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The Insurance is the Lemon: Failing to Index Contracts

Benjamin Hebert , Barney Hartman-Glaser   Jan 07,2019

We model the widespread failure of contracts to share risk using available indices. A borrower and lender can share risk... Read More

Optimal Short-Termism

Alejandro Rivera, Tak-Yuen Wong, Alejandro Rivera, Tak-Yuen Wong, Dirk Hackbarth   Jan 14,2018

This paper studies incentives in a dynamic contracting framework of a levered firm. In particular, the manager selects long-term and... Read More