This text presents a simple contracting model that captures the role of equity as a safety valve, and shows how it can solve problems posed by opportunists. It also shows that it is often preferable to limit equity, reserving it for use only against those who appear sufficiently likely to be...

Competition is indispensable for proper function of market economy. In order to secure that competitive process is not harmed, competition authorities on both EU and national level observe conduct of undertakings. In case of a distortion of competition, the competition authorities are entitled...

The continuous risk assessment depends on the integration of the lines of defense (LOD), the main LOD are three lines (management control, risk and control monitoring, ensuring independence of the internal audit) which lead to the integration of enterprise risk management ERM. The cooperation...

Do US Circuit Courts' decisions on criminal appeals influence sentence lengths imposed by US District Courts? This Element explores the use of high-dimensional instrumental variables to estimate this causal relationship. Using judge characteristics as instruments, this Element implements...