The choice facing an entrepreneur between issuing A-shares or B-shares to outside investors is studied. If the entrepreneur issues A-shares, control goes to the outside investors, whereas if the entrepreneur issues B-shares, he remains in control. Assuming no renegotiation at the point in time...

We study the dynamics of optimal trade policy in a model with costly inter-sectoral adjustment of labour, where migrants pay less than the marginal social cost of migration. If workers have rational expectations, a future tariff has an announcement effect on the current migration decision. If...