We propose a model of delegated portfolio management specialized in alternative investments, i.e., those with a high-return and high-risk profile. It is shown that in this context, as a reward for risk-taking scheme is optimal, a counter-intuitive reward for failure can also be desirable. This...

Target firms often face a takeover threat from raiders with prior stakes in its ownership (toeholds). Previous literature has shown that, when takeovers are modeled as standard auctions, toeholds induce more aggressive bids from raiders, which has two important consequences for the selling...

Since the point of view of contemporary economic analysis, the theories of growth occupy a place, particulary in the study of the structural phenomenon and long run. Now, in the purpose for coming more actual or endogenous models of economic growth is associated with the definition of...

Takeover attempts from raiders with prior stakes in the target company (toeholds) are frequent in the market for corporate control. In this context, we propose a simple and realistic selling mechanism with an agenda of exclusive negotiations that discriminates against larger-toehold raiders....

En el contexto de la administración delegada de carteras de inversión, este artículo caracteriza las propiedades que el esquema de compensación debe poseer para incentivar la selección de portafolios con alto riesgo y alto retorno esperado. En particular, se proporcionan condiciones que...

During the last two decades, the Chilean banking industry has experienced a high concentration due to several mergers between its institutions. Among the reasons ar- gued for these consolidations, a potential for substantial gains in e¢ ciency is claimed. Recent studies suggest that the Chilean...

This paper analyzes the effects of industrial concentration on bidding behaviour and hence, on the seller´s expected proceeds. These effects are studied under the CIPI model, an affiliated value set-up that nests a variety of valuation and information environments. We formally decompose the...