We show that optimal delegated portfolio management contracts-which serve to screen out uninformed agents and reward potentially informed agents sufficiently to compensate their opportunity and/or effort costs-need not imply churning, or randomised trading if uninformed, by the able screened...

This paper describes the results of our theoretical and numerical studies of hydrodynamic interactions in a suspension of spherical particles confined between two parallel planar walls, under creeping-flow conditions. We propose a novel algorithm for accurate evaluation of the many-particle...

The assessment of local site effects on seismic ground motions is of great importance in earthquake engineering practice. Several destructive earthquakes in the past have demonstrated that the amplification of ground motion and associated damage to structures due to local site conditions is a...

Financially Intermediated and Stock Market consumption-investment allocations, with (and without) governmental interventions, are compared in a welfare sense in overlapping generations economies with ( and without) shocks to agents’ international preferences. We show that, first, tax-subsidy...