About 90% of entrepreneurs in the high-tech and professional service industries were previously employed in the same sector. In this paper, we provide a theory for how aspiring entrepreneurs choose an employer. We contrast 'transparent' employers (or firms) promoting personal accountability and...

We study information transmission between an informed expert and an uninformed decision-maker when the decision is binary and the expert does not have a systematic bias. Whenever an equilibrium exists where the decision is delegated to the expert, it is ex ante Pareto-dominant. Adding a round of...

[eng] This article focuses on decentralized implementation of European Union competition policy. Delegating the control of interfirm agreements makes it possible to benefit from better local information. However , because of conflicts of interest, decisions taken may not be in line with overall...

This article analyses the hedging demand of a firm, where hedging helps to reduce the agency costs between stockholders and one or several risk averse agents. We show that when a merger between two firms implies less information, the hedging demand of the new firm is generally higher than the...