authors consider a manufacturer's incentive to sell through an independent retailer, rather than directly to final consumers, when contracts with retailers cannot be observed by competitors. If retailers conjecture that identical competing manufacturers always offer identical contracts (symmetry beliefs), vertical separation by all manufacturers is equilibrium, and it results ...

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  • Multiple-Bank Lending, Creditor Rights And Information Sharing

    White Papers // Jul 2010 // provided by University of Salerno

    Multiple bank lending creates an incentive to over borrow and default. When creditor rights are poorly protected and collateral value is volatile, this incentive leads to rationing and non-competitive interest rates. If banks share information about past debts via credit reporting systems, the incentive to over borrow is mitigated: interest ...

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  • Tax Evasion And Community Effects In Italy

    White Papers // Jun 2010 // provided by University of Salerno

    The author proposes an analysis of tax evasion in Italy using the data collected by the website evasori.info. This site collects reports by random internet users of the transactions in which they were involved that, lacking any legal receipt, were hidden from the tax authority. The author interprets this experiment ...

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