Easing their access to capital markets, governments have been establishing a primary dealer system. Via bilateral self-enforcing agreements ('dealerships'), government debt management units (DMUs) have been appointing national and global banks (the 'dealers') to actively participate in...

This paper examines the causes and consequences of hedge fund investments in exchange traded funds (ETFs) using U.S. data from 1998 to 2018. The data indicate that transient hedge funds and quasi-indexer hedge funds are substantially more likely to invest in ETFs. Unexpected hedge fund inflows...

Chatty and Saez (2004) argued that more Principal-Agent models explaining firm dividend policy are expected and subsequently offered a model of dividend policy that includes a tax on dividends and agency problems (Chatty and Saez (2007)). In this paper we extent their model by adding a tax on...

This article explores a dynamic moral hazard setting in which a principal hires a team of agents for a project. As the project generates revenue upon completion, the principal incentivizes agents' efforts by designing bonuses for success. If bonuses are provided through spot or...

We investigate the optimal regulation of energy production reflecting the long-term goals of the Paris Climate Agreement.We analyze the optimal regulatory incentives to foster the development of non-emissive electricity generation when the demand for power is served either by a monopoly or by...

Following corporate governance endorsement of demographic diversity of ownership and control through Black economy empowerment programme in South Africa; this study analysis impacts of managerial ownership on firm performance and implementation of demographic diversity of ownership and control of...

This study shows that payout policy depends on the market expectation of the repurchase completion rate, within the context of the free cash flow hypothesis. Our model formulates that the amount of agency costs that are unlikely to be reduced discounts the share price at the announcement of...

Bonus banks are multi-year performance plans for deferring bonus payments and enhancing pay-for-performance by facilitating downward corrections of bonuses. This paper examines the incentive properties of bonus bank schemes based on performance measures as proposed in the literature. To attain...