Download Capital Markets and Financial Intermediation by Colin Mayer (editor), Xavier Vives (editor) PDF

By Colin Mayer (editor), Xavier Vives (editor)

Monetary intermediation is at present a subject matter of lively educational study on either side of the Atlantic. ecu monetary integration increases significant coverage concerns concerning the dangers of banking pageant and the right rules of banks and different monetary intermediaries. the alternative of Anglo-American vis-à-vis Continental ecu different types of monetary markets is additionally primary to jap Europe's transformation. This quantity includes theoretical papers on the leading edge of educational examine that make clear banking and defense markets and banking festival.

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REFERENCES Bernanke, B. (1983) 'Non-monetary effects of the financial crisis in the propagation of the Great Depression', American Economic Review 73, 257-63. Centre for Economic Policy Research (1991) The making of monetary union', a Report on Monitoring European Integration. Davis, P. and C. Mayer (1992) 'Corporate finance in the euromarkets and the economics of intermediation', Centre for Economic Policy Research working paper. Diamond, D. and P. Dybvig (1983) 'Bank runs, deposit insurance and liquidity', Journal of Political Economy 91, 401-19.

The monotone likelihood ratio property implies that action C should be chosen with probability 1 if: m f(v)g(u)-»-\' {) Otherwise, action S should be chosen with probability 1. Indeed, since high v's and w's are good news about effort, the agency cost is minimized by rewarding the manager only for good realizations of these signals. Condition (1) in fact defines a target level of M, W*(V), which has to be met for action S not to be taken. And w*(v) is decreasing in v: a high v is good news about effort, which means that the target in terms of u need not be as severe as for lower v's.

8 They may also enjoy a better reputation in the labour market if their decisions are not reversed. 9 In Dewatripont and Tirole (1992), we show that our main results generalize to the case where managers care about monetary incentives; this moreover allows us to explain why managerial compensation depends on the value of equity rather than the total value of the firm. 10 The manager would be strictly willing to do so in exchange for keeping at least a small fraction of B. 11 We thank Ailsa Roell for pointing out the need to make such an assumption.

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