Costly State Verification and Multiple Investors: The Role of Seniority

1995 ◽  
Vol 8 (1) ◽  
pp. 91-123 ◽  
Author(s):  
Andrew Winton
Keyword(s):  
Costly State Verification

scholarly journals Financing Development: The Role of Information Costs

2010 ◽  
Vol 100 (4) ◽  
pp. 1875-1891 ◽  
Author(s):  
Jeremy Greenwood ◽  
Juan M Sanchez ◽  
Cheng Wang
Keyword(s):  
Growth Model ◽  
Firm Size ◽  
Capital Accumulation ◽  
Technological Progress ◽  
Technological Advance ◽  
Information Costs ◽  
Risk Return ◽  
Costly State Verification ◽  
Role Of Information

To address how technological progress in financial intermediation affects the economy, a costly-state verification framework is embedded into the standard growth model. The framework has two novel ingredients. First, firms differ in the risk/return combinations that they offer. Second, the efficacy of monitoring depends upon the amount of resources invested in the activity. A financial theory of firm size results. Undeserving firms are over-financed, deserving ones under-funded. Technological advance in intermediation leads to more capital accumulation and a redirection of funds away from unproductive firms toward productive ones. With continued progress, the economy approaches its first-best equilibrium. (JEL G21, G31, O16, O33, O41)

scholarly journals Wybrane teorie umów kredytowych – przegląd badań

2015 ◽  
Vol 2 (3) ◽  
pp. 113-125
Author(s):  
Andrzej Paliński
Keyword(s):  
Information Asymmetry ◽  
Theoretical Studies ◽  
Loan Repayment ◽  
Costly State Verification ◽  
Debt Contract ◽  
The Impact

The article reviews theoretical studies on the loan agreement. First, the resultsof researches in the area of the costly state verification models proving optimalityof the standard debt contract in conditions of information asymmetry and existence of costs of verification of the debtor’s outcomes were analysed. Followedby analysis of the models included in the mainstream of the incomplete contracttheory, which assume unpredictability of nature and the need to take into accountthe role of collateral and the liquidation value on the loan repayment. The focuswas also placed on researches taking into account the impact of debt renegotiationand long lender-borrower relationship on the behaviour of the borrower duringthe repayment of the debt.

A Market’s Reward Scheme, Media Attention, and the Transitory Success of Managerial Change

2012 ◽  
Vol 232 (3) ◽  
Author(s):  
Bernd Süssmuth ◽  
Stefan Wagner
Keyword(s):  
Team Performance ◽  
Agency Cost ◽  
Performance Impact ◽  
Managerial Turnover ◽  
Professional Soccer ◽  
Costly State Verification ◽  
Rule Change ◽  
Rule Changes ◽  
The Impact

SummaryAgainst the background of growing media interest in professional soccer, this paper proposes a moral hazard model with costly state verification to explain how rule changes affecting the reward scheme of team performance impact on the success of managerial change. As has been shown recently based on four decades of data from the German soccer premiership by Wagner (2010), the incentive change in professional soccer leagues enacted by the FIFA in 1995/96 rendered the drastic measure of firing a coach a more efficient instrument in the clubs’ striving for success. In contrast to existing approaches, our model by accommodating the role of media interest is able to jointly explain (i) the impact of introducing an asymmetric reward scheme, (ii) of managerial turnover and (iii) of the perceived degree of ambition of a club on the athletic output of the team. It is shown that the rule change induces a higher agency cost, which is temporarily economized by clubs that change their management. This cost reducing effect temporarily enhances the efficiency of generating athletic output for top league clubs.

Role of dactinomycin in the improved survival of children with Wilms' tumor

JAMA ◽  
1966 ◽  
Vol 195 (12) ◽  
pp. 1005-1009 ◽  
Author(s):  
D. J. Fernbach
Keyword(s):  
Wilms Tumor

Role of the allergist in diagnosis and management of patients with uveitis

JAMA ◽  
1966 ◽  
Vol 195 (3) ◽  
pp. 167-172 ◽  
Author(s):  
T. E. Van Metre
Keyword(s):  
Diagnosis And Management

The power of norms to sway fused group members

2018 ◽  
Vol 41 ◽  
Author(s):  
Winnifred R. Louis ◽  
Craig McGarty ◽  
Emma F. Thomas ◽  
Catherine E. Amiot ◽  
Fathali M. Moghaddam
Keyword(s):  
Evolutionary Anthropology ◽  
Normative Systems ◽  
Violent Extremism ◽  
Identity Fusion ◽  
Group Members

AbstractWhitehouse adapts insights from evolutionary anthropology to interpret extreme self-sacrifice through the concept of identity fusion. The model neglects the role of normative systems in shaping behaviors, especially in relation to violent extremism. In peaceful groups, increasing fusion will actually decrease extremism. Groups collectively appraise threats and opportunities, actively debate action options, and rarely choose violence toward self or others.

Elaborating the role of reflection and individual differences in the study of folk-economic beliefs

2018 ◽  
Vol 41 ◽  
Author(s):  
Kevin Arceneaux
Keyword(s):  
Decision Making ◽  
Individual Differences ◽  
Cognitive Processes ◽  
Evolutionary History ◽  
Behavioral Responses ◽  
History Of ◽  
Economic Beliefs

AbstractIntuitions guide decision-making, and looking to the evolutionary history of humans illuminates why some behavioral responses are more intuitive than others. Yet a place remains for cognitive processes to second-guess intuitive responses – that is, to be reflective – and individual differences abound in automatic, intuitive processing as well.

The role of affect in feelings of obligation

2020 ◽  
Vol 43 ◽  
Author(s):  
Stefen Beeler-Duden ◽  
Meltem Yucel ◽  
Amrisha Vaish
Keyword(s):  
Positive Emotions ◽  
The Creation ◽  
Sense Of Obligation

Abstract Tomasello offers a compelling account of the emergence of humans’ sense of obligation. We suggest that more needs to be said about the role of affect in the creation of obligations. We also argue that positive emotions such as gratitude evolved to encourage individuals to fulfill cooperative obligations without the negative quality that Tomasello proposes is inherent in obligations.

Refining our understanding of the “elephant in the room”

2020 ◽  
Vol 43 ◽  
Author(s):  
Andrew Whiten
Keyword(s):  
Social Cognition ◽  
Cultural Evolution ◽  
Cognitive Abilities ◽  
Critical Factors ◽  
Technological Culture

Abstract The authors do the field of cultural evolution a service by exploring the role of non-social cognition in human cumulative technological culture, truly neglected in comparison with socio-cognitive abilities frequently assumed to be the primary drivers. Some specifics of their delineation of the critical factors are problematic, however. I highlight recent chimpanzee–human comparative findings that should help refine such analyses.

Choosing a Markov blanket

2020 ◽  
Vol 43 ◽  
Author(s):  
Thomas Parr
Keyword(s):  
Markov Blanket ◽  
Target Article ◽  
The Relationship

Abstract This commentary focuses upon the relationship between two themes in the target article: the ways in which a Markov blanket may be defined and the role of precision and salience in mediating the interactions between what is internal and external to a system. These each rest upon the different perspectives we might take while “choosing” a Markov blanket.

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