In spite of the apparent success of affirmative action (AA) in the past, many oppose such policies. Opponents argue that the cost of attaining proportional representation by preferential policies is too high, reducing the quality of selected groups and stigmatizing members of the protected...

This paper analyzes certain effects of insider trading on the principal-agent problem in corporations. Specifically, we focus on those managerial choices that confront managers with the need to decide between options that produce different corporate value but do not differ in the managerial...

This paper studies certain effects of insider trading on the principal-agent problem in corporations. Specifically, we focus on insiders' choice among investment projects. Other things equal, insider trading leads insiders to choose riskier investment projects, because increased volatility of...