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Working Paper
Credit rationing, bankruptcy cost, and the optimal debt contract for small business
An examination of whether the costly random verification scheme affects the optimal debt contract for small business. It finds, contrary to Townsend (1979) and Williamson (1986, 1987), that the standard debt contract is the optimal debt contract with the costly random verification scheme.
Working Paper
Trust and investment corporations in China
A description of the formation and expansion of Chinese trust and investment corporations, including an account of their current problems and recommendations for solving them.
Working Paper
The FDICIA and bank CEOs' pay-performance relationship: an empirical investigation
A look at how the FDICIA changes the relationship between pay and performance for bank CEOs. It finds that the legislation improves healthy banks? growth opportunities, making their CEOs? total compensation less sensitive to performance. For unhealthy banks, total compensation becomes more performance-sensitive.